The online retailer, which has seen its share price plummet since a Wall Street debut in April, also suspended its e-commerce business in Cameroon on Nov. 18 firing all its staff amid mounting losses.
“We have to focus our resources on our other markets. It is more important now than ever to put our focus and resources where they can bring the best value and help us thrive,” the company said in a statement.
In its third quarter the e-commerce posted third-quarter revenue growth of 19% (€40 million) and increased its active customer base 56% to 5.5 million from 3.5 million over the same period a year ago.
Jumia’s Gross Merchandise Value (GMV), the total amount of goods sold over the period, grew by 39% to €275 million. The online retailer nearly doubled its orders from 3.6 million in Q3 2018 to 7 million in Q3 2019.
JumiaPay digital finance product, saw growth with total payment volume increasing 95% to €32 million in Q3 2019 from €16.4 million in Q3 2018.
The overall pattern of growing revenues and customers YoY has been consistent for Jumia.
But so too have the company’s losses, which widened 34% in 3Q 2019 to €54.6 million, compared to €40.6 million. Negative EBITDA increased 26% to €45.4 million from €35.8 over the same period in 2018.
The company will now operate in 12 countries including Kenya, Ghana, Senegal, Nigeria, South Africa, Egypt, Morocco, Uganda, Rwanda, Ivory Coast, Tunisia, and Algeria.FacebookTwitterLinkedInWhatsAppEmailSMSCopy Link