Sea rebounds with US$162.7m net income in FY23

In FY22, the group recorded a US$1.7b net loss.

Singapore-founded Sea Limited reversed its loss from FY22 after recording a net income of US$162.7m in FY23.

In the same period, Sea also recorded a 4.9% YoY higher revenue of US$13.1b.

Revenue of its business segments likewise improved in FY23, led by its digital financial services, which saw a 44% YoY uptick to book US$1.8b.

"For SeaMoney, 2023 was the first year of positive profit, primarily attributed to our consumer and SME credit business,"  Forrest Li, Sea’s chairman and CEO, said.

"In 2024, we will continue to invest in user acquisition for our credit business, both on and off the Shopee platform as we see significant upside in our markets. As we scale, we will remain prudent on risk management," Li added.

Meanwhile, Sea's e-commerce segment recorded a 23.5% YoY increase in revenue, reaching US$9.0b.

The digital entertainment segment, however, posted a lower revenue of US$2.2b, down from the US$3.9b record in FY22.

“For Garena, I am happy to share that we are seeing improved user acquisition and retention trends for Free Fire. In 2023, Free Fire was the most downloaded mobile game globally, according to Sensor Tower," Lu said.

"In February, Free Fire achieved more than 100 million peak daily active users. It remains one of the largest mobile games in the world. With this positive momentum, we expect Free Fire to grow double-digits year-on-year for both user base and bookings in 2024," Li added.