Madrid, Jul 24 (IANS): Real Madrid have become the first football club to cross 1 billion euros in revenue with a net profit of 16 million euros in the year 2023-24.

The board of directors of Real Madrid CF has formulated the annual accounts for the 2023-2024 financial year in a meeting held on Tuesday.

Revenue for the 2023/24 season, excluding players tranfers, reached to 1.073 billion euros, which is 27 per cent more than the previous year, according to the data available on the club's website.

"Operating income (before disposal of fixed assets) for the 2023/24 financial year reached 1,073 million euros, representing an increase of 230 million euros (27%) compared to the 2022/23 financial year. In this financial year, despite the stadium not yet being fully operational, the Club has managed to exceed the 1 billion euros mark for operating income before disposal of fixed assets, a figure not previously achieved by any football club," it said in a realese.

The club closes the 2023/24 financial year with a profit after tax of 16 million euros, 32% higher than the previous year (12 million euros). Moreover, it maintained a financial situation with a net worth of 574 million euros.

Real Madrid's contribution to tax and social security revenues in the 2023/24 financial year has amounted to 277.1 million euros.

The amount of investment recorded in the 2023/24 financial year was 270 million euros, including the financial costs capitalised during the construction period. Thus, the accumulated investment up to 30 June 2024 amounts to 1,163 million euros.

In the sporting arena, the first football team has won the Champions League title, the sixth in the 2014-2024 period, as well as the Spanish League and Super Cup titles.