JEDDAH: Saudi International Petrochemical Co. (Sipchem) reported a 17.3 percent increase in first-quarter profit on Monday, missing analysts’ estimates.

Sipchem made a profit of SR80.6 million ($21.5 million) in the three months to March 31, according to a bourse filing.

This compares with a profit of SR68.7 million in the prior-year period. Five analysts polled by Reuters on average forecast Sipchem would make a quarterly profit of SR98.3 million.

Sipchem attributed the increase in quarterly profit to higher production and sales and lower expenses.

It added pressure on earnings from a decline in euro was partly offset by increased efficiency in plant operations, having had a number of plants offline during the opening quarter of 2014 for unplanned maintenance.