Published Thursday, 26 January 2012
The total amount earned in 2011 was £308m, up 21% from 2010's sum of £255m, according to figures published by her department on Thursday.
That takes in the return on own labour, management input and own capital invested for all those with an entrepreneurial involvement in farming.
The value of Gross Output increased by 13.3% for the livestock sector with an increase in the value of milk and cattle output.
Dairying remained the largest contributor and its output value increased by 15.3% last year.
Cattle value went up 20% to a total of £375m, while the sheep sector shrunk 9% to £55m.
Ms O'Neill was impressed by the figures.
"It is encouraging to see a rise in overall farm income, which shows that the agricultural industry is continuing to do well in these difficult economic times," the Sinn Féin minister said.
"However, the continuing high costs of inputs, such as feed, fertilizer and fuels, and weakening euro will continue to challenge the industry.
"It is also encouraging that in 2011 farm income was greater than Single Farm Payment (SFP). However, SFP still represents 87% of farm income which underlines the importance of the forthcoming negotiations on the reform of the Common Agricultural Policy (CAP).
"There is no doubt that we need a strong, well funded CAP that provides support and fosters improved competitiveness without overburdening us all with red tape and I am committed to fighting for these outcomes in the ongoing CAP reform negotiations."