Fenaka Corporation has undertaken significant operational changes, introducing a series of cost-effective measures aimed at improving service delivery and reducing expenses. Among these changes is the termination of the company’s monthly freight expenditure, which previously exceeded MVR 7 million. In its place, Fenaka has adopted short-term ferry leasing, a move that is expected to save millions of rufiyaa annually. Furthermore, the acquisition of machinery, heavy vehicles, and landing crafts to transport large equipment is anticipated to reduce costs in multiple areas.

A key investment in Fenaka’s cost-cutting strategy is the establishment of a service and training facility, with a projected cost of MVR 61 million. This facility will enable the company to conduct in-house repairs and maintenance on its machinery and equipment, eliminating the need for outsourcing to private workshops. Once operational, the facility is expected to save Fenaka approximately MVR 50 million each year. In addition to serving Fenaka’s needs, the facility will offer services to resorts, private vehicles, and other state-owned enterprises.

Another priority for Fenaka is the launch of an in-house solar program to reduce diesel consumption. The program, which will cost MVR 92 million, involves the installation of solar panels on power plants and office buildings across all islands served by Fenaka. This initiative is projected to save 2.6 million litres of diesel annually, equivalent to MVR 19.9 million in savings per year. The project will include the installation of 18-30 kW grid-tied solar systems, with commissioning expected early next year. Additionally, the company plans to introduce fuel monitoring systems and install fuel flow meters to ensure meticulous tracking of oil inventory and consumption.

Fenaka's Managing Director, Muaz, highlighted that the recent changes under the new management have already led to an improved financial situation for the company. With robust cost-cutting measures in place, Fenaka is on a path to becoming a financially sustainable and profitable entity.