Saudi Arabia Fertilizers Company (Safco) said on Wednesday that changes to energy prices announced in the Saudi government's 2016 budget would increase its production costs by 8 percent next year.

The company, a unit of Saudi Basic Industries Corp (Sabic), said the reforms would begin to affect profitability in the first quarter of 2016.

Meanwhile, Yanbu National Petrochemical Co (Yansab) expects fuel and electricity price hikes will increase its production costs by 6.5 percent next year.

The impact will reflect on the company's profitability starting from the first quarter of 2016, it said, adding that it was working on reducing the impact by increasing plants' efficiency and cutting other costs. - Reuters