Sea Limited, Singapore-based e-commerce giant, said Tuesday that its revenue rose 25.1 percent year on year to $12.4 billion in 2022, underpinned by e-commerce growth.

The group said in a statement that its total gross profit for the year was $5.2 billion, up 33.1 percent year-on-year.

Meanwhile, its total net loss for the year was $1.7 billion, improving by 18.9 percent year-on-year.

Its total adjusted losses before interest, taxes, depreciation and amortization was $878.1 million, as compared to losses before interest, taxes, depreciation and amortization $593.6 million for the full year of 2021.

Its revenue for e-commerce stood at $7.3 billion, up 42.3 percent year-on-year.

The sector’s adjusted losses before interest, taxes, depreciation and amortization was $1.7 billion, improving by 33.8 percent as compared to losses before interest, taxes, depreciation and amortization of $2.6 billion for the full year of 2021.

The sector’s gross merchandise value (GMV) was $73.5 billion, up 17.6 percent year-on-year.

As for the fourth quarter of 2022, Sea’s revenue grew 7.1 percent year on year to $3.5 billion.

Its total gross profit was $1.7 billion, up 29.5 percent year-on-year.

Its total net income for the quarter turned positive to $422.8 million, as compared to net loss of $616.3 million for the fourth quarter of 2021.

The total net income was negatively impacted by $177.7 million impairment of goodwill related to certain historical investments for the digital entertainment business.

It was positively impacted by $199.7 million net gain on debt extinguishment and approximately $130 million in reversal of previous accruals for certain expenses.

Its total adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter also turned positive to $495.7 million, as compared to losses before interest, taxes, depreciation and amortization of $492.1 million for the fourth quarter of 2021.

E-commerce sector’s revenue for the quarter was $2.1 billion, up 31.8 percent year-on-year.

The sector’s adjusted EBITDA for the quarter turned positive to $196.1 million, as compared to losses before interest, taxes, depreciation and amortization of $877.7 million for the fourth quarter of 2021.

The sector’s GMV was $18 billion, as compared to $18.2 billion for the fourth quarter of 2021.

“We are starting 2023 on a much stronger footing. Our decisive pivot to focus on efficiency and profitability since late last year is already driving meaningful bottom line improvements,” said Forrest Li, Sea’s Chairman and Group Chief Executive Officer.

“We delivered positive total net income in the fourth quarter, demonstrating the strength and resilience of our underlying business model and the execution capabilities of our teams,

“As we continue this transition and maintain our focus on sustainable growth, our approach is to do less but do it better as we serve our users across our digital ecosystem,” he added.

“Given the macro uncertainty and our recent strong pivot, we are closely monitoring the market environment and we will continue to adjust our pace and fine-tune our operations accordingly,

“While there may be near-term fluctuations in our performance, we remain highly confident in the long-term growth potential of our markets and fully focused on capturing this opportunity,” he added.

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