GMA Network Inc. said Monday net income jumped 72 percent in 2016 from a year ago, led by higher advertising revenues.
The broadcast company said net income reached P3.65 billion last year, up from P2.13 billion in 2015.
“The boost from the national election held during the first half [of 2016] coupled by the upbeat turnout from regular ads placements buoyed the company’s top line for the 12-month period,” GMA said.
Revenues rose 21 percent last year to P16.67 billion from P13.73 billion in 2015. Airtime revenues went up 22 percent to P15.13 billion. Election-related advertising placements reached P1.5 billion.
GMA said expenses increased 7 percent last year to P11.53 billon from P10.75 billion in 2015.
GMA chairman and chief executive Felipe Gozon said he expected the company to post higher profit in 2017.
“Even without political advertisements this year, we are expecting GMA’s financial performance to be even better than last year,” Gozon said.
The company recently declared cash dividends totaling P3.548 billion, or P0.73 per share.
The dividend will be paid on May 15, 2017 to shareholders of record as of April 20, 2017.
Gozon said the declaration of cash dividends reaffirmed the company’s commitment to provide the best returns to shareholders.
“Since our IPO launch in 2007, we have been paying out cash dividends equivalent to almost 100 percent of our net income every year,” Gozon said.