SCI Ecommerce doubles revenue to $479m, turns profitable in 2022

SCI Ecommerce, a Singapore-headquartered regional ecommerce enabler, more than doubled its revenue in 2022 to US$478.9 million, according to company filings available on Alternatives.pe.

The company also recorded US$3.5 million in net profits after incurring US$2.5 million in losses the previous year.

Tech in Asia has reached out to SCI Ecommerce for comment.

Photo credit: The Business Times

SCI Ecommerce breaks down its revenue into two types: merchant solutions as well as services and subscriptions. The latter drove a larger share of revenue while growing faster: At US$273.5 million, the category’s earnings represent over a 3x jump from the 2021 figure.

Meanwhile, merchant solutions contributed US$205.4 million in revenue, a roughly 1.5x increase from the previous year.

Second only to cost of sales, selling and distribution costs account for a major chunk of SCI Ecommerce’s expenses. At US$61.5 million, that amount marked a 2.8x increase from 2021, outpacing revenue growth.

As of December 31, 2022, the company had US$145.2 million in cash and cash equivalents, more than double the previous year’s amount.

Founded in 2014, SCI Ecommerce provides end-to-end ecommerce solutions to help brands expand into the Southeast Asian and Chinese cross-border ecommerce markets. It has offices in Singapore, China, Indonesia, Malaysia, and Thailand.

One main service is to help clients set up and manage online stores on platforms like Shopee, Tokopedia, and Lazada. According to its website, the company’s customers include Bayer, Philips, and Unilever.

Having started with ecommerce solutions, the company has since expanded to include social commerce, direct-to-consumer, and online food commerce services. It handles digital and content marketing, warehousing and fulfillment, as well as customer service, while also offering software-as-a-service solutions.

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