Net income – SAR54 million, +6% Y-o-Y, +25% Q-o-Q, +10% versus EFGe Gross profit – SAR130 million, +10% Y-o-Y, +18% Q-o-Q, -1% versus EFGe Net operating profit – SAR61 million, +15% Y-o-Y, +24% Q-o-Q, +8% versus EFGe   Mouwasat reported its preliminary 4Q2015 results, posting a good sets of results, with earnings increasing 6% Y-o-Y, coming in 10% above our forecast. The company said that the increase in earnings was driven by revenue growth and better operational efficiency. Gross profit increased 10% Y-o-Y (in line), driven by 11% revenue growth (in line), while net operating profit was up 15% Y-o-Y on flattish SG&A; SG&A-to-sales went down 3pp Y-o-Y to 24.6%. EBIT margin has, hence, improved slightly by 40 bps Y-o-Y to 21.7% (+140 bps versus our forecast). The growth at the operational level was not fully filtered through to earnings likely on higher finance cost associated with the opening of the new hospital, which was previously capitalised, and increase in minority interest from Eastern Medical Services Co. (Earnings release, Tarek El-Shawarby)