Saudi Basic Industries (Sabic) said lower prices for petrochemicals dragged first quarter profit down 38.1 percent, missing analyst estimates.

The Middle East’s biggest petrochemicals maker reported 3.41 billion riyals ($910 million) in first quarter profit, Sabic said in a statement.

The average of analyst estimates was 4.04 billion riyals, according to data compiled by Bloomberg.

State-owned Saudi Aramco agreed to buy a majority stake in Sabic, as the company is known, from the kingdom’s sovereign wealth fund.

Lower sales were “driven by global slowing demand growth coupled with a slow start of the year and relatively high level of inventories,” Sabic said. It expects 2019 performance “to be in-line with global petrochemical industry trends.”