Jumia Technologies, an e-commerce company from Africa posted a gross profit of KSh2.98 billion in the first half ended June 30.
The financial performance was driven by a 40 percent rise in the number of active consumers to reach 6.8 million and an 8 percent jump in demand during the period.
“Across all geographies, we have seen increased demand from brands and sellers to join and expand their business on our platform as the COVID-19 crisis further established e-commerce as an important route to market,” said the New York-listed e-commerce firm.
The company reduced its operating loss by 44 percent year-over-year to KSh4.8 billion million.
“This was achieved thanks to an all-time high Gross Profit after Fulfillment expense of €6.0 million and record levels of marketing efficiency with Sales & Advertising expense decreasing by 51 percent year-over-year,” commented Jeremy Hodara and Sacha Poignonnec, Co-Chief Executive Officers of Jumia.
“We are navigating these uncertain times of COVID-19 pandemic with strong financial discipline and operational agility which positions us to emerge from this crisis stronger and even more relevant to our consumers, sellers and communities.”