GEELONG has made a net profit of $2.3 million in 2016 on the back of increases in membership, sponsorship and home-game attendances.

The Cats' net asset value also spiked by 28.6 per cent this year to $9.9 million and their revenue increased by 10 per cent to $54.6 million.

The club's outstanding financial results were achieved despite a $1 million increase in football department spending ($23.2 million).

Geelong's commercial operations increased their profit by three per cent to $20.1 million, with membership rising by 13 per cent to 52,195 and average home-game attendances (including home games at the MCG and Etihad Stadium) increasing from 29,127 in 2015 to 30,497 in 2016.

"While we are pleased with the overall result, this was a challenging year for the club," Geelong CEO Brian Cook said.

"There are a number of factors that have contributed to this result. The 'Our Ambition' fundraising campaign was a huge success, with over $16 million committed to the club in the next five years.

"This will see the club have the best football administration and training facilities in the AFL and the club's debt, mainly resulting from the four redevelopments of Simonds Stadium, completely extinguished in the coming years.

"Our record membership was a tribute to our loyal and passionate supporter base that continues to follow the club. We are expecting a further increase in membership in 2017 and the renewals to date are tracking ahead of the same time last year."

Cook said Geelong had contributed $390,000 to the AFL's equalisation pool in 2016, but was pleased the funding model would be changed from 2017.

The Cats' CEO said stage four of the Simonds Stadium redevelopment was on target to be completed on time, with the new Brownlow Stand expected to be opened at the club's round nine clash against the Western Bulldogs next May.