Net income – SAR8mn, -14% Y-o-Y, -63% Q-o-Q, -25% vs. EFGe Gross profit – SAR13mn, -7% Y-o-Y, -53% Q-o-Q, -20% vs. EFGe Net operating profit – SAR8mn, -8% Y-o-Y, -63% Q-o-Q, -23% vs. EFGe   Tabuk Cement Company has reported its preliminary 3Q16 headline figures, showing an earnings decrease of 14% Y-o-Y, 25% below our estimate. The company attributed the Y-o-Y drop in earnings to lower average selling prices and hike in energy cost and lower other income. Revenue inched up 5% Y-o-Y (-8% vs. EFGe) driven entirely by 22% Y-o-Y sales volume growth, likely on special deliveries at depressed selling price per tonne that dropped 14% Y-o-Y to SAR183 per tonne. COGS increase 10% on hike in energy cost, leading to 7% Y-o-Y drop in gross profit and EBIT and 2pp contraction in EBIT margin. (Earnings release, Tarek El-Shawarby) ?  Tabuk Cement: SAR10.70 as of 19 October 2016, Rating: Sell, FV: SAR12.40 per share, MCap: USD257mn, TACCO AB / 3090.SE