Midlands State University has witnessed a significant increase in turnover from $132 million last year to $145 million this year.
In a consolidated financial statement for 2017 released by MSU, the university's assets and reserves are now at $271 million up from $234 million recorded in 2016.
According to the financial statement, staff costs which include salaries gobbled more than $85 million.
Of the total income recorded in 2017, $73 093 207 came from MSU Group a subsidiary of companies and other income generating projects.
MSU has more than 23 000 students. The university plans to open a new campus in Kwekwe which will house faculties of Law, and Natural Resources Management and Agriculture.
It already has campuses in Zvishavane, Harare and Botswana.
The institution recently weaned Manicaland State University of Applied Sciences in Mutare and is incubating a university in Swaziland.
MSU Vice Chancellor Professor Victor Muzvidziwa said students owed the university close to $20 million in unpaid fees.
He said the students had been advised to embrace and utilise the school fees loan facility which was unveiled by the Government last year to cushion students from underprivileged families.
"Our students owe the university $20 million in fees arrears. This is a lot of money that can help us develop our institution.
"We encourage students to utilise the student loan facility," he said.