GMA Network has continued to benefit from the absence of its biggest competitor ABS-CBN as it posted double-digit growth in its net income.
The Kapuso network has reported a net income of 7.57 billion pesos for 2021, 26% or 6.01 billion pesos higher than its previous year’s earnings.
“Apart from maintaining dominance in the free-to-air broadcasting arena, this year’s exceptional top line was further boosted by the presence of political advocacies amounting to more than three-quarters of a billion pesos,” said GMA in a statement.
The network’s consolidated advertising revenues registered at 21.02 billion, or an increase of 19% compared to the previous year.
Advertising revenues which include airtime, online and international, comprised GMA Network’s 94% of the company’s revenue pie.
“Notwithstanding the protracted pandemic, which continued to hamper the full recovery of the economy due to the country’s intermittent lockdowns, limited mobility, and restricted business operations, GMA Network and subsidiaries remained unwavering and once again broke all financial records for the 12 months this 2021,” GMA added.
Meanwhile, the sale of services, including subscription revenues and subsidiaries’ operations, has contributed P907 million to the company, a decline of 11% from its previous year’s earnings.
The sale of merchandise which mainly comes from GMA Affordabox also went down 10% year-on-year, equivalent to 528 million pesos.
GMA also reported that sales from its digital box have already reached 1.7 million units since its launch in May 2021, which amounted to over 1 billion pesos.