The profits were down from the €390,809 earned in 2015, but were significantly up from the €117,927 it earned in 2014.
In 2015, Mr Shanahan added an extension to the restaurant.
At the end of last year, accumulated profits at his restaurant firm — Kinsale Gourmet Store Ltd — stood at €1.84m. Staff numbers increased from 57 to 67.
Directors’ pay increased from €248,061 to €283,922, including €164,470 in pension payments. The firm’s cash pile fell slightly from €440,425 to €422,126.
Mr Shanahan established Fishy Fishy 11 years ago.
The value of the company’s fixed assets increased from €3.18m to €3.24m last year.
The amounts that the firm owes to creditors within one year declined from €2.2m to €2.17m. Shareholder funds at the firm increased from €1.62m to €1.84m.
The award-winning restaurant, which has a capacity for 160 diners, is run by Martin and his wife, Marie Shanahan.
The couple had originally opened Kinsale Gourmet Store in 1990. In 2009, Mr Shanahan embarked on his first venture in television, filming the first of a successful series of television programmes, Martin’s Mad About Fish.
He also has written successful cookery books, including Martin’s Fishy Fishy Cookbook.