- Sea Group reports first annual profit of $163 million in 2023.
- E-commerce arm Shopee sees 23% sales growth to $9 billion.
- Shopee’s path to profitability by mid-2024 remains on track.
Surpassing expectations
Sea Group, a prominent Southeast Asian tech giant, celebrated a momentous achievement with its inaugural annual net profit of US$163 million in 2023.
Encountering a setback of US$112 million in net losses during the fourth quarter, the company showcased resilience, witnessing a 5% revenue increase to US$13 billion for the year.
Shopee’s path to profitability
Shopee, Sea Group’s e-commerce platform, emerged as a beacon of success, experiencing a remarkable 23% year-on-year sales growth to US$9 billion in 2023.
Shopee’s trajectory toward profitability by mid-2024 remains promising under CEO Forrest Li’s leadership.
While Sea Group’s gaming arm, Garena, faced revenue declines, SeaMoney, the financial services segment, showcased robust growth, with revenue hitting US$1.8 billion, marking a 44% surge from the previous year.
Since Shopee’s momentum and SeaMoney’s upward trajectory, Sea Group wants to continue its success in Southeast Asia’s tech landscape.
