Saudi Arabian Fertilizer Company (Safco), a manufacturing affiliate of Saudi Basic Industries Corporation (Sabic), posted a net income of SR932m ($248.57m) in the first quarter of this year. Profits are up 18 per cent compared with the same period last year, but they are 7.1 per cent less than analysts’ estimates.

The petrochemical company’s quarter-on-quarter net income went down 18.7 per cent, which can be attributed to lower production volumes following a shutdown at one of Safco’s plants, as well as lower ammonia prices, says the company. In the first quarter of 2013, benchmark prices for ammonia rose 69.3 per cent year-on-year.

Another Sabic affiliate, Saudi Kayan Petrochemical Company, posted a net loss of SR155m year-on-year, which the company ascribes to higher sales costs due to maintenance shutdowns in some of its facilities.

Yanbu National Petrochemical Company reported a net income of SR667m in the first quarter of this year, marking a year-on-year decline of 7.4 per cent. It reached profits of 4.1 per cent quarter-on-quarter, despite a five-week shutdown of its plants in that period.