Net income – SAR10mn, +88% Y-o-Y, -35% Q-o-Q, +19% vs. EFGe Revenue – SAR74mn, -12% Y-o-Y, +16% Q-o-Q, +11% vs. EFGe Gross profit – SAR18mn, +10% Y-o-Y, -28% Q-o-Q, +15% vs. EFGe Net operating profit – SAR10mn, +27% Y-o-Y, -45% Q-o-Q, +14% vs. EFGe   Al Jouf Cement reported its preliminary 4Q16 results with earnings up 88% to SAR10mn, 19% above our estimate on better than expected margins. The company cited that the Y-o-Y increase in earnings was due to a high base effect given higher one-off maintenance costs in 4Q15. Revenue was down 12%, driven by a 14% decrease in sales volumes and flattish selling prices Y-o-Y. Gross profit and EBIT were up 10% and 27% Y-o-Y, respectively on lower costs, leading to a better margin, up 4.5pp Y-o-Y. (Company disclosure, Tarek El-Shawarby)   Al Jouf Cement: SAR8.94 as of 18 January 2017, Rating: Neutral, TP: SAR8.50 per share, MCap: USD310mn, JOUF AB / 3091.SE