Fenaka Corporation, which was the most loss-making among state-owned companies, has started to make profits. The Privatization and Corporatization Board (PCB) has noted that this is the result of changes and measures implemented by the current government. When President Dr. Mohamed Muizzu came to power, Fenaka was on the verge of bankruptcy with a debt of four billion rufiyaa. However, with the changes brought by the current government, the company has made significant progress in the first two quarters of last year.
According to statistics revealed by PCB, Fenaka made a total profit of 11 million rufiyaa in the first two quarters of last year. This includes four million rufiyaa in the first quarter and seven million rufiyaa in the second quarter. Additionally, Fenaka generated revenue of 1.3 billion rufiyaa in the first two quarters. The company’s operating expenses have also been managed appropriately. This is evidence that the company’s financial situation is improving.
This progress of Fenaka Corporation is a hopeful example for other state-owned companies as well. It demonstrates that with good management and sound policies, even loss-making companies can be put on the path to profitability. However, Fenaka’s future is not yet free from challenges. While the company still needs to pay off its large debt, sustainable profit-making should remain a priority in the future. Nevertheless, the progress seen so far brings a hopeful outlook for the future of Fenaka and other state-owned companies.
