Africa’s e-commerce giant Jumia on Thursday released its earnings statement for Q4 and full year 2024, reporting a 10 % decline year-on-year in its operating loss to $66 million from $73.3 million in 2023.
For the full year 2024, Jumia reported a revenue of of $167.5 million, also down 10% year-over-year compared with $186 million recorded in the previous year.
The company’s Gross Merchandise Value (GMV), which refers to the value of all goods bought on its platform, declined by 4% year-over-year to $720.6 million from $750 million in 2023.
The company blamed the decline in GVM on the decrease in corporate sales in Egypt and currency devaluations across its markets.
Jumia’s CEO, Francis Dufay, highlighted the company’s strategic achievements in 2024, emphasizing robust growth in secondary cities, expanded supply from international sellers, and improved marketing efficiency.
Dufay outlined key priorities for 2025, including driving top-line growth, improving operational efficiencies, and expanding further into secondary cities.
The company also plans to enhance its product assortment with competitive pricing and strengthen relationships with international sellers.
“The business is stronger and more efficient than it was just two years ago, and I believe we have a good opportunity ahead of us.
“We plan to double down on expansion outside the main urban centers, expand our product assortment with competitive pricing, and strengthen relationships with international sellers.
“To improve our path to profitability, we will continue to enforce cost discipline and enhance operational and marketing efficiency,” Dufay said.
In October last year, Jumia announced plans to shut down its operations in South Africa and Tunisia by the end of 2024.
The strategic move was aimed at optimizing resources and focusing on markets with stronger growth potential across the continent, which include Nigeria and others.