Fenaka Corporation's Managing Director Mohamed Muaz Rasheed has announced that the company's expenditure has been decreased by 60 percent within the past eight months, since the new administration took office.
Fenaka Corporation's Managing Director Mohamed Muaz Rasheed has announced that the company's expenditure has been decreased by 60 percent within the past eight months, since the new administration took office.
In a press conference held by Fenaka, Muaz said that expenditure had been reduced most from their CSR activities and transport.
Muaz said that so far this year, MVR 174,000 has been spent on CSR, the previous government spent MVR 9.4 million in the same period last year, which is a 98 percent decrease.
Transport costs have also been brought down by 84 percent, Muaz said. This was done through getting a dedicated boat for company travels instead of renting different boats for each trip.
"On average, in the past five years, MVR 85 million was spent annually. In 2023, within this period, MVR 74 million was spent," Muaz said.
Muaz said that transport costs will be high as many goods need to be taken to 150 islands regularly. However, this is now done through leasing a dedicated boat instead of paying for individual transport per trip.
"Renting this boat has resulted in significant savings for us. Before, about MVR 500,000 was spent on every trip. Somethings four or five trips are necessary even within a month," he said.
Additionally, Fenaka has brought down the costs of travels abroad to 70 percent. Spending on accommodation, out of country allowance, and OT was also brought down by 22 percent. This year, MVR 42 million has been spent on such allowances, while last year's figure for the first eight months was at MVR 54 million.
Muaz further said that the expenses from petty cash on MD's trips had also been decreased to 96 percent. Total petty cash spending and expenses on events have also been brought down.
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