Despite uncertain economic conditions, a total of 1,688 full time equivalent jobs were created in the region, with 169 in fragile areas.
Turnover among these firms is forecast to increase by £120.4 million over three years, and international sales by £79.5m.
A number of investment milestones were also hit on major HIE-led infrastructure projects, such as Inverness Campus which saw the opening of three new buildings, An Lòchran, Aurora House and the first student accommodation block.
In Argyll, the new Fairmile Building in Sandbank Business Park near Dunoon was formally opened, while new tenants were secured for the European Marine Science Park near Oban.
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Other highlights include; a new 185-metre Dales Voe South in Shetland quay being built to support the growth in decommissioning work, while four turbines were installed in the MeyGen tidal energy project off the Caithness coast.
Further investments were also provided in the European Marine Energy Centre in Orkney and the new Orkney Research and Innovation Campus. A total of £12.4m was also approved to 17 technology development projects by HIE's subsidiary Wave Energy Scotland.
With 1,400 premises also better connected to broadband and the opening of the Digital Scotland Excellence Centre on Inverness Campus, chair of HIE Professor Lorne Crerar said it has been "another year of encouraging progress for the Highlands and Islands".
"The continued oil and gas downturn, pressures on public sector budgets and uncertainties around EU membership have presented many challenges for the region," he said.
"More and more we are seeing these challenges being met with innovation, ambition, entrepreneurship and resilience by the region's businesses, social enterprises and communities.
"A key part of HIE's role is to foster those qualities and target investment in initiatives that stimulate and enable growth. I am delighted at the contribution the organisation has made over the past year and look forward to continuing to work with our partners, businesses and communities across the region and beyond to build on this in the years ahead."
(LM)
