Singapore’s consumer internet firm Sea announced Tuesday that its total revenue rose 30.8 percent year on year to $4.3 billion in the third quarter ended September 30, 2024, underpinned by higher e-commerce growth.

The firm said in a statement that its total gross profit for the quarter was $1.9 billion, also up 29.1 percent year-on-year.

Its total net income was $153.3 million, as compared to total net loss of $144 million a year ago.

Its total adjusted earnings before interest, tax, depreciation, amortization (EBITDA) was $521.3 million, as compared to $35.3 million a year earlier.

“…it has been another solid quarter. We are seeing high growth across all our three businesses,” said Forrest Li, Sea’s Chairman and Chief Executive Officer.

He said Shopee is on track to deliver its full year guidance of mid-twenties year-on-year gross merchandise value (GMV) growth.

“SeaMoney’s loan book grew by over 70 percent year-on-year this quarter, while maintaining a stable non-performing loans (NPL) ratio,

“And for Garena, we now expect Free Fire’s full year bookings to grow over 30 percent year-on-year,” he added.

On profitability, he said the firm has also improved its profitability while getting back to high growth.

“This quarter, Shopee achieved positive adjusted EBITDA, in both Asia and Brazil,

“As we continue to focus on delivering growth, we expect Shopee to remain profitable going forward,” he added.

The firm’s e-commerce segment GMV was $25.1 billion for the quarter, increasing by 25.2 percent year-on-year.

The segment’s revenue was $3.2 billion, up 42.6 percent year-on-year.

Its core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 49.3 percent year-on-year to $2 billion.

Its value-added services revenue, mainly consisting of revenues related to logistics services, was up 29.4 percent year-on-year to $767.2 million.

The segment’s adjusted EBITDA was $34.4 million, as compared to a loss before interest, tax, depreciation, amortization of $346.5 million a year ago.

Asia markets recorded adjusted EBITDA of $30.9 million, as compared to a loss of $306.2 million a year ago.

Other markets also achieved positive adjusted EBITDA of $3.5 million, as compared to a loss of $40.3 million a year earlier.

As for digital financial services, its revenue went up 38 percent year on year to $615.7 million.

The segment’s adjusted EBITDA was $187.9 million, up 13.4 percent year-on-year.

The growth in digital financial services revenue and operating income are primarily attributed to the consumer and small and medium-sized enterprise (SME) credit business.

The firm’s digital entertainment revenue, however, fell to $497.8 million in the third quarter, from $592.2 million a year ago.

Its adjusted EBITDA was $314.4 million, up 34.4 percent year-on-year.

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