St Andrews Links Trust, which runs the Old Course and six other venues, achieved a record year in 2023.
The charity reported earnings of £43.8 million last year, a rise of more than £10m on 2022.
The 283,082 rounds played last year was a 11% increase from 2022, when the 150th Open Championship was held.
The trust said the £11.5m operating profit has helped to restore its financial reserves, following losses of more than £11m in the Covid-impacted years of 2020 and 2021.
Occupancy across the seven courses hit a record high of 78%.
‘Unprecedented’ demand at Home of Golf
St Andrews Links Trust manages a number of additional facilities including three clubhouses, a golf academy and four retail stores.
Demand was replicated across all facilities with 7.6 million balls hit at the St Andrews Links Golf Academy. This is two million more than the previous record number.
Chief executive Neil Coulson said there was a global growth in the popularity of golf last year.
He said: “These unprecedented results for 2023 underline the renown in which the Home of Golf is held both here in St Andrews and around the world.
“The demand, not just on our golf courses but across all facilities, has been incredible and has significantly accelerated our recovery from a difficult period in 2020 and 2021.
“The recovery of our balance sheet and reserves allows us to revisit a strategy to invest in our physical and digital infrastructure.
“This will further enhance the experience of golfers in St Andrews and continue to protect the links for future generations.”
Golfing income increased from £18.1m in 2022 to £24.2m last year.
Retail and food and beverage operations reported 20% and 29% increases in customer numbers year-on-year.
St Andrews Links Trust investments
As a charitable trust, profits are reinvested into the operation, maintenance and preservation of the links at St Andrews.
The Trust says it has an “ambitious” investment strategy to upgrade ageing infrastructure.
Key projects include a multi-year upgrade of irrigation systems across all courses, extensions and upgrades to the Links Clubhouse and the Golf Academy and a plan to renovate the Castle Course to open all year round.
The Trust completed the acquisition of 70 acres of agricultural land adjoining the Strathtyrum course for £3.5 million in February.
It means the area between the A91 and the Eden Estuary coastline can be included in ongoing protection work.
And it also leaves the door open for the future expansion of the Links and its facilities.
In addition, the Trust also plans to continue to invest in and seek funding for sustainability and coastal management measures to protect its coastline from erosion and flood risk.
