Property developer Macdonald Estates has bucked market trends to record annual pre-tax profits of £3.3m.
The company said profits stemmed from successful retail development and a new interest in student accommodation.
It recently secured planning consents for major projects at Dundee, Kirkcaldy and Hamilton.
New retail proposals in North Aberdeen, North Lanarkshire and Elgin and a student residence project in Glasgow are expected to boost further growth.
In total, a programme of developments worth more than £130m is currently under way.
In the Edinburgh-based firm's annual report, chief executive Dan Macdonald said the profit level was reflective of the management team's "dogged determination" in the current market.
He added: "We have already implemented the changes we believe are necessary to prepare for a radically different future ahead.
"As we see further fundamental shift towards austerity and more intense tightening of all of the business parameters we have known in the past, we are ready and prepared for a new culture."