Sea Limited, the parent company of Shopee, announced impressive financial results for the fourth quarter of 2024 and the full year, highlighting robust growth in revenue and achieving profitability during a challenging period for the technology and e-commerce sector. Reported by Época Negócios website.
In the fourth quarter of 2024, Sea Limited recorded a net profit of US$422.8 million, reversing a loss of US$616.3 million in the same period the previous year. This result marks a significant turning point for the company, which had been facing financial challenges amid aggressive expansion and rising operational costs.
For the year 2024, Sea Limited saw its revenue increase by 36.9%, totaling US$13.6 billion. This growth was mainly driven by the solid performance of its key business units, including Shopee, which continues to expand its presence in emerging markets and consolidate its position in more mature markets.
Shopee’s Performance
Shopee, Sea Limited’s e-commerce platform, played a crucial role in the company’s positive results. The platform recorded a significant increase in gross merchandise volume (GMV), reaching US$62.5 billion, a 32.5% growth compared to the previous year. This strong performance reflects Shopee’s successful strategy of focusing on high-growth markets and expanding its user base.
Sea Limited attributes its success to various growth strategies, including diversifying its revenue sources and expanding into new markets. The company also invested in technology and innovation to improve user experience and increase operational efficiency. Additionally, Sea Limited continued to strengthen its partnerships with sellers and brands, offering a broader range of products and services to consumers.
Sea Limited’s CEO, Forrest Li, expressed optimism about the company’s prospects for 2025. He emphasized that Sea Limited will continue to invest in strategic areas to sustain its growth and improve profitability. “We are confident that our ongoing innovation and expansion initiatives will enable us to capture more market opportunities and deliver sustainable value to our shareholders,” stated Li.
Despite the positive results, Sea Limited faces significant challenges, including intensifying competition in the e-commerce sector and global economic uncertainties. However, the company is well-positioned to capitalize on growth opportunities, particularly in emerging markets where e-commerce penetration remains relatively low.
