GMA Network continued to gain from the absence of its main rival ABS-CBN as it ended 2021 with a double digit growth in profitability.
The broadcasting giant led by the Gozon, Duavit and Jimenez families, reported a 26 percent jump in net income to P7.57 billion last year.
Consolidated revenues grew 16 percent to P22.45 billion from P19.34 billion in 2020.
“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,” GMA said.
Advertising revenues, which comprised 94 percent of the company’s revenue pie, grew 19 percent to P21.02 billion.
GMA said that even without the boost from political advocacies, its regular advertising revenues still increased by 14 percent year-on-year.
Sale of services which included subscription revenues, subsidiaries’ operations and others, meanwhile, provided P907 million, down by 11 percent from P1.03 billion in 2020.
The company’s venture into the sale of merchandise also contributed P528 million in revenues, 10 percent lower year-on-year.
GMA said total units sold for its Affordabox, a set-top box it launched in 2020, had reached 1.7 million, amounting to over a billion pesos.