African horizontal, Jumia Technologies AG, has released financial results for the first quarter of 2021, ended March 31.
Jeremy Hodara and Sacha Poignonnec, Co-Chief Executive Officers of Jumia, commented:
“Our first-quarter results reflect solid progress towards profitability. The drivers remain consistent: selective and disciplined usage growth, gradual monetization, and continued cost discipline. The first quarter of 2021 was the sixth consecutive quarter of positive gross profit after fulfillment expense, which reached €6.2 million, more than doubling year-over-year, while Adjusted EBITDA loss contracted by 24% year-over-year, reaching €27.0 million."
Gross profit is up 10.9% year-over-year. The company is seeing a small improvement compared to the year prior, as the world battled with the Covid crisis. The company is furthering its commitment to offering consumers an easier and more efficient way to purchase online from the safety of their homes by implementing a quick commerce (q-commerce) service.
Because of this, the company saw slightly improved traffic and consumer activity on its sites, continuing the company's upward momentum when it comes to annual consumer activity.
The co-CEOs continued:
“Our strategy to increase our exposure to everyday product categories continues to yield positive results, enhancing the relevance of our marketplace for consumers. We are making further inroads in payment and fintech with 37% of Orders in the first quarter of 2021 completed using JumiaPay. Last but not least, we have raised over $570 million over the past six months, strengthening our balance sheet and increasing our strategic flexibility. We are confident we have all the right ingredients to continue to build a growing business across both our e-commerce and fintech activities.”
The company also announced that it was ranked 7th in the 2020 Most Influential Brands survey in Egypt. The survey was published by Ipsos in March 2021. The survey, which covered 14 markets and 800 brands worldwide, based its findings on a number of criteria including 'Trustworthiness', 'Leadership', 'Presence', and 'Leading Edge'.