4Q2015 results highlights Net income – OMR3.4 million, +5% Y-o-Y, -13% Q-o-Q, in-line versus EFGe Revenue – OMR83.2 million, -5% Y-o-Y, -5% Q-o-Q, -7% EFGe   Shell Oman Marketing Company (SOMS) reported its headline figures for 4Q2015. The company posted a net profit of OMR3.4 million (+5% Y-o-Y, -13% Q-o-Q), which was exactly in line with our estimate despite revenue a tad below our estimate (-7%). SOMS reported revenue of OMR83.2 million (-5% Y-o-Y, -5% Q-o-Q). A good set of earnings, which is a continuation of its strong earnings posted over the past two quarters, supported by robust margins. Although full details are not yet available, we believe that better-than-estimated profit margins (could be due to better sales mix of high margin products such as bitumen and lubricants) has helped earnings come in line with our estimate despite lower than expected revenue. However, we believe the new tax regime and marginal impact from the subsidy cut will put some pressure on its 2016 earnings estimates. We have a Neutral rating on SOMS. (Company disclosure, Sameer Kattiparambil)