Net income – SAR92 million, +16% Y-o-Y, +37% Q-o-Q, +8% versus EFGe Gross profit – SAR94 million, +1% Y-o-Y, +15% Q-o-Q, -6% versus EFGe Net operating profit – SAR81 million, +4% Y-o-Y, +21% Q-o-Q, -5% versus EFGe   Eastern Cement Co. reported its preliminary 4Q2015 headline figures. Earnings grew 16% Y-o-Y, above our estimate by 8% on below-EBIT items. The company cited that the growth in earnings was mainly due to Y-o-Y increase in share of profit from associate and increase in sales of precast concrete. Modest growth at the operational level: Gross profit and EBIT inched-up 1% and 3% Y-o-Y, respectively (below estimate by average 6%), supported by sales volumes growth of 6% Y-o-Y (in line) in 4Q2015. We expect revenue growth of 7% (revenue figure is not yet disclosed). On a separate note, Eastern Cement's management is still studying the impact of deterioration in its investments in the Arabian Yemen Cement Co. during 2015 due to the current political instability in Yemen on its financials. Eastern Cement owns c32% in Arabian Yemen Cement Co. (Earnings release, Tarek El-Shawarby, Wafaa Baddour)