TVB Announces 2024 Annual Results Significantly Positive EBITDA of HK$295 Million Positive Adjusted Net Profit Attributable to Equity Holders Achieves HK$53 Million in the 2H 2024
(26 March 2025, Hong Kong) Television Broadcasts Limited (“TVB” or the “Group”, stock code: 00511.HK) today announced its annual results for the year ended 31 December 2024 (the “Year”).
Total Group revenue, including our e-Commerce Business segment, for the Year fell slightly by HK$65 million or 2% from HK$3,323 million to HK$3,258 million. Total revenue of core TV-related businesses (excluding e-Commerce Business segment) increased by HK$294 million or 10% from HK$2,837 million to HK$3,131 million, driven mainly by 17% revenue growth in our Hong Kong TV Broadcasting segment and 17% revenue growth in our Mainland China Operations segment. The Group achieved positive EBITDA of HK$295 million, representing a HK$435 million improvement compared to the EBITDA loss of HK$140 million last year. Loss attributable to equity holders of the Company was reduced substantially by HK$272 million to HK$491 million (2023: HK$763 million) mainly due to the HK$435 million improvement in EBITDA, which was partially offset by non-cash write-downs during the Year of substantially all of our remaining legacy and nonperforming assets. Loss per share for the Year was HK$1.09 (2023: HK$1.74). Excluding the impact of asset write-downs, which are non-recurring in nature, our loss attributable to equity holders of the Company would have only been HK$88 million for the Year (2023: HK$607 million), and we in fact achieved a profit of HK$53 million in the second half of 2024.
Mr. Thomas Hui, Executive Chairman of Television Broadcasts Limited said, “TVB recorded an encouraging performance in 2024, achieving a notable surge in EBITDA with an improvement of HK$435 million compared to 2023, marking an adjusted profit of HK$53 million in the second half of the Year. Thanks to the dedicated efforts of our colleagues, our self-operated terrestrial TV channels enjoyed a 79% market share of viewership in Hong Kong, maintaining our position as the territory’s leading platform for entertainment and information. In the digital media sector, we have also established a leading position. We had over 23 million average monthly active users in 2024 across our Hong Kong digital assets including TVB.com, TVB News mobile app and TVB-related social media accounts, a significant increase of 81% compared to 2023.”
Our Hong Kong TV Broadcasting segment achieved 17% revenue growth, with income from advertisers increasing by 14% as we continued to win back large corporate advertisers to our TV platforms. Our market share of total TV ad spending in Hong Kong grew from 75% in 2023 to 83% in 2024. Outside of traditional TV, the reach and earnings contribution of our digital media assets also grew further in 2024. Digital advertising on our myTV SUPER streaming service grew by 30%.
Our Mainland China Operations segment reported a 17% revenue increase, driven mainly by our drama co-production business, which saw a 69% growth in revenue due to expanded co-production activity with our mainland video platform partners Youku and Tencent Video. During 2024, our co-production titles No Room For Crime (反黑英雄), Forensic Heroes VI: Redemption (法證先鋒VI: 倖存者的救贖), Big Biz Duel (企業強人), Darkside of The Moon (黑色月光) and No Return (巾幗梟雄之懸崖) began airing on Youku and Tencent video respectively.
Mr. Hui continued, “Looking ahead, while Hong Kong’s advertising market remains soft due to the overall economic environment, we continue to see the return of large corporate advertisers to our TV platforms. With the gradual recovery of the TV advertising market and the continued growth of digital media advertising, we expect a substantial increase in advertising revenue in 2025. Furthermore, the drive for drama co-production in Mainland China and our business in the Greater Bay Area will also be major sources of growth for TVB. Based on our current business momentum, we anticipate that our EBITDA for the full year of 2025 will be substantially higher than that of 2024, and we will deliver a positive net profit attributable to shareholders for the full year of 2025.”
