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.