Safco made SR790 million ($210.7 million) in the second quarter, compared with SR907.2 million in the prior-year period when its results were boosted by sale of land.

Analysts had forecast average second-quarter earnings of SR994.3 million, in a Reuters survey.

The company said sales of ammonia declined in the second-quarter and average urea prices were also lower on a sequential basis.

A delay to a large shipment of ammonia in the second quarter also resulted in lower sales, the chief executive of Saudi Arabian Basic Industries Corp. (Sabic) later said.

Sabic holds a 42.9 percent stake in Safco.

Mohamed Al-Mady said revenues were up 8 percent from the first quarter, adding that demand for Safco’s products had not been affected by the massive quake and tsunami in Japan earlier this year.

Operating profits at Safco rose 36 percent to SR757 million versus SR558 million year-ago, the company said in the statement.

Safco said it would pay a dividend of SR6 riyals a share for the first half of the year.

Safco’s shares closed 1.9 percent lower at 185 riyals a share, underperforming Saudi Arabia’s bourse which eased 0.7 percent.