BY EMEKA EJERE
E-commerce giant, Jumia, has reported a loss after tax of €31.59m (N14.22bn) in the third quarter ended September 30.
This is, however, a 35 per cent improvement compared with a loss of €49.91m reported in the same period in 2019.
The firm also reported an operating loss, which reached a three-year low of €28.0m, decreasing by 49 per cent year-over-year.
According to Jumia, General Merchandise Volume was €187.3m, down 28 per cent year-over-year, as the effects of the business mix rebalancing initiated late last year continued playing out during the third quarter of the year.
It added that gross profit after fulfillment expense turned positive for the first time, reaching €6.6m, compared to a loss of €1.7m in the third quarter of 2019.
“We are making significant progress on our path to profitability with Adjusted EBITDA loss in the third quarter of 2020 decreasing by 50 per cent year-over-year”, the Co-Chief Executive Officers of Jumia, Jeremy Hodara and Sacha Poignonnec, said.
The CEOs said they had focused over the past 12 months on firmly advancing the business to break even.