GMA FY24 profit: P2-B (down 35%)

GMA [GMA7 6.29, down 0.8%] [link] posted an annual net income of P2.1 billion, down 35% from its FY23 net income of P3.2 billion. Despite a Q4 election “boost” to revenues, total FY24 advertising revenues were down 5% to P16.2 billion, while total operating expenses climbed 2% to P14.8 billion. GMA7 blamed its lower profitability on a year that “started slow, following the general cutback in advertising spending across the industry.” The GMA7 annual dividend was 17% smaller in FY24, clocking in at P0.50/share (as compared to FY23’s P0.60/share).

MB bottom-line: It’s been a slow (but steady) march to mediocrity after the stock’s high-flying year in the P14.00 to P16.00 range back between FY21 and FY22. But that was then. Each subsequent year appears to explore a new lower range for the stock price. In mid-2022, the new range was roughly P10.00 to P12.00. In mid-2023, it was P8.00 to P9.50. For 2024, it was P6.50 to P7.50, and now in 2025, we’re starting to see the stock drift even further toward the high P5 range, which would put it right back where it started before it was gifted near-exclusive rights to broadcast advertising in the country by the Duterte administration. Who knew the second-best company would struggle to seize the opportunity of having its main rival suddenly eliminated? A more generous reading of the results might include some of the dramatic consumer shifts away from traditional television toward streaming models that don’t play into GMA7’s advertising business model as cleanly, but if I were a GMA7 shareholder (I’m not), I’d probably have a hard time getting myself in a generous mood considering the management team’s passive squandering of this once-in-a-lifetime opportunity.

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