On Monday, Forrest Li, the chairman and CEO of Sea, announced that in 2023, the company achieved profitability and strengthened its position as a leading player in the digital financial services sector. Before this success, Sea had mainly been unprofitable, accruing significant losses totaling billions of dollars since its founding in 2009. It operates in Southeast Asian markets and is engaged in e-commerce, financial services, and gaming sectors.

“On Monday, Forrest Li, the chairman and CEO of Sea, stated that in 2023 the company attained profitability and reinforced its position as a market leader in the digital financial services sector. Before this achievement, Sea had been predominantly unprofitable, accumulating substantial losses amounting to billions of dollars since its establishment in 2009. It operates in Southeast Asian markets and is involved in e-commerce, financial services, and gaming industries.”

Our balance sheet has significantly improved, with our cash reserves reaching $8.5 billion by the end of 2023, showcasing the careful approach we have taken in our investments over the previous year. Sea’s shares listed in New York saw a 5.58% increase in value on Monday. Li expressed confidence that the company anticipates another profitable year in 2024.

Shopee encounters strong competition from rivals such as Lazada, owned by Alibaba, and Tokopedia in the region. In Indonesia, Tokopedia merged with TikTop Shop to create a larger Tokopedia entity, with TikTok acquiring a controlling stake of 75.01%.