Jumia, a leading e-commerce platform, reported an operating loss of $20.1 million for the third quarter of 2024, marking a 10% year-on-year increase compared to the $18.3 million loss in the same period last year.
The company’s revenue for the quarter reached $36.4 million, reflecting a 13% drop compared to the previous year. However, in constant currency terms, Jumia saw a 9% revenue increase, demonstrating resilience in key markets despite significant currency devaluation in Nigeria and Egypt.
Jumia’s Gross Merchandise Value (GMV) for Q3 stood at $162.9 million, a slight 1% year-over-year decline. But when adjusted for constant currency, GMV showed a healthy 29% rise.
In a positive sign, the company reported a 1% year-over-year increase in its active customer base, with order volume rising by 4%. This indicates consistent customer engagement despite the challenging external environment.
Furthermore, Jumia’s financial position remained strong, with liquidity of $164.6 million, bolstered by funds raised through its August 2024 At-the-Market (ATM) offering.
