Saudi Arabia's National Industrialization Company (Tasnee) said it expects cost cuts to improve its profitability towards the end of 2016 and by early next year, its chief executive said on Monday.

"We can't predict it as it depends on the market conditions," Tasnee CEO Mutlaq Al-Morished, told Reuters on the sidelines of an industry event in Dubai when asked when he expects the company to return to profitability.

"But with all the cost cutting we are doing we should see a big benefit from that coming towards the end of this year and early next year."

Tasnee has said that changes to energy and gas feedstock prices announced by the government last month would hurt its 2016 results by around SR190 million ($50.7 million).

"This is quite a significant hit. We are getting out the management together and we are putting plans on how to find the ways and means to absorb this cost and try to save as much as we can," Al-Morished said on Monday. - Reuters