INTERNET platform provider Sea Limited said revenues climbed 58.6 percent in 2017 fueled by the strong performance of its core businesses.
In its full-year 2017 financial results on Wednesday, the Singapore-based, New York-listed internet company said revenues surged to $553.6 million versus the $348.9 million recorded in 2016.
Earnings before income, tax, depreciation, and amortization (EBITDA) stood at $332.1 million from the previous $130.1 million.
“We had a strong year with substantial growth across all our businesses, supported by powerful market dynamics,” said Forrest Li, chairman and group chief executive officer of Sea.
Currently, Sea focuses on the Greater Southeast Asia region where it has businesses in digital entertainment through Garena; in e-commerce business through Shopee; and in digital financial segment through AirPay.
Online shopping platform Shopee, which is also present in the Philippines, posted revenues of $17.7 million. Its gross merchandise volume jumped by 257.5 percent to $4.1 billion compared to the $1.2 billion recorded in 2016.
Garena’s revenues went up 49.7 percent to $495.9 million, while AirPay more than tripled its gross transaction value to $2.1 billion against 2016’s $614.4 million.
Li said he is bullish the group could sustain the strong momentum of its operations this year as it seeks to further bolster respective businesses with new partners from the industry and technologies to improve its digital infrastructure. LISBET K. ESMAEL