Lagos, August 6, 2024 – Jumia Technologies, a leading African e-commerce platform, today announced its financial results for the second quarter ending 30 June, 2024.
The company has been expanding its facilities and operations across Africa and in June opened two new integrated warehouses – a 30,000 square meter facility in Isolo, Lagos and a 5,000 square meter facility in Bouskoura, near Casablanca, Morocco. The shift to single, integrated warehouses and logistics network facilities was designed to allow for significant scaling up of operations and improvements in efficiency, cost savings, and delivery times, that has been reflected in the improved results
Results highlights for the second quarter 2024
• Revenue of $36.5 million, down 17% year-on-year, or up 15% in constant currency.
• Gross Merchandise Value (GMV) of $170.1 million, down 5% year-on-year, or up 35% in constant currency.
• Operating loss of $20.2 million compared to $22.1 million in the second quarter of 2023, down 8% year-on-year, and down 5% in constant currency.
• Adjusted EBITDA loss of $16.3 million improved from a loss of $18.2 million in the second quarter of 2023.
• Liquidity position of $92.8 million, a decrease of $8.7 million in the second quarter of 2024 as compared to a decrease of $39.1 million in the second quarter of 2023.
• Net cash flows used in operating activities of $8.4 million as compared to net cash flows used in operating activities of $19.5 million in the second quarter of 2023.
Francis Dufay – CEO of Jumia
Company Commentary given stated “Jumia delivered another quarter of acceleration in its usage trends along with improved cash efficiency. Continued execution against our strategic priorities drove a 7% year-on-year increase in Orders”. “Our quarterly cash burn declined 55%, or $10.4 million, quarter-on-quarter to $8.7 million in the second quarter of 2024 as a result of disciplined cost management and reductions in finance costs”.
Year-on-year comparison of their marketing spend indicated a decline of 19%, that also helped improve the overall financial position. The current marketing efforts still delivered a 6% sequential increase in the company’s active customer count and continued improvements in their 90 day repurchase rate, according to their financial statement.
The company CEO Francis Dufay stated that “Our deep understanding of the African e-commerce market as well as our unique asset base and strategy, position Jumia for growth as we progress on the path towards profitability.”
