Net income – SAR7mn, -70% Y-o-Y, -15% Q-o-Q, -37% vs. EFGe Revenue – SAR51mn, -21% Y-o-Y, +3% Q-o-Q, -8% vs. EFGe Gross profit – SAR14mn, -49% Y-o-Y, +8% Q-o-Q, -10% vs. EFGe Net operating profit – SAR9mn, -62% Y-o-Y, +10% Q-o-Q, -17% vs. EFGe   Tabuk Cement Company reported its preliminary 4Q16 headline figures, with earnings down 70% Y-o-Y, 37% below our estimate. The company attributed the Y-o-Y drop in earnings to lower ASPs and hike in energy cost.  Revenue dropped 21% Y-o-Y (-8% vs EFGe) as sales volumes decreased 8% Y-o-Y as well as selling price per tonne down 15% Y-o-Y to SAR170 per tonne. Despite the drop in revenue, COGS was flat Y-o-Y leading to a significant drop in gross profit (GP) (-49% Y-o-Y, -15pp in GPM) and EBIT (-62% Y-o-Y, -19 pp in EBIT margin).  (Company disclosure, Tarek El-Shawarby)   Tabuk Cement: SAR12.20 as of 18 Jan, Rating: Sell, TP: SAR12.40/share, MCap: USD293mn, TACCO AB / 3090.SE