Sea Group, the parent company of Shopee and Garena, released its fourth quarter financial results for 2024, with total revenue of $4,950.4 million under GAAP, marking a 36.9% increase from the previous year. The net profit stood at $237.6 million.
Shopee, the e-commerce arm, saw a surge in order volume to 3.0 billion orders, a 20.1% increase, with Gross Merchandise Value (GMV) reaching $28.6 billion, up by 23.5%, translating to revenue of $3.7 billion, a growth of 41.3%.
SeaMoney, the financial business, reported revenue of $733.3 million, up by 55.2%, with total credit volume at $5.1 billion, a 63.9% increase. The non-performing loan ratio over 90 days stood at 1.2%.
Garena, the digital entertainment arm, recorded revenue of $519.1 million, with 618.0 million game players and 50.4 million paying users.
Forrest Li, Sea’s CEO, mentioned that the e-commerce business has achieved positive EBITDA in both Asia and Brazil, ensuring sustained profitability in 2025. The sales on Shopee have increased, and the financial business has positioned the company as a major player in releasing personal credit in Southeast Asia.
TLDR: Sea Group, parent company of Shopee and Garena, reported strong financial performance with significant revenue growth across its various business segments in the fourth quarter of 2024. CEO Forrest Li is optimistic about maintaining profitability in 2025.
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