Sea Limited, the parent company of Shopee, announced impressive financial results for the fourth quarter of 2024 and the full year, highlighting robust revenue growth and achieving profit in a challenging period for the technology and e-commerce sector. It was reported by the Época Negócios website.
In the fourth quarter of 2024, Sea Limited reported a net profit of US$ 422.8 million, reversing a loss of US$ 616.3 million in the same period of 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 revenues increase by 36.9%, totaling $13.6 billion. This growth was primarily driven by the strong performance of its key business units, including Shopee, which continues to expand its presence in emerging markets and strengthen its position in more mature markets.
Shopee 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 $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 the user experience and increase operational efficiency. Furthermore, Sea Limited continued to strengthen its partnerships with vendors and brands, offering a wider range of products and services to consumers.
Sea Limited 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 its profitability. "We are confident that our ongoing initiatives of innovation and expansion will enable us to capture more market opportunities and deliver sustainable value to our shareholders," Li stated.
Despite the positive results, Sea Limited faces significant challenges, including intensified competition in the e-commerce sector and global economic uncertainties. However, the company is well positioned to capitalize on growth opportunities, especially in emerging markets where e-commerce penetration is still relatively low.
