Speaking during the annual stockholders meeting, Katigbak highlighted the firm's improving financial performance driven by strong storytelling and support from partners and advertisers.
Recurring revenues for ABS-CBN’s content business increased from P8.9 billion in 2021 to P11.3 billion in 2023, a 27% rise over two years.
Concurrently, recurring expenses decreased by 5% from P15.5 billion in 2022 to P14.7 billion in 2023.
This resulted in a significant reduction in operating loss, down nearly 30% to P3.4 billion in 2023.
Sky Cable baggage
Despite challenges with Sky Cable's earnings, including increased net losses due to declining pay TV customers, ABS-CBN saw a 19% improvement in consolidated net losses before non-recurring items, reducing to P4.7 billion in 2023 from P5.8 billion the year prior.
However, one-time non-cash charges led to a consolidated net loss of P12.8 billion for the year, Katigbak said.
The ABS-CBN chief said he remains confident about 2024, noting a 22% improvement in first-quarter operating income excluding Sky.
He emphasized: “We hope to finally be cash flow positive by the end of 2024.”
“Cash flow positive” means that a business has more cash coming in than going out. In other words, the amount of money flowing into the business exceeds the amount being spent.
This metric indicates that the company has enough working capital to cover its bills without needing additional funding.
