Etisalat likely to pay 49% royalty fee for 2012: NBK Capital

Says UAE profit margins will slowly decline and international operations will eventually contribute a third of revenues and 22 per cent of ebitda in 2016, from 30 per cent and 18 per cent respectively last year. Forecasts 4Q revenues of Dh8.2 billion and net profit of Dh1.78 billion. Expects a dividend payout ratio of 62 per cent for FY2012.