Last season they finished fourth in the Premier League, their worst performance since 2010, but won the League Cup, and reached the Champions League semi-finals for the first time.
They have since appointed former Barcelona and Bayern Munich coach Pep Guardiola as manager, replacing Manuel Pellegrini.
Sheikh Mansour bought the club from former Thaksin Shinawatra in September 2008, and the club’s turnover has risen for eight successive years.
Five years ago, the club posted losses of £194.9m in the rush to compete for major trophies.
The latest figures come from a period which included expansion of Etihad Stadium, which raised the capacity by 8,000 to 54,041 and a £265m investment in the club’s parent company, City Football Group, by China Media Capital Holdings, which valued the group at $3bn.
“The 2016-17 season represents the beginning of a critical new phase in the evolution of Manchester City,” said Khaldoon.
“Manchester City has now reached a level of sporting and commercial maturity that allows one to feed the other.”
City are top of the Premier League but have taken only one point from their past two games.