GMA Network Inc. expects to increase profit by 8 percent this year on the back of the significant contribution of political advertisements during this year’s local and national elections.
At the company’s virtual annual stockholders meeting, Felipe Gozon, GMA chairman and chief executive officer, said this year’s profit guidance is pegged at P8.2 billion, which is 8 percent higher than last year’s P7.6 billion net income.
GMA also allocated an estimated P2 billion for capital expenditure this year which will be used for the expansion of its digital terrestrial television (DTT) and regional television network.
“The 2021 was our best year so far. First, on our ratings performance. GTV, our second free-to-air channel, claimed its spot as the Number 2 most-watched channel, from November 2021, until the present. The combined audience share of our DTT channels soared by 333 percent. We maintained our ratings supremacy in 2022,” Gozon said.
From January to April 2022, GMA said the combined audience share of its free-to-air and DTT channels reached 58 percent nationwide.
“In the first quarter of 2022, we continued to post solid growth with consolidated revenues up by 7 percent versus 2021,” Gozon said.
GMA posted a net income of P2.1 billion in the first quarter, up by 5 percent from P2.01 billion in the same period last year. Consolidated revenues grew by 7 percent to P5.9 billion in the three-month period from P5.5 billion a year ago.– Myla Iglesias
