Net loss – SAR18 million, N/M Y-o-Y, N/M Q-o-Q, N/M versus EFGe Gross profit – SAR71 million, -4 Y-o-Y, -39% Q-o-Q, -27% versus EFGe Net operating loss – SAR19 million, N/M Y-o-Y, N/M Q-o-Q, N/M versus EFGe   Shaker reported loss of SAR18 million in 4Q2015 versus loss of SAR10.0 million in 4Q2014 and our earnings of SAR24 million. The company cited that the loss was the result of the hike in COGS by 9% and SG&A that led to squeeze in margins. Revenue was up 6% Y-o-Y, broadly in line with our estimate (-4%); however, gross profit inched down 4% Y-o-Y (-27% versus our estimate) on margin contraction by 2pp due to hike in COGS. Shaker has reported a net operational loss of SAR19 million versus a loss of SAR2 million in 4Q2014 on significant increase in SG&A expenses by 18% Y-o-Y, likely on higher salaries and costs associated with the current restructuring phase the company is undergoing.   Our view: Shaker reported modest recurring earnings growth of 3% in FY2015 (excluding one-off revaluation gain of LG Shaker equity in 2014), supported by below-EBIT items as robust Y-o-Y sales growth of 21% was offset by 27% increase in SG&A expenses leading to 14% drop in net operating profit. (Earnings release, Tarek El-Shawarby)