Jumia records 69% growth,94% profit in Q2
Jumia has released its financial results for 2019 second quarter which ended June 30, 2019, announcing a 69 per cent growth in its Gross Merchandise Volume (GMV) year-on-year and gross profit that grew by 94 per cent.
According to the report, Jumia’s adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) loss as a percentage of GMV decreased by 562 basis points (5.62 percentage points) and its operating loss, amounting to €66.7m, decreased as a percentage of GMV by 148 basis points (1.48 percentage points).
The Co-CEO of Jumia, Sacha Poignonnec, while presenting the result to newsmen in Lagos, explained that the GMV increased this quarter by 69 per cent compared to the second quarter of 2018 due to a variety of factors, including strong marketplace growth and robust consumer acquisition and re-engagement momentum.
Poignonnec stated that during the second quarter, the company continued to deliver on its financial strategy of generating strong growth of its topline drivers while accelerating monetisation, driving cost efficiencies and developing JumiaPay.
He further disclosed that the number of active consumers as at June 30, 2019, was 4.8 million, up from 3.2 million a year ago and 4.3 million at the end of the first quarter of 2019. These increases, according to him, were a result of the company’s continued focus on selection, price and convenience.
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