GMA Network’s 2024 income down 34.7% on weaker ad – BusinessWorld Online
GMA Network, Inc. saw its attributable net income drop by 34.7% to P2.07 billion in 2024, mainly due to lower advertising revenues during the period.
The company reported consolidated revenues of P17.56 billion, down 5.8% from P18.64 billion in 2023, according to its annual report.
Breaking down its topline, advertising revenues dropped by 5.5% to P16.24 billion in 2024 from P17.18 billion in 2023. Meanwhile, sales of services declined by 1.7% to P1.12 billion from P1.14 billion, while sales of goods fell by 36.1% to P199.27 million from P311.62 million.
“Advertising revenues remained the lifeblood of the Company, comprising 92% of its consolidated revenue pie. This segment saw a reduction of 15% compared with the same period last year,” it said.
GMA Network said it continues to strengthen its presence across various platforms and is working to sustain the growth of its online following, after ending the year with more than 28 million subscribers on its YouTube platform.
“Advertising revenues from this platform kept twelve-month sales in 2024 on par with the previous year, despite stiff competition in this segment,” the company said.
Meanwhile, consolidated costs and expenses rose by 1.7% to P14.84 billion from P14.59 billion in 2023.
At the stock exchange on Wednesday, shares in the company closed unchanged at P6.29 apiece. — Ashley Erika O. Jose
