- Jumia Grows Revenue by 52% in Q3, 2019
Jumia, Africa’s largest e-commerce, grew revenue by 52 percent in the third quarter of 2019.
In the financial statements released on its website, the e-commerce giant grew Gross Profit by 45 percent from €12.5 million recorded in the third quarter of 2018 to €18.1 million in the third quarter of 2019.
The company’s Gross Merchandising Volume (GMV) rose by 39 percent in the quarter to €275 million, up from €198 million achieved in the same period of 2018. While the Annual Active Consumers increased by 56 percent in the last 12 months.
Accordingly, the number of orders received in the quarter grew by 95 percent year-on-year.
The Total Payment Volume (TPV) recorded on JumiaPay, the company’s payment unit, rose by 95 percent to €32 million in the third quarter when compared with the same period of 2018.
Transactions performed on JumiaPay grew by 262 percent to 2.1 million in the third quarter.
Commenting on the performance, Sacha Poignonnec and Jeremy Hodara, Co-Chief Executive Officers of Jumia, said: “We are making significant progress in the usage and relevance of our platform for consumers and sellers and are firmly positioning Jumia as the digital destination of choice for everyday needs in Africa. In parallel, we continue to make great strides in our payment and fintech business with JumiaPay showing very strong growth momentum on both volume and transaction metrics.”
“Our financial strategy seeks to balance growth, JumiaPay development, monetization and cost efficiencies. We manage this equation on a dynamic basis and are now placing even greater emphasis on cash discipline and efficiency. Our growth strategy favors business verticals and product categories that drive adoption, repeat purchase and usage. On the cost efficiency front, we continuously seek to optimize our portfolio of assets and geographies to ensure efficient capital allocation. We are confident this strategy will enhance our focus on our core assets and contribute to building a healthy foundation for the long-term growth and success of Jumia.”
Jumia Black Friday (8th -29th November 2019) is still on.