Sea Limited net profit nearly triples to $599.8m in 2024

Revenue also rose 28.8% YoY.

Sea Limited reported a total net income of $599.8m (USD447.8m) for 2024, nearly tripling from $218.1m (USD162.7m) in 2023.

The group's revenue rose 28.8% year-on-year to $22.5b (USD16.8b).

For the fourth quarter, net income came in at $318.4m (USD237.6m), reversing a net loss of $149.6m (USD111.6m) a year ago. Revenue for the quarter surged 36.9% to $6.7b(USD5b), whilst adjusted EBITDA jumped to $791.8m(USD 590.9m) from $169.8m(USD 126.7m) in Q4 2023.

The company ended the year with $13.9b (USD10.4b) in cash, cash equivalents, and short-term investments, an increase of $641.3m (USD478.6m) from the previous quarter.

Chairman and CEO Forrest Li said all three of Sea’s business segments, namely e-commerce, digital financial services, and gaming, delivered strong double-digit growth.

Shopee’s gross merchandise value (GMV) grew 28% year-on-year, surpassing $134b (USD 100b), with adjusted EBITDA profitability achieved in both Asia and Brazil. Li expects Shopee’s GMV to grow around 20% in 2025, with improving profitability.

In digital financial services, Sea’s loan book grew over 60% year-on-year in Q4, exceeding $6.7b (USD5b). "Risk management remains our top priority as we scale," Li said, adding that loan book growth is expected to outpace Shopee’s GMV growth in 2025.

Sea’s gaming division, Garena, also saw a strong rebound in 2024, driven by Free Fire’s resurgence. Annual bookings grew 34% 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," Li said.

This marks Sea’s second consecutive year of profitability.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia