Sea Limited, the tech conglomerate headquartered in Singapore, announced Wednesday that its revenue for the fourth quarter ended December 31, 2024, jumped 36.9 percent year on year to $5 billion on strong e-commerce growth.
The firm said in a statement that its revenue for e-commerce segment during quarter was $3.7 billion, up 41.3 percent year-on-year.
Digital financial services’ revenue surged 55.2 percent year-on-year to $733.3 million, while digital entertainment’s revenue rose slightly to $519.1 million, from $510.8 million a year ago.
Meanwhile, the firm’s total net income for the quarter was $237.6 million, as compared to total net loss of $111.6 million for the fourth quarter of 2023.
Its total adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $590.9 million, as compared to $126.7 million for the fourth quarter of 2023.
As for full year, Sea posted a total revenue of $16.8 billion, up 28.8 percent year-on-year.
Its e-commerce revenue for the year grew 37.9 percent year on year to $12.4 billion.
Its digital financial services revenue for the year expanded 34.6 percent year-on-year to $2.4 billion, while its digital entertainment revenue fell to $1.9 billion from $2.2 billion for the full year of 2023.
The firm’s total net income for 2024 was $447.8 million, as compared to total net income of $162.7 million for the full year of 2023.
Its total adjusted EBITDA was $2 billion, as compared to $1.2 billion a year ago.
“We delivered a great 2024 with all three businesses going back to strong, double-digit growth, exceeding our original guidance,
“It was also our second consecutive year of annual positive profit, with all three of our businesses recording positive adjusted EBITDA,” said Forrest Li, Sea’s Chairman and Chief Executive Officer.
On e-commerce, he said, the segment’s gross merchandise value (GMV) grew 28 percent year-on-year to surpass $100 billion, and it achieved adjusted EBITDA profitability in both Asia and Brazil.
“We remain confident about our ability to continue delivering profitable growth in 2025 and expect Shopee’s full year 2025 GMV growth to be around 20 percent, with improving profitability,” he said.
Regarding digital financial services, Li shared that the firm delivered exceptional loan book growth of more than 60 percent year-on-year in the fourth quarter, surpassing $5 billion as of the end of 2024, making us one of the largest consumer lending businesses in Southeast Asia.
“While we have scaled fast, risk management remains to be our top operational priority,
“In 2025, we expect loan book size to grow meaningfully faster than Shopee’s GMV annual growth rate, as we improve credit penetration both on- and off-Shopee,” he noted.
On digital entertainment, Li said 2024 was a great year for Garena, marking Free Fire’s remarkable comeback with annual bookings growing at 34 percent year-on-year.
“Looking ahead into 2025, we will continue scaling our user base and broadening our content offerings,
“We now expect Garena to grow double digit year-on-year, for both user base and bookings in 2025,” he added.
Sea is a global consumer internet company founded in 2009. The firm operates three core businesses across digital entertainment, e-commerce, as well as digital financial services, known as Garena, Shopee and SeaMoney, respectively
Garena is a global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan and has a significant presence in Latin America.
SeaMoney is a digital financial services provider in Southeast Asia and is growing its presence in Brazil.