Manchester City chairman Khaldoon al-Mubarak says the club can “look forward to the future with confidence” after recording a profit of £2.4m for 2020-21.
The figure, which covers the year from 1 July 2020 to 30 June 2021, contrasts with a £126m loss in the previous year.
Khaldoon said at the time City would “return to profitability”.
City played virtually the entire 2020-21 season without spectators.
But a run to the Champions League final, where they were beaten by Chelsea, and their fourth Premier League title under manager Pep Guardiola have helped the club’s finances.
“It is clear that the last two years have held challenges that no-one could have foreseen,” Khaldoon said.
“But thanks to the strength of our foundation work and the collective achievements of so many over the last decade, we can all look to the future with confidence, knowing our trajectory continues firmly in line with our plans.”