Net income – SAR200mn, -4% Y-o-Y,  -20% Q-o-Q, +13% vs. EFGe Gross profit – SAR230mn, -1% Y-o-Y, -18% Q-o-Q, +11 vs. EFGe Net operating profit – SAR207mn, -1% Y-o-Y, -19% Q-o-Q, +12% vs. EFGe   Saudi Cement Company reported its preliminary 3Q16 headline figures. Earnings inched down 4% Y-o-Y, 13% above our estimate. The company attributed the slight decrease in earnings to i) a drop in revenue on lower sales volumes and selling prices; ii) rise in energy cost; and iii) lower other income. Revenue inched down 6% on 3% decrease in sales volume and selling prices. Gross profit  and EBIT were flat Y-o-Y, c11% ahead of our estimates, on better-than-expected margins that were up 2 pp Y-o-Y for both. (Earnings release, Tarek El-Shawarby)   Saudi Cement: SAR47.51 as of 18 October 2016, Rating: Buy, FV: SAR75.70 per share, MCap: USD1,938mn, SACCO AB / 3030.SE