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Riyadh - Mubasher: The CEO of Saudi Electricity Company (SEC) said that the Public Investment Fund (PIF) has the final say in approving selling a stake in SEC to the SoftBank Vision Fund, as it owns a majority stake in the company.
Ziyad Bin Mohammed Al Shiha added in an interview with Al Arabiya on Monday that his company has successfully increased operational efficiency to 40% by the end of third quarter of 2017, a target that was sat for 2020, adding that this has led to a decrease in fuel consumption by 1.8 million barrel of oil equivalent, and reduced diesel consumption by 25 million barrels per day.
Saudi Electricity Company reported on Monday a net profits increase of 6.78% year-on-year to SAR 5.26 billion in Q3-17, up from SAR 4.9 billion in Q3-16, with a quarter-on-quarter surge of 135.75%.
SEC attributed the growth in its year-on-year net profits to the decrease in revenues’ cost due to the improvement in operational efficiency.