GMA Network, Inc. experienced a decline in its attributable net profit by 34.7% to P2.07 billion in 2024, primarily attributed to diminished advertising revenues throughout the timeframe.
The firm disclosed aggregate revenues amounting to P17.56 billion, which is a decrease of 5.8% from P18.64 billion in 2023, as outlined in its annual report.
When analyzing its top-line figures, advertising revenues fell by 5.5% to P16.24 billion in 2024 from P17.18 billion in 2023. In contrast, service sales decreased by 1.7% to P1.12 billion from P1.14 billion, while merchandise sales plummeted by 36.1% to P199.27 million from P311.62 million.
“Advertising revenues are the cornerstone of the Company, accounting for 92% of its consolidated revenue. This segment experienced a 15% decline compared to the same period last year,” it stated.
GMA Network mentioned that it is committed to enhancing its footprint across multiple platforms and is dedicated to maintaining the momentum of its online audience, concluding the year with over 28 million subscribers on its YouTube channel.
“Advertising revenues from this channel kept annual sales in 2024 consistent with the previous year, despite fierce rivalry in this arena,” the company remarked.
On the other hand, consolidated costs and expenses rose by 1.7% to P14.84 billion from P14.59 billion in 2023.
At the stock market on Wednesday, the company’s shares finished steady at P6.29 each.— Ashley Erika O. Jose
