Sea Limited’s Strong FY24: Profitable Growth and a Comeback Story
- GordonGekko
- Mar 5, 2025
- 3 min read
Updated: Mar 7, 2025
Introduction
Sea Limited (NYSE: SE), the tech powerhouse behind Shopee, SeaMoney, and Garena, has delivered a stellar performance in 2024. After navigating challenges in 2023, the company has returned to profitability, with all three business segments showing robust growth. From e-commerce dominance to a fintech boom and a gaming revival, here’s how Sea is positioning itself as a profitable tech giant in Southeast Asia and beyond.
E-Commerce: Shopee’s Winning Formula
Shopee, Sea’s flagship e-commerce platform, had a milestone year, surpassing $100 billion in Gross Merchandise Value (GMV) for the first time.
Key Wins for Shopee
✅ Revenue Surge: GAAP revenue grew 37.9% YoY to $12.4 billion
✅ Profitability Achieved: Adjusted EBITDA turned positive at $155.8 million, a significant improvement from a loss of $213.8 million in 2023.
✅ Geographic Expansion: Shopee posted profitable operations in Asia and Brazil, proving its ability to scale sustainably in competitive markets.
What’s Next for Shopee?
2025 GMV growth expected at ~20%
Profitability to improve further as cost efficiencies kick in
Deeper integration with fintech to drive seamless payments and lending
SeaMoney: Southeast Asia’s Fastest-Growing Digital Bank?
While Shopee continues its dominance, SeaMoney is the rising star in Sea’s ecosystem. Its fintech arm has evolved into a major digital lender, with its loan book reaching $5.1 billion, up 63.9% YoY.
Why SeaMoney is Winning
📈 Revenue Boom: Up 55.2% YoY to $2.4 billion
🔒 Stable Loan Quality: Non-performing loans remain low at 1.2%
💰 Profitability: Adjusted EBITDA up 29.5% to $712.2 million
Looking ahead, SeaMoney is expected to outpace Shopee’s growth as the company expands credit penetration both inside and outside the Shopee ecosystem.
Garena: Free Fire’s Big Comeback
Once considered Sea’s biggest liability, Garena’s gaming segment has made a spectacular comeback in 2024, driven by the resurgence of Free Fire—one of the world’s most popular mobile games.
The Gaming Revival
🎮 Bookings Up: 34% YoY growth in Free Fire bookings
📊 Quarterly Active Users: 618 million (+16.9% YoY)
💵 Paying Users: Up 27.2% YoY, with higher monetization per user
2025 Expectations
Double-digit growth in both user base and bookings
New content expansions and monetization strategies
Garena's recovery means Sea is no longer overly reliant on e-commerce—a critical advantage in the competitive digital landscape.
Sea Limited: A Sustainable Tech Giant in the Making?
Unlike its loss-making peers in Southeast Asia, Sea has successfully pivoted from an aggressive growth-at-all-costs model to a profitable, scalable business.
Why Investors Should Pay Attention
✅ Profitable across all business segments
✅ $10.4 billion in cash reserves = strong financial stability
✅ Strong momentum going into 2025 with a focus on profitable expansion
Sea’s ability to balance growth, profitability, and market expansion sets it apart in an era where investors are prioritizing financial discipline over reckless expansion.
Final Thoughts: What’s Next for Sea?
With Shopee’s continued e-commerce leadership, SeaMoney’s fintech dominance, and Garena’s comeback, Sea Limited is emerging as one of Southeast Asia’s most formidable tech giants.
2025 Watchlist
🔹 Will Shopee continue its profitability streak?
🔹 Can SeaMoney expand its lending footprint beyond Shopee?
🔹 Will Garena launch new blockbuster games?
If the company continues on its current trajectory, Sea’s 2025 could be even bigger than 2024. Investors, take note—this tech giant isn’t slowing down.
Disclaimer: This article is for educational and informational purposes only and should not be considered financial or investment advice. All investments carry risks, including potential capital loss. Readers should conduct their own research and consult a qualified financial professional before making any investment decisions. The author and publisher are not responsible for any financial losses incurred based on the information provided.
