Net income – SAR150 million, -14% Y-o-Y, -16% Q-o-Q, -5% versus EFGe Gross profit – SAR187 million, +2% Y-o-Y, -15% Q-o-Q, +7% versus EFGe Net operating profit – SAR171 million, +2% Y-o-Y, -16% Q-o-Q, +7% versus EFGe   Yamama Cement Company has reported its preliminary 1Q2016 headline figures. Earnings were down 14% Y-o-Y (broadly in line, -5%), mainly from losses on investments. Gross and net operating profit were up 2% Y-o-Y (+7% versus our estimate), driven by solid sales volume growth of 11% Y-o-Y (in line), but softened by the hike in energy cost, depreciation and SG&A expenses (+16% Y-o-Y) and likely lower selling prices. We expect revenue growth of 9% Y-o-Y in 1Q2016 (the revenue figure has not yet been disclosed). (Earnings release, Tarek El-Shawarby)