Broadcasting giant GMA Network Inc. is aiming for a higher bottom line this year after posting its highest net profit in company history.
At the company’s annual meeting of shareholders on Wednesday, GMA Network Chairman and CEO Atty. Felipe L. Gozon released the company’s earnings and capital expenditure (capex) guidance for 2022.
“The company’s projected after-tax net profit this year is pegged at 8.2 billion pesos, while capital expenditure for 2022 is estimated at around 2 billion pesos,” Gozon said.
In 2021, the GMA network reported a net profit of 7.57 billion pesos, up 26% year-on-year and the highest ever in the network’s history.
Consolidated revenues increased by 16% to reach 22.45 billion pesos last year.
In the first quarter of 2022, GMA Network continued to show solid growth with consolidated revenue growing 7% and net income after tax up 5% year-over-year.
“We are optimistic that post-election revenue heading into fiscal 2023 will be on track as expected,” Gozon said.
Blanket Eleksyon 2022
GMA News and Public Affairs’ May 9 election coverage beat the competition in terms of online views and TV ratings, the company’s president said.
“GMA’s Eleksyon 2022 coverage was the largest and most trusted election coverage in the country. And so far it was also the most expensive for GMA,” Gozon said.
“GMA, GTV and GMA News Online were far ahead of the competition in terms of audience and online views,” he added.
The GMA Network president noted that GMA was the first television network to air partial, unofficial election results, “a few minutes before the contestants.”
“Filipinos logged on to the Eleksyon 2022 website for the latest news and poll results from May 9-10, resulting in 78.9 million page views for GMA News Online over two days,” Gozon said.
“The live broadcast of Eleksyon Marathon 2022 coverage attracted 7.7 million views on YouTube, 11 million views on Facebook and 2.4 million views on TikTok from May 8-10,” he said. added.
Citing data from cross-platform video consumption tracker Tubular Labs, Gozon said GMA News’ platforms “continued to be the most-watched accounts among Filipino news outlets over the same period.”
“The GMA News YouTube channel had 40 million views on May 8 and 10 compared to just 15 million for ABS-CBN. Meanwhile, the GMA News Facebook page had 48 million views compared to 32 million for ABS-CBN News,” he said.
More partnerships with ABS-CBN
GMA Network is also open to further partnerships with ABS-CBN after the new media giants reached a landmark deal last month, according to the company’s president.
“Having broken the ice, the door is now open for further partnerships with ABS-CBN that will be mutually beneficial to both of us,” Gozon said.
Last month, GMA Network and ABS-CBN signed a landmark agreement allowing GMA Network to broadcast various films from Start Cinema – ABS-CBN’s film company.
These films include such favorites as the worldwide hit “Hello, Love, Goodbye” with Asian multimedia star Alden Richards and Kathryn Bernardo, “It Takes a Man and a Woman” with John Lloyd Cruz and Sarah Geronimo, “My Ex & Whys”, which is headlined by Enrique Gil and Liza Soberano, and more.
“We are currently in talks with ABS-CBN for another new batch of films to acquire. We are awaiting the list of available films from them for review and consideration by our team,” Gozon said.
Prospects under the administration of Marcos
The GMA network president also said he expects to have a smooth relationship with the new administration of presumed president Ferdinand Marcos Jr.
“Because we are complying with the requirements of our congressional franchise and other applicable laws, we do not expect to encounter any legal issues with the new government,” Gozon said.
“We have no reason to believe that our relations with the new government will not be friendly, harmonious and proper,” he added. —KBK, GMA News