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Shopee's Parent Company Reports Profit at the End of 2022, for the First Time Since 2009

Cindy Mutia Annur 10/03/2023 17:26 WIB

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Sea Group, Shopee's parent company, achieved its first-ever net profit since its founding in 2009.

Sea Group's Revenue and Net Profit, Q4 (2021-2022)

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Sea Group's Revenue and Net Profit, Q4 (2021-2022)

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Sea Group, Shopee's parent company, reported its first-ever net profit since its inception in 2009.

The Singaporean technology giant's net profit totaled USD 422.8 million in Q4 2022, a turnaround from a USD 616.3 million loss in Q4 2021.

Sea Group CEO Forrest Li stated that 2022 was a year of evolution for the company. He noted that the company successfully focused on efficiency and achieved profitability despite macroeconomic uncertainties.

"As a result, we started to see meaningful improvement in the bottom line," Li said, as quoted by CNBC International on Wednesday, March 8, 2023.

Li added that the company will sharpen its focus on its most promising business sectors. Sea's core businesses include the digital entertainment arm Garena, the e-commerce platform Shopee, and the digital payment and financial services arm SeaMoney.

"We exited or reduced operations in non-core markets, streamlined our channels with divestitures and project closures, and de-prioritized non-core initiatives," Li stated.

Sea Group's revenue also increased by 7.1% year-on-year, from USD 3.2 billion in Q4 2021 to USD 3.5 billion in Q4 2022.

Shopee remains Sea Group's largest revenue contributor, generating USD 2.1 billion, or 60% of the company's total revenue. Garena and SeaMoney contributed USD 948.9 million (27.11%) and USD 380.2 million (10.86%), respectively.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Shopee's Parent Company Reports Profit at the End of 2022, for the First Time Since 2009

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Shopee's Parent Company Reports Profit at the End of 2022, for the First Time Since 2009

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