Net income – OMR4.8mn, +11% Y-o-Y, +19% Q-o-Q, +29% Vs EFGe Revenue – OMR99.7mn, +17% Y-o-Y, +19 Q-o-Q, +14% EFGe   Shell Oman Marketing Company (SOMS) reported its headline figures for 2Q16. The company posted net profit of OMR4.8mn (+11% Y-o-Y, +19% Q-o-Q), which came in significantly above our estimate (+29%) as revenue surged well above our estimate, which suggests strong volume growth. SOMS reported revenue of OMR99.7mn (+17% Y-o-Y, +19% Q-o-Q).   Our view: A strong set of earnings for the quarter, which is a continuation of the company’s strong earnings posted over the past three quarters, supported by robust margins from its retail and lubricants division. We believe the stronger-than-estimated operating figures and earnings would challenge our conservative 2016 earnings (OMR13.7mn, +12% Y-o-Y) and dividend estimate. The shares are currently trading 14% below our FV and provide 5.3% dividend yield. (Earnings release, Sameer Kattiparambil)   Shell Oman Marketing: OMR1.90 as of 14 July 2016, Rating: Neutral, FV: OMR2.18 per share, MCap: USD487mn, SOMS OM / SHEL.OM