Shopee's Parent Company Achieves Profit in 2023, First Since IPO

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Cindy Mutia Annur 07/03/2024 16:27 WIB

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Shopee's parent company, Sea Group, reported a profit of US$162 million in 2023. This is their first profit announcement since their initial public offering (IPO).

Sea Group's Revenue and Net Profit (2022-2023)

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Sea Group's Revenue and Net Profit (2022-2023)

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Sea Limited (Ltd), Shopee's parent company, reported a net profit of US$162.7 million, or approximately Rp 2.55 trillion (assuming an exchange rate of Rp 15,654/US$), in 2023. This marks its first net profit since its initial public offering (IPO) on the New York Stock Exchange in 2017.

"I am pleased to announce that we achieved our first annual profit since our IPO," said Forrest Li, Chairman and Chief Executive Officer of Sea Group, in a press release on Monday, March 4, 2024.

"In 2023, we achieved profitability, strengthened our market leadership in the e-commerce business, expanded our digital financial services business, and stabilized the performance of our digital entertainment business," Li stated.

Sea Group's profit was driven by its revenue, which reached US$13.1 billion in 2023, a 4.9% increase year-on-year compared to 2022.

Shopee remained the largest contributor to revenue in 2023, accounting for US$9 billion or 68.9% of Sea Group's total revenue.

Garena contributed US$2.17 billion (16.63%), SeaMoney US$1.76 billion (13.47%), and other services US$131.28 million (1%).

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 Achieves Profit in 2023, First Since IPO

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Shopee's Parent Company Achieves Profit in 2023, First Since IPO

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