Sipchem had previously reported a 55.4 percent year-on-year slump in third-quarter net profit.

Saudi International Petrochemical Co’s (Sipchem) chief executive told Al Arabiya News Channel on Tuesday that he forecasts his company‘s performance to improve in 2016 with higher product prices.

“I am optimistic that 2016 will be a better year in stabilizing prices and increasing production in all plants of the company,” Ahmad al-Ohali said.

“Some projects which are in a testing phase…will have completed their testing and be in operation.”

Sipchem had previously reported a 55.4 percent year-on-year slump in third-quarter net profit to 71.6 million riyals ($19.1 million).

The company had blamed the drop on all company products selling for lower than average prices.

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