Singapore-based internet group Sea Limited lifted its third-quarter net income by 34% from a year earlier to US$502.5 million, as its Shopee e-commerce arm delivered record quarterly revenue, DealStreetAsia reported on 10 November.
Group revenue for the quarter ended 30 September climbed 43.4% year on year to US$8.6 billion. Adjusted EBITDA rose 28.9% to US$931.3 million, while gross profit grew 51.4% to US$3.9 billion, according to figures reported by Grafa.
Shopee posts record revenue
Shopee’s gross merchandise value increased 23.3% to US$39.7 billion, with gross orders up 25% to 4.5 billion. Its revenue rose 41.3% to US$6.1 billion, a quarterly record, and adjusted EBITDA for the unit grew 44.7% to US$269.2 million.
Monee loan book expands
Digital financial services arm Monee grew revenue 63.9% to US$1.6 billion, with adjusted EBITDA up 15.5% to US$298.3 million.
Consumer and SME loan principal outstanding reached US$12.6 billion at the end of September, up 59.5% from a year earlier and 13.5% from the previous quarter. Of that amount, US$11.2 billion was on the balance sheet and US$1.3 billion was off-book.
The 90-day non-performing loan ratio stood at 1.3%, compared with 1% in the second quarter and 1.1% a year earlier.
Garena users steady
Gaming unit Garena reported revenue of US$840.1 million, up 28.6%, while bookings rose 5.9% to US$890 million. Adjusted EBITDA for the division was US$458.2 million.
Quarterly active users totalled 671.7 million, against 666.3 million in the second quarter and 670.8 million a year earlier. Paying users numbered 68.6 million, Grafa reported.
Share buybacks
Sea repurchased 11.1 million shares for US$997.2 million under its existing US$1 billion buyback programme. Its board approved a further US$1 billion repurchase authorisation on 9 November.
Sea chairman and chief executive Forrest Li said: “Our strategies have proven effective at strengthening our fundamentals.”
