Abu Dhabi – Mubasher: Sharjah Group (SG) on Sunday reported a sharp year-on-year increase in its net profits for the quarter of 2017.

SG’s profits amounted to AED 3.43 million ($93,360) in the period from July to September, up 68% from AED 2.04 million ($55,520) in the year-ago period, according to a filing to the Abu Dhabi Securities Exchange (ADX).

Leasing revenues increased 5.3% to AED 3.96 million in Q3-17 from AED 3.76 million in the same period of 2016.

At the level of the first nine months of 2017, SG posted AED 6.78 million in profits, registering a year-on-year rise of 6% compared to AED 6.39 million.

SG’s dividend income amounted to AED 412,492 in the nine months ended 30 September, up from AED 78,442 in the year-ago period, the data showed.

Meanwhile, rental income grew 4% year-on-year to AED 11.66 million in the first nine months of 2017.

SG had previously reported a 53% year-on-year drop in profit to AED 1.40 million ($38,100) in Q2-17 from AED 3 million ($81,660) in Q2-16.