Real Madrid ended the 2022-23 financial year making an €11.8 million ($13.25 million) profit, the club said on Monday, with income rising above pre-pandemic levels for the first time.

The accounts mean that the LaLiga giants have remained in profit over the last four years despite the negative impact of COVID-19 and the €893 million renovation of their Santiago Bernabeu stadium, which is set to be finished by the end of 2023.

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This year's profit after tax is down €1m compared to 2021-22 -- despite that higher revenue -- due to increased expenses.

"Operating income for the financial year 2022-23 has reached €843 million, an increase of €121 million (17%) compared to the 2021-22 financial year," the club said in a statement.

That income exceeds the pre-pandemic figure of €757 million, recorded in 2018-19, for the first time.

Stadium revenue, which has been limted by construction work at the Bernabeu, remains 13% lower than in the 2018-19 season, the club said, but income from other business lines including marketing is up.

Madrid's net worth as of June 30, 2023 stands at €558m, the club said, while its net debt is €46.7m. That figure does not include the cost of remodeling the Bernabeu.

The club has borrowed a total of €800m to help finance the redevelopment, while last year's deal with the U.S. firm Sixth Street saw them receive €360m in exchange for the right to take part in business ventures at the stadium.