Latin America’s largest e-commerce platform, announced net revenues for the fourth quarter of $2.1 billion, a year-over-year increase of 73.9 percent.

In spite of a surge in sales, Mercado Libre recorded a net loss in the fourth quarter of $46.1 million, for the whole year net profit was $83.3 million.

The company, which was founded in Buenos Aires in 1999, reported its active user base grew to 139.5 million users last year from 132.5 in 2020.

Mercado Libre’s main markets all showed strong growth in 2021. Its consolidated net revenue per country grew 78.2 percent year-on-year in Brazil, reaching $3.9 billion; 103.8 percent in Mexico with $1.17 billion, and 56.2 percent on the year in Argentina with $1.53 billion. The e-tailer operates in 18 countries across Latin America.

The company reported revenue from e-commerce increased by 81.1 percent compared to 2020, reaching $4.63 billion.

“The final outcome was a year with record results across the board, sustained growth in key business metrics and top-line, and improving margins and operating income for a second consecutive year,” chief financial officer Pedro Arnt said in an earnings call with analysts.

Arnt highlighted that a sustained shift in consumer behaviour on the platform with improved customer loyalty and retention was a key factor in the company’s success.

“Even with the reopening of physical stores, customers in Latin America have embraced shopping online, paving the way for further long-term growth in our region,” he added.

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