GMA Network Reported P3,162 Million in Consolidated Net Income After Tax in 2023, Down 42%

In the submitted financial report to the PSE, GMA Network and its subsidiaries registered consolidated revenues of P18,637 million for the twelve months ended December 31, 2023. This was an 86% attainment of the prior year’s consolidated revenues of P21,564 million, which was heavily boosted by the presence of political advocacies and advertisements coming from the 2022 national and local elections. Carving out the aforementioned non-recurring sales, the company inched up against the prior period’s consolidated top line.

GMA Network and Subsidiaries made a last-ditch effort to close the gap in the top line for the year 2023, with a stronger performance in the second half of the year, which partly mitigated the slow start during the first semester. However, the absence of a little over P3.0-billion worth of political advocacies and advertisements made a huge dent in the company’s top line. Nonetheless, carving out this non-recurring activity, GMA was able to post a modest growth of P89 million, or 0.5%, in its consolidated top line in 2023. Mitigating the lack of election-related placements were the contributions from emerging businesses, which included online and digital advertising as well as over-the-top licensing activities. These revenue sources saw considerable improvements in 2023, which were crucial in addressing the challenges faced by the traditional advertising segment of the company. Moreover, with GMA’s renewed focus on film production via GMA Pictures, inflows from this segment also added to this year’s revenues.

Meanwhile, the company’s consolidated direct costs and operating expenses for the year were P14,592 million, only a percentage point more than last year. Despite economic challenges, management made a deliberate effort to control expenses while ensuring the company's commitment to providing high-quality entertainment and responsible news delivery to its viewers remained a priority. Production and other direct expenses grew in between periods but were cushioned by the reduction in general and administrative costs. The cost of sales ended at about the same level as a year ago.
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Consolidated Earnings before interest, taxes, depreciation, and amortization (EBITDA) after four quarters in 2023 reached P6,326 million, behind the previous year's robust figure of P8,951 million.

Finally, consolidated Net Income After Tax settled at P3,162 million this year despite the dearth of political advocacies and advertisements compared to the strong showing in 2022, which sealed a bottom line of P5,457 million. 

GMA Network Reported P3,657 Million in Consolidated Revenue in Q124, 9% Below Last Year's Top Line

GMA Network and Subsidiaries sealed the first three months of the year with consolidated revenues of P3,657 million, 9% below last year’s top line of P4,016 million.

Advertising revenues remained the lifeblood of the Company, comprising a little over 90% of the total revenue pie. On the other hand, consolidated direct cost and operating expenses (OPEX) of the Company by the end of the first quarter accumulated to P3,473 million, which was 6% or P209 million more than last year. Production and other direct costs, as well as general and administrative expenses, finished higher versus Q1 of 2023 year which was slightly offset by the decline in cost of goods sold in between periods.

Consolidated Earnings before interest, taxes, depreciation and amortization (EBITDA) by the end of March this year settled at P800 million compared to last year’s P1,220 million. In the same manner, consolidated bottom line of the Company concluded at P203 million from P602 million during comparable period last year.