Net income – SAR7 million, -66% Y-o-Y, -62% Q-o-Q, -76% versus EFGe Gross profit – SAR20 million, -35% Y-o-Y, -35% Q-o-Q, -50% versus EFGe Net operating profit – SAR10 million, -55Y-o-Y, -57% Q-o-Q, -69% versus EFGe   Al Jouf Cement Company reported a weak set of results in 4Q2015, with earnings falling sharply 66% to SAR7 million, 76% below our estimate. The company cited that the Y-o-Y earnings drop was due to a hike in maintenance cost, as well as lower selling prices during the quarter offsetting impact of robust sales volume growth. Gross profit and EBIT significant drop of 35% and 55%, respectively, was attributed to lower margins on increase in costs. Sales volume went up 33% Y-o-Y, 12% above our estimate, driven mainly by Al Jouf’s three-year strategic contract (worth SAR500 million) with Al-Mohileb and Sons Holding Company to supply cement to its projects, which started to show its impact in 3Q2014 results and should remain until 1Q2017. We expect revenue growth of 19% Y-o-Y in 4Q2015 (revenue figure is not yet disclosed). (Earnings release, Tarek El-Shawarby, Wafaa Baddour)