In 2012, a new state-owned company was incorporated in place of regional utility companies. Thus began the story of Fenaka Corporation Limited. The word ‘Fenaka’ derives from Dhivehi language with first syllables of the words for water (fen), sewer (narudhama) and electricity (karantu), which are the three main utility services provided by the company.
Today, with operations in over 150 island communities, Fenaka is the largest state-owned utility provider in the Maldives, with assets valued at over MVR 2.5 billion. One of the notable achievements of the company so far has been to provide 24/7 electricity to all the islands served and thus reaching the national target of providing electricity to each and every household.
The company's Revenue in 2020 was at MVR 1.7 billion, and recorded a Net Profit of MVR 82 million.