Fenaka earns MVR35mn in profit, first since 2012

Fenaka Corporation registers a profit of MVR35 million in 2020.

Moreover, this marks the first time the utility company has generated a profit since 2012.

Following Auditor General’s report last week detailing Fenaka Corporation’s 2019 audit, the company made an earning of MVR434.63 million in tariff rate differences.

Moreover, Fenaka made an earning of MVR397.3 million from electricity supply to households.

Total revenue of the corporation for 2019 stood at MVR1.9 billion.

Meanwhile, the company’s expenditure saw a noticeable increase during 2019 in comparison with that of 2018.

The expenditure for 2019 stood at MVR317.5 million whereas, Fenaka Corporation’s expenses hit just MVR282.4 million in the year before.

Despite a profit of MVR35 million for 2019, the company’s outstanding debts amount to MVR787.6 million.