Sea Increases E-Commerce Revenues by Nearly 40% in 2024

Singapore-based technology holding company Sea Limited reported a total revenue of $16.8 billion in 2024, marking a 28.8% year-on-year growth. The company announced that its revenue for the fourth quarter of 2024, which ended on December 31, reached $5 billion, up 36.9% from the previous year, driven by strong e-commerce growth. Sea’s e-commerce revenue for 2024 rose to $12.4 billion, showing a 37.9% year-on-year increase.

Sea Limited, Singapore’s technology giant, has revealed impressive growth figures. In the fourth quarter of 2024, the company’s e-commerce segment revenue grew by 41.3% year-on-year, reaching $3.7 billion. Digital financial services revenue surged 55.2% year-on-year, amounting to $733.3 million. Digital entertainment revenue also increased, rising from $510.8 million to $519.1 million compared to the same period the previous year.

Sea’s Quarterly Net Income: $237.6 Million

Sea reported a quarterly net income of $237.6 million, marking a significant turnaround from the $111.6 million net loss recorded in Q4 2023. The company’s total adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at $590.9 million, compared to $126.7 million during the same period in 2023.

E-Commerce Revenue Reaches $12.4 Billion

Key figures for Sea in 2024 include:

• Total revenue of $16.8 billion, reflecting a year-on-year growth of 28.8%.
• E-commerce revenue increased by 37.9% year-on-year, reaching $12.4 billion.
• Digital financial services revenue rose 34.6%, totaling $2.4 billion.
• Digital entertainment revenue declined from $2.2 billion to $1.9 billion.
• Sea’s total net income for 2024 grew to $447.8 million, compared to $162.7 million in 2023.
• The company’s total adjusted EBITDA was $2 billion, up from $1.2 billion the previous year.

CEO Forrest Li: Shopee’s GMV Exceeds $100 Billion

Forrest Li, Chairman and CEO of Sea, highlighted that all three business segments returned to strong double-digit growth throughout 2024 and exceeded the company’s initial targets. “This marks the second consecutive profitable year, with all three of our business segments posting positive adjusted EBITDA,” Li said.

Li also pointed out that the gross merchandise value (GMV) of the e-commerce segment grew by 28% year-on-year, surpassing $100 billion. He noted that Sea reached adjusted EBITDA profitability in both Asia and Brazil. For 2025, the company expects Shopee’s annual GMV growth to be around 20%, with profitability continuing to increase. In the digital financial sector, Li emphasized that the company’s credit portfolio grew by more than 60% year-on-year in the fourth quarter, surpassing $5 billion by the end of 2024, making Sea one of Southeast Asia’s largest consumer credit providers.

“We expect our credit portfolio to grow faster than Shopee’s GMV growth in 2025, further increasing credit penetration both within and outside of Shopee,” Li stated. In terms of digital entertainment, Li reported that Garena had a remarkable year in 2024, with Free Fire’s annual bookings growing by 34%, showing signs of resurgence.

About Sea Limited

Founded in 2009, Sea Limited is a global consumer internet company with operations across three primary business segments:

• Garena: A global online game developer and publisher.
• Shopee: The largest pan-regional e-commerce platform in Southeast Asia and Taiwan, with a significant presence in Latin America.
• SeaMoney: A provider of digital financial services in Southeast Asia, expanding its footprint in Brazil.