Accounts which have just become available from Companies House show that family-owned Walkers, based in Aberlour, Speyside, raised operating profits from £8.62m in 2011 to £14.6m as turnover increased from £119m to £124m.
The company highlighted the significant part which its ongoing development of the Walkers brand in the UK and in export markets had played in helping it achieve a rise in operating profit margin from 7.2% in 2011 to 11.8% in 2012.
It declared: "This contrasts with the work we do in the highly-competitive private label sector, where the margins achieved are substantially lower.
"The growth in profitability was a much-needed respite, after several years of margin erosion."
Joint managing director Jim Walker said that, in terms of private-label customers, the company supplied "some of the quality supermarkets".
Mr Walker said that Walkers, which in addition to shortbread makes oatcakes, biscuits, and Scottish fruit cakes, would record another rise in turnover this year.
But he added that profits would be lower, highlighting in particular the cost of main ingredient butter as a factor which was putting pressure on margins in 2013.
In their report on the 2012 accounts, which show a rise in pre-tax profits to £14.6m from £8.93m in 2011, the directors of Walkers say: "It is probable that our margins will erode from their current levels over the short to medium term."
Walkers' directors declare that exports accounted for about 41% of sales in both 2011 and 2012.
Noting that growth in the value of the company's export business in 2012 had lifted annual overseas sales above £50m for the first time, Mr Walker said: "I think it is a bit of a milestone for us. Export is a case of step by step. You have got to work at it."
Mr Walker noted sales in the US, the company's biggest export market, had grown last year.
He cited Australia and Canada as other big export markets for Walkers, highlighting significant numbers of British expatriates in these countries.
Mr Walker also cited a good performance in mainland Europe and in the Far East. He highlighted growth in exports to China and its special administrative region of Hong Kong.
Asked if he believed people in general were eating more shortbread, Mr Walker replied: "Shortbread is a traditional Scottish product. It is never in fashion. It is never out of fashion.
"It is an indulgent product. I think, in the biscuit market, the indulgent sector continues to perform well, as does the low-fat sector. I think, because we are selling on quality and presentation and variety, we are performing pretty steadily."
Mr Walker highlighted the fact that the company's workforce was at a record level of more than 1650, with the company currently working at its manufacturing peak in the run-up to the key Christmas and New Year trading period.
And the company emphasised the "significant contribution" made by these employment levels to the local economy.
Walkers highlighted its move, from this month, to begin enrolling employees in a workplace pension scheme with company contributions "at levels quite a lot higher than those set out in the relevant legislation".
Mr Walker said the company would make a pension contribution of 3% of workers' total earnings, rising to 4% for staff with more than five years of service, and to 5% for employees who had been with Walkers for at least a decade. He contrasted these contribution levels with the legislative requirement for a minimum employer contribution of 1% of earnings above the lower limit of £109-a-week in the initial years of the new "automatic enrolment" arrangements, which have been put in place to widen access to workplace pensions.
Mr Walker highlighted the fact that the company was encouraging its employees to contribute 3% of their earnings to its workplace pension scheme, so they had a "very decent pension package".
Walkers said: "As an employer with a long-standing commitment to our people, we believe it is right to promote pension saving and, on this point, we are confident that the company's contribution level will minimise opt-out rates."
Mr Walker flagged the company's continuing investment in production capacity.
Walkers has recently opened a new 3500 square metre factory at its Fisherton site in Aberlour.
Walkers' accounts show total boardroom pay dipped from £3.048m in 2011 to £2.995m in 2012.
The remuneration of the highest-paid director rose from £959,000 to £980,000.
The accounts state that dividends amounting to £2.8m were paid to shareholders of the family-owned company.