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Business Finance Info & Updates

Jumia records €2.5m profit as consumers reach a record high of 6.4m

Jumia has recorded €2.5 million profit as consumers reach a record high of 6.4 million.

The report released by the company stated that the €2.5m gross profit was reached after the fulfillment of all expenses including taxes, levies and others, while its monetisation development increased its gross profit to €18.4m, a year-over-year increase of 21 per cent.

The Q1 report also emphasised that its operating loss decreased by 4 per cent year-over-year within the period, adding that the Gross Merchandise Volume (GMV) was €190m, a year-over-year decrease of 11 per cent compared to GMV adjusted for perimeter changes as well as previously reported improper sales practices of €214m in the first quarter of 2019.

JumiaPay, the brand’s fintech platform has continued its impressive growth since 2019. It has processed 2.3 million transactions worth $39 million in Q1 2020. The payments product almost matched the 2.4 million transaction volume it recorded in the very busy last quarter of 2019.

Its annual active consumers also hit 6.4 million, indicating 51 per cent a year-over-year growth when compared to the same period in 2019.

The annual gross profit of Jumia, the leading e-commerce platform in Africa grew to €2.5m in the year ended March 31, 2020, compared to less than €0.1m in the same period in 2019.

The company’s adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) losses decreased by 10 per cent year-over-year.

Orders through the platform grew to 6.4 million, which was 28 per cent higher than the same period in previous year.

These were contained in Jumia’s financial results for the quarter ended March 31, 2020 that was released to the public earlier in the week.

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The positive results were achieved amid the coronavirus pandemic, which has hammered the global economy since the beginning of 2020.

This, the company attributed to the continued effects from the business mix rebalancing initiated in 2019 as well as the supply and logistics disruption caused by the Covid-19 virus pandemic.

The company’s Total Portfolio Value (TPV) reached €35.5m, a year-over-year, which was 71 per cent, taking on-platform TPV penetration from 10 per cent in the first quarter of 2019 to 19 per cent in the first quarter of 2020.

Besides, JumiaPay transactions reached 2.3 million, a year-over-year increase of 77 per cent, representing 35 per cent on-platform penetration in terms of orders.

The report said: “The onset of the Covid-19 pandemic in the first quarter of 2020 brought about a complex combination of health, economic and operational challenges. Our first priority was to help our employees, consumers and communities stay safe. On the operational side, we took prompt action to ensure business continuity and adjust.

“Our logistics to meet high standards of safety and hygiene”, commented Jeremy Hodara and Sacha Poignonnec, Co-Chief Executive Officers of Jumia.

“We believe the COVID-19 pandemic proves that e-commerce has a key role to play in helping consumers safely access essential goods and providing an efficient distribution channel for brands and sellers, at a time when offline channels are disrupted. We are more than ever confident about the relevance of Jumia and the gradual adoption of e-commerce by both consumers and sellers.

“In 2019, we focused on what is proving to be crucial to navigate this crisis: affordable, high purchase frequency product categories and cost efficiency. We are driving Annual Active Consumers growth, which was up 51 per cent year-over-year, and orders, up 28 per cent, at the same time as reducing sales and advertising expense by 25 per cent over the same period.

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“Our adjusted EBITDA loss decreased by 10 per cent year-over-year, reaching the lowest level in the past six quarters, as we make progress on our path to profitability.”

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