Net income – SAR93mn, -36% Y-o-Y, -42% Q-o-Q, -8% vs. EFGe Gross profit – SAR107mn, -34% Y-o-Y, -37% Q-o-Q, -8% vs. EFGe Net operating profit – SAR98mn, -35% Y-o-Y, -38%, -7% vs. EFGe   Yanbu Cement Company reported preliminary 3Q16 headline figures, showing Y-o-Y earnings drop of 36% to SAR93mn, 8% below our estimate, on lower sales volumes and selling prices, driven by weak demand and rising competition, as well as increase in energy costs. Revenue fell down 24% Y-o-Y (-13% vs. our estimate), driven by 16% Y-o-Y drop in sales volumes and 9% in selling prices. Gross profit and EBIT fell further by 35% Y-o-Y on hike in cost leading to 7 pp Y-o-Y drop in gross profit and EBIT margins. (Earnings release, Tarek El-Shawarby)   Yanbu Cement: SAR26.21 as of 18 October 2016, Rating: Buy, FV: SAR55.00 per share, MCap: USD1,101mn, YNCCO AB / 3060.SE