Manchester City chairman Khaldoon Al Mubarak lauded the club's 'most successful financial year' after they announced record profits of £41.7million.
Accounting for last season, the Premier League champions increased revenues again to a record £613m during the first full period with supporters back in stadiums and away from Covid restrictions.
City believe that player trading, and utilising the City Football Group's multi-club model, has contributed significantly in continuing to invest following the pandemic.
'Our motivation to place the pandemic firmly behind us helped our talented people achieve the most successful financial year in the club's history,' Al Mubarak said.
'The best players in world football are making us their destination of choice; our player trading was executed with great skill and positive financial outcomes, and our commercial partnerships continued to deepen and expand by geography and sector.'
City, who reached the semi-finals of the Champions League and FA Cup, saw their wage bill – taking in 549 employees – drop slightly to £353.9m.
They do, however, expect that to rise next year given the big-name arrivals of Erling Haaland, Kalvin Phillips and Manuel Akanji in recent months.
City's commercial operation, which has recently been criticised for a failure to undertake proper due diligence on nominal deals with smaller companies, has continued to grow.
Forty-six global and regional partners are currently listed on City's website, with commercial revenues last season rising to £309.5m, put down to the new sponsors and the return of concerts to the Etihad Stadium.
'Football does not stand still and other leading clubs continue to evolve and develop,' Al Mubarak added. 'We therefore need to constantly challenge ourselves to improve upon what we have achieved.
'This means innovating further in Manchester and beyond. Reimagining ourselves and how we move forward in Manchester and through City Football Group (CFG), the industry-leading, multi-club organisation that Manchester City sits at the heart of.'
City's recent summer transfer business – the capture of Haaland, significant sales of Raheem Sterling and Gabriel Jesus – are not included in the latest round of financial results.
They have a potential £197m left to pay existing squad members and former clubs in additional transfer fees, signing-on payments and loyalty bonuses - with much dependent on success on the pitch. That was down by £30m from the previous year but is expected to rise next term.
'Profits (in 2021-22) were also boosted by remarkable transfer activity,' chief executive Ferran Soriano said.
'The £67.7 million profit City generated from the transfer of players' registrations took the total from the last five years above £250 million from this increasingly material source of income.
'This will grow even further in 2022-23, boosted by an unprecedented post-season summer of transfer activity that generated the highest ever gross player receipts in Premier League history, both in a summer window and over a calendar year.
'This includes the transfer of eight academy graduates, highlighting the growing success of the club's academy in nurturing footballers who go on to have careers not only at Manchester City but also in the top leagues in professional football more broadly.'