GMA Network Sees Profits Rising 8% to P8.2 Billion in 2022

The Kapuso network is also optimistic about establishing good relations with the incoming administration.
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GMA Network is projecting its net income this year to exceed last year’s by eight percent, company chairman Felipe Gozon said Wednesday. 

“The company’s projected net income after tax this year is pegged at P8.2 billion, while capex for 2022 is estimated at about P2 billion,” Gozon said during the company’s annual stockholders meeting. 

The broadcast giant recorded a 26-percent rise in net income last year, ending 2021 with P7.57 billion in record profits. 

Despite 2022 being an election year, GMA said it expects to record slower growth.

Historically, election years have been periods of massive growth for broadcasters like GMA due to heavy advertising. GMA also lost major rival ABS-CBN Corp. after Congress denied it an extension of its franchise in 2020.

“We are optimistic that earnings post-election heading into fiscal year 2023 will be on track as projected,” Gozon said.

The network is also optimistic about establishing good relations with the administration of presumptive President Ferdinand “Bongbong” Marcos Jr.

“Because we are compliant with requirements of our congressional franchise and other applicable laws, we do not expect that we will be encountering legal problems with the new government,” he said. “We have no reason to believe that our relationship with the new government will not be friendly, harmonious, and proper,” he added.

Gozon also made updates about expanding its partnership with ABS-CBN.  

“We are currently in talks with ABS-CBN for another fresh batch of movies for acquisition,” he said. “We are waiting for the available movie list from them for our team’s review and consideration.”

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The onetime broadcast rivals signed a deal for content sharing last month, with GMA committing to air Star Cinema movies on its network.  

“After we have broken the ice, the door is now open for other partnerships with ABS-CBN that will be mutually beneficial to both of us,” Gozon said.

 

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