Net income – SAR100mn, -52% Y-o-Y, +8% Q-o-Q, -47% vs. EFGe Revenue – SAR303mn, -29% Y-o-Y, +29% Q-o-Q, -26% vs. EFGe Gross profit – SAR137mn, -39% Y-o-Y, +28% Q-o-Q, -33% vs. EFGe Net operating profit – SAR127mn, -40% Y-o-Y, +30%, -34% vs. EFGe   Yanbu Cement reported preliminary 4Q16 headline figures, with earnings down 52% Y-o-Y to SAR100mn, 47% below our estimate on lower selling prices driven by weak demand and rising competition, as well as an increase in energy costs. Revenue fell 29% Y-o-Y (-26% vs our estimate) driven by a significant drop in selling prices to SAR152 per tonne (-33% Y-o-Y) offsetting the 7% Y-o-Y growth in sales volumes. Gross profit and EBIT fell further by c39% Y-o-Y on a hike in costs leading to 7pp Y-o-Y drop in gross profit and EBIT margins. (Company disclosure, Tarek El-Shawarby)   Yanbu Cement: SAR34.00 as of 18 January 2017, Rating: Buy, TP: SAR55.00 per share, MCap: USD1,428mn, YNCCO AB / 3060.SE