Managing Director of Fenaka Corporation Limited Muaz Mohamed Rasheed has stated that the payments for the services to some islands remain pending, with outstanding bills totalling over USD 32 million.
Speaking at a press conference, Managing Director Muaz explained that services rendered to 29 islands have not been billed due to the absence of permits from the Utility Regulator Authority (URA). Noting that discussions with the URA are ongoing to address the billing for these services, Muaz stated that Fenaka is yet to receive USD32.5 million from those respective islands.
During the press briefing, the Chief Finance Officer (CFO) of Fenaka Mohamed Masood reported that the unbilled amount of USD 32.5 million was outstanding as of the last quarter. The CFO further detailed that this sum includes overdue bills totalling USD 24.6 million. He assured that measures are being undertaken to facilitate the payment process for those with overdue bills, aiming to make it more convenient for them to settle the bills.
Fenaka corporation provides its services to 86 islands across the nation. The company running at a loss until the last quarter of 2023 has posted profits from operating expenses in the last two quarters. Fenaka aims to pay off its debt, which stood at USD 279 million when the current administration took over, by 2027 and make the company fully profitable.