Jumia reports N17.1 billion loss in Q2 as Covid-19 fail to boost revenue
- 13th August 2020
- Posted by: Hakeem
- Category: Companies, Company Results
One of Africa’s leading e-commerce companies Jumia reported a loss after tax of Eur 37.6 million (N17 billion) in the second quarter of 2020 despite the rampaging effect of Covid-19.
The losses were a much improvement from the Eur 66.7 million loss reported the same period in 2019 as Jumia strives to dig itself out of massive loss hole.
Jumia Explained the results as follows;
“We have made significant progress on our path to profitability in the second quarter of 2020, with Operating loss decreasing 44% year-over-year to €37.6 million. This was achieved thanks to an all-time high Gross Profit after Fulfillment expense of €6.0 million and record levels of marketing efficiency with Sales & Advertising expense decreasing by 51% year-over-year” Jeremy Hodara and Sacha Poignonnec, Co-Chief Executive Officers of Jumia.
He continued “We are navigating these uncertain times of COVID-19 pandemic with strong financial discipline and operational agility which positions us to emerge from this crisis stronger and even more relevant to our consumers, sellers, and communities.”
More to follow….