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Sea Group, the owner of Shopee, released its latest full-year financial report on Thursday and despite growth in Q4 of FY2017, the company is still losing.

The company’s net loss increased by 149 percent year-on-year, from $62 million U.S. in 2016 to a whopping $251.6 million this year. 

Total adjusted revenue ended at $164.5 million, up 72.8 percent y-on-y from $95.2 million for the fourth quarter of 2016; and up 8.3 percent quarter-on-quarter from $151.9 million for the third quarter of 2017.

Total adjusted earnings before interest, tax, depreciation, and amortization, (EBITDA) was $140.2 million, compared to  $56 million for the fourth quarter of 2016 and $99.7 million for the third quarter of 2017.

Sea has also begun charging for advertising on its platform by rolling out performance-based advertising tools for Shopee, in all its markets. The company has also started charging transaction-based commissions in Taiwan and for cross-border trade.

The company has experienced a 2.5 times increase in sales and marketing expenses to $156.4 million, from a previous base of $61.8 million last year. The higher sales and marketing expenses for Shopee, were raised by about three times to $135 million from  $44 million, but with great results. The e-commerce platform saw robust growth in 2017.

Sea has announced that group president Nicholas Nash (LinkedIn profile) will retire from his position at the end of 2018. Nash’s position at the board will be replaced by Tony Tianyu Hou (LinkedIn profile), who is also Sea’s chief financial officer.

Singapore-based Sea, which had a large scale public offering of shares on the New York Stock Exchange last year, counts China’s Tencent Holdings as its biggest shareholder.