Net income – SAR187mn, +6% Y-o-Y,  -7% Q-o-Q, -6% vs. EFGe Revenue – SAR397mn, -18% Y-o-Y, +6% Q-o-Q, -5% vs. EFGe Gross profit – SAR221mn, -21% Y-o-Y, -4% Q-o-Q, -6% vs. EFGe Net operating profit – SAR195mn, -22% Y-o-Y, -6% Q-o-Q, -5% vs. EFGe   Saudi Cement Company has reported its preliminary 4Q16 headline figures, showing recurring earnings drop of 24% Y-o-Y, broadly in line with our estimate (6%). The company attributed the decrease in earnings to a drop in revenue on lower sales volumes and selling prices. Reported earnings came in at SAR187 million, up 6% Y-o-Y as 4Q15 included one-off impairment of SAR66 million on writing down the net book value of kilns 4 and 5.   Revenue fell 18% Y-o-Y (in line, -5%) on 13% drop in sales volumes and c6% in selling prices, leading to 22% decrease in gross profit  and EBIT (broadly in line). (Tarek El-Shawarby)   Saudi Cement: SAR61.13 as of 16 January 2017, Rating: Buy, TP: SAR75.70 per share, MCap: USD2,494 million, SACCO AB / 3030.SE