Yanbu National Petrochemical Company (Yansab) posted a 41 per cent increase in its first quarter net profit, helped by a decrease in some feedstock prices, the Saudi company reported on the Tadawul stock exchange.

The petrochemicals producer reported a net profit of SR401.9m ($107.2m) in the first three months of 2016 compared with SR285.1m in the same period of 2015.

“The increase in net profit is attributable to a decrease in some feedstock prices and a decrease in slow moving spare parts provision and some fixed costs, despite lower average sales prices for most of the products,” the company said.

Yansab, based in Yanbu on Saudi Arabia’s Red Sea coast, is 55 per cent owned by the kingdom’s largest petrochemicals producer Sabic.