TECHNOLOGY company Sea on Tuesday (Mar 4) announced a net profit of US$237.6 million for the three months ended December 2024, reversing from a loss of US$111.6 million in the corresponding year-ago period.
However, its earnings did not meet the estimate of US$239.3 million in a Bloomberg poll of 11 analysts.
Revenue for the quarter was US$5 billion, up 36.9 per cent year on year from US$3.6 billion. This beat the consensus estimate of US$4.7 billion in a 14-analyst Bloomberg poll.
For the full year, Sea’s net profit more than doubled to US$447.8 million, from US$162.7 million. Its top line gained 28.8 per cent to US$16.8 billion, from US$13.1 billion.
Shopee, Free Fire beat guidance
Shopee, Sea’s e-commerce platform, posted gross merchandise value (GMV) of US$28.6 billion for the quarter, up 23.5 per cent year on year from US$23.1 billion.
Shopee’s Q4 revenue added 42.3 per cent to US$3.7 billion on year, from US$2.6 billion.
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For the full year, Shopee exceeded the group’s original guidance, as its full-year GMV added 28 per cent to US$100.5 billion, from US$78.5 billion.
Shopee’s full-year top line was US$12.4 billion, gaining 37.9 per cent from US$9 billion.
Adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the e-commerce site was S$155.8 million for the full year, swinging back to the black from an adjusted loss before interest, taxes, depreciation and amortisation of US$213.8 million previously.
Meanwhile, mobile game Free Fire, developed by Sea’s digital entertainment arm Garena, reported Q4 bookings of US$543.2 million, up 19 per cent from US$456.3 million in the corresponding period in the prior year.
Its full-year bookings figure also beat Sea’s original guidance. For the 12 months, bookings were up at US$2.1 billion, 18.7 per cent higher than US$1.8 billion a year ago.
SeaMoney now second-biggest unit
Digital financial services provider SeaMoney has become Sea’s second-largest business unit, overtaking digital entertainment.
Full-year revenue for SeaMoney was US$2.4 billion, up 34.6 per cent from US$1.8 billion. Its adjusted Ebitda was US$712.2 million, climbing 29.5 per cent from US$550.1 million.
Loans to consumers and small and medium-sized enterprises grew 63.9 per cent to hit US$5.1 billion, as at Dec 31, 2024.
In the three months, SeaMoney’s revenue was US$733.3 million, up 55.2 per cent from US$472.4 million. Adjusted Ebitda expanded 42.1 per cent to S$211 million, from US$148.5 million.
