GMA Network Inc. is projecting its net income to grow further to P8.2 billion this year, 8 percent higher than the P7.57 billion it earned last year—the highest in its history.

During the firm’s annual stockholders’ meeting, GMA Chairman Felipe Gozon said “We are optimistic that earnings post-elections heading into fiscal year 2023 will be on track as projected.”

Earnings late last year and in the first half of 2022 have been boosted by advocacy and campaign ads in the run-up to the May 9 elections.

Meanwhile, he said the firm’s capital expenditure budget this year is set at about P2 billion. This will mainly be spent on the firm’s plant, property and equipment acquisitions and upgrades.

Specifically, Gozon said it will be for “the expansion of our digital transmission network, upgrading of our post-production capabilities and of our content playout facilities, and expansion of our regional TV network.”

GMA reported a net income of P7.57 billion for 2021, 26 percent higher than the P6.01 billion earned in 2020. Revenues rose 16 percent to P22.45 billion from P19.34 billion.

The network said it sealed the first quarter of 2022 with another record-breaking top and bottom-line results.

Consolidated revenues improved 7 percent to P5.86 billion from P5.09 billion in the same period of 2020 while net income was 5 percent higher at P2.13 billion from P2.02 billion in the first quarter of the previous year.

“Driving the growth were political advocacies and advertisements in preparation for this year’s national and local elections, GMA said in a disclosure to the Philippine Stock Exchange.

All airtime-revenue generating platforms outperformed prior year’s recorded sales. Political advocacies and advertisements contributed more than a billion pesos during the quarter.

Sale of services in the first quarter slightly overtook last year by 8 percent at P241 million from P223 million while sale of goods dropped 37 percent to P92.53 million from P146.85 million.