Net income – OMR4.7 million, +172% Y-o-Y, +208% Q-o-Q, +78% EFGe Revenue – OMR14.5 million, +4% Y-o-Y, +19% Q-o-Q, +8% EFGe   Oman Cement Company (OCC) reported impressive 4Q2015 headline results. Net profit was OMR4.7 million (+172% Y-o-Y, +208% Q-o-Q), which beat our OMR2.6 million estimate by 78% as OCC reported better-than-expected revenue and margins. Sales revenue of OMR14.5 million (+4% Y-o-Y, +19% Q-o-Q) beat our estimate by 8%.   The company did not provide further details on cement unit sales or prices. However, we believe the company may have been able to sell a larger-than-expected quantity of cement during 4Q and/or seen better cement prices. We also believe that it has completely moved to in-house clinker and this has resulted in better margins compared to the past two quarters, where it had to import costly clinker to offset the clinker shortage due to the Kiln repair.   Our view: Overall, this is a strong set of earnings results. We expected to see normalised operations and better sales figures in 4Q, but the revenue and earnings surprised positively especially given the challenging operational environment. Even though we expect 2016 to be challenged by rising costs from transportation costs (although marginally), a new tax regime, and demand challenges post the announced cut in government spending, but we will likely revisit our numbers once the FY2015 full financials are available to consider if our 2016 earnings are conservative post the positive 4Q2015 results. (Earnings release, Sameer Kattiparambil)