Listed media company GMA Network, Inc. saw its attributable net profit rise 128.57% to 5.98 billion pesos last year as revenue from its advertising activities increased.
This compares with the net profit of 2.62 billion pesos attributable to shareholders of the parent company recorded in 2019, according to GMA Network’s annual report filed on the stock exchange on Wednesday.
The company’s total revenue increased 17.23 percent to 19.33 billion pesos in 2020 from 16.49 billion pesos the previous year.
GMA Network reported advertising revenue of 17.73 billion pesos, up 16.83% from 15.17 billion pesos the previous year.
The company’s advertising activities contributed 92% of its total revenue last year.
As a reminder, the franchise of its main rival ABS-CBN Corp. expired in May of last year. Lawmakers voted against its renewal on July 10. ABS-CBN generated 17 billion pesos from advertising and consumer sales in the first nine months of 2020, down 46.8% year on year.
GMA Network is organized into business units based on its products and services and includes three segments to present: television and radio, international subscription and other activities including film production and consumer products.
The company’s subscription revenue in 2020 fell to 911 million pesos from 1.07 billion pesos in 2019.
Revenue from content distribution and sourcing fell 28.76% to 63.65 million pesos from 89.35 million pesos.
Meanwhile, production revenues fell 71.21% to 49.95 million pesos from 173.48 million pesos.
GMA Network’s EBITDA (earnings before interest, taxes, depreciation and amortization) increased 83% to 9.89 billion pesos in 2020 from 5.39 billion pesos the previous year.
GMA Network shares closed up 1.22% at P9.14 each on Thursday. – Arjay L. Balinbin
Note: This story has been updated to exclude misplaced numbers for 2019.