Rangers announced a record turnover of £64.5m for the 12 months up to June 30, 2008. Last year's turnover was an increase of £22.7million on the figure of £41.8million for the previous 12 months.
However, the report also shows that net operating expenses increased by 32% to £56.8million and that the club's net debt has increased to £21.6million.
The reason behind the increase in debt was the club's expenditure on higher wages and transfer fees.
Last years European success, and with it the financial rewards, will not be repeated this season following the Gers two-leg defeat to FBK Kaunas.
"These results reflect what was a remarkable and historic year for the Club both on and off the park.
We should be very proud of our collective achievements," said chairman David Murray.
"Our participation in European and domestic cup competitions obviously contributed greatly to our record turnover and it is encouraging to report a substantial net profit.
"The increase in turnover also highlights the necessity for Rangers Football Club to qualify for Europe to meet the overheads that exist to run a club of our size.
"Existing levels of expenditure cannot be maintained in the current economic climate and, as we look to the future, it is becoming more important to focus on the development of young players to ensure the long-term sustainability of the club.
"I genuinely believe we are now seeing a steady stream of young talent emerging from Murray Park, and will continue to do so.
"We were delighted with last year but extremely disappointed not to qualify for Europe this year.
"We have, however, re-grouped and invested as promised in the playing squad and I know that we can count on our fans' support as we strive to bring the league title back to Ibrox."