Jumia Reports Resilient Second Quarter 2024 Results

Jumia Technologies AG, the leading African e-commerce platform, announced its financial results for the second quarter of 2024. The company reported a revenue of $36.5 million, down 17% year-over-year, but up 15% in constant currency. Gross merchandise volume (GMV) reached $170.1 million, declining 5% year-over-year, yet growing 35% in constant currency.

The operating loss improved to $20.2 million compared to $22.1 million in Q2 2023, reflecting cost management efforts. Adjusted EBITDA loss stood at $16.3 million, an improvement of 10% year-over-year. Loss before income tax from continuing operations decreased 27% year-over-year to $22.5 million.

Jumia's cash utilization management initiatives yielded positive results, reducing net cash flows used in operating activities to $8.4 million versus $19.5 million in the previous year. Liquidity position was at $92.8 million, ensuring sufficient resources for future growth.

CEO Francis Dufay emphasized that strategic focus and a disciplined approach drove increased customer engagement and operational efficiency, indicating a strong path towards profitability and sustained growth in the African market.