Economy

Jumia Declares €2.5m Profit as Active Consumers Hit 6.4m

Published

6 years ago

15/05/2020

By Modupe Gbadeyanka

Leading e-commerce company in Africa, Jumia, said it recorded a gross profit of €2.5 million in the first quarter of 2020.

This was after the fulfilment of all expenses including taxes, levies and others, while its monetisation development increased its gross profit to €18.4 millio, a year-over-year increase of 21 percent.

The Q1 report also emphasised that its operating loss decreased by 4 percent year-over-year within the period, adding that the Gross Merchandise Volume (GMV) was €190 million, a year-over-year decrease of 11 percent compared to GMV adjusted for perimeter changes as well as previously reported improper sales practices of €214 million in the first quarter of 2019.

JumiaPay, the brand’s fintech platform has continued its impressive growth since 2019. It has processed 2.3 million transactions worth $39 million in Q1 2020. The payments product almost matched the 2.4 million transaction volume it recorded in the very busy last quarter of 2019.

Its active consumers also hit 6.4 million, indicating 51 percent a year-over-year growth when compared to the same period in 2019.

The company’s adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) losses decreased by 10 percent year-over-year.

Orders through the platform grew to 6.4 million, which was 28 percent higher than the same period in previous year.

These were contained in Jumia’s financial results for the quarter ended March 31, 2020 that was released to the public earlier in the week.

The positive results were achieved amid the coronavirus pandemic, which has hammered the global economy since the beginning of 2020.

This, the company attributed to the continued effects from the business mix rebalancing initiated in 2019 as well as the supply and logistics disruption caused by the Covid-19 virus pandemic.

The company’s Total Portfolio Value (TPV) reached €35.5 million, a year-over-year, which was 71 percent, taking on-platform TPV penetration from 10 per cent in the first quarter of 2019 to 19 percent in the first quarter of 2020.

Besides, JumiaPay transactions reached 2.3 million, a year-over-year increase of 77 percent, representing 35 percent on-platform penetration in terms of orders.

The report said: “The onset of the Covid-19 pandemic in the first quarter of 2020 brought about a complex combination of health, economic and operational challenges. Our first priority was to help our employees, consumers and communities stay safe.

“On the operational side, we took prompt action to ensure business continuity and adjust our logistics to meet high standards of safety and hygiene”, commented Jeremy Hodara and Sacha Poignonnec, Co-Chief Executive Officers of Jumia.

“We believe the COVID-19 pandemic proves that e-commerce has a key role to play in helping consumers safely access essential goods and providing an efficient distribution channel for brands and sellers, at a time when offline channels are disrupted. We are more than ever confident about the relevance of Jumia and the gradual adoption of e-commerce by both consumers and sellers.

“In 2019, we focused on what is proving to be crucial to navigate this crisis: affordable, high purchase frequency product categories and cost efficiency. We are driving Annual Active Consumers growth, which was up 51 percent year-over-year, and orders, up 28 percent, at the same time as reducing sales and advertising expense by 25 percent over the same period.

“Our adjusted EBITDA loss decreased by 10 percent year-over-year, reaching the lowest level in the past six quarters, as we make progress on our path to profitability.”

Economy

NASD OTC Index Jumps to 3,830.31 Points on 1.68% Gain

Published

2 hours ago

11/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its gains by 1.68 per cent on Tuesday, February 10, further lifting the Unlisted Security Index (NSI) by 63.37 points to 3,830.31 points from the previous session’s 3,766.94 points.

In the same vein, the market capitalisation of the bourse expanded by N37.92 billion during the session to N2.291 trillion from the N2.253 trillion it ended on Monday.

The growth was helped by six price gainers led by Central Securities Clearing System (CSCS), which gained N5.88 to sell at N64.73 per share versus N58.85 per share, FrieslandCampina Wamco Nigeria Plc rose by N3.67 to N69.67 per unit from N66.00 per unit, Afriland Properties Plc increased by 94 Kobo to N15.95 per share from N15.01 per share, Geo-Fluids Plc appreciated by 33 Kobo to N4.41 per unit from N4.08 per unit, IPWA Plc soared by 26 Kobo to N2.85 per share from N2.59 per share, and Food Concepts Plc improved by 26 Kobo to N2.89 per unit from N2.63 per unit.

Business Post reports that there were three price losers yesterday, led by MRS Oil, which lost N20.00 to trade at N180.00 per share versus N200.00 per share, NASD Plc dipped by N3.60 to N51.40 per unit from N55.00 per unit, and Air Liquide Plc depreciated by N2.21 to N20.32 per share from N22.53 per share.

The activity level was down on Tuesday, as the volume of securities slid 50.1 per cent to 6.9 million units from 13.3 million units, the value of securities decreased by 10.4 per cent to N89.1 million from N99.3 million, and the number of deals reduced by 2.1 per cent to 46 deals from 47 deals.

CSCS Plc was the most traded stock by value on a year-to-date basis, with 17.7 million units sold for N752.8 million, Geo-Fluids Plc recorded the sale of 29.2 million units valued at N149.8 million, and FrieslandCampina Wamco Nigeria Plc ended with a turnover of 1.8 million units worth N119.8 million.

The most traded stock by volume on a year-to-date basis was Geo-Fluids Plc with 29.2 million units exchanged for N149.8 million, followed by CSCS Plc with 17.7 million units traded for N752.8 million, and Mass Telecom Innovation Plc with 15.1 million units valued at N6.1 million.

Economy

Naira Soars to N1,351/$1 at Official Market, N1,430/$1 at Black Market

Published

2 hours ago

11/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The consistent reform agenda of the Central Bank of Nigeria (CBN) aimed at enhancing market stability by improving foreign exchange (FX) liquidity further strengthened the Nigerian Naira against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, February 10, by N3.24 or 0.24 per cent to N1,351.02/$1 from the previous day’s N1,354.26/$1.

At the black market, the Naira gained N20 against the United States Dollar yesterday to trade at N1,430/$1 compared with the preceding day’s N1,450/$1, and at the GTBank FX desk, it improved its value by N16 to sell for N1,363/$1, in contrast to the N1,379/$1 it was exchanged a day earlier.

The domestic currency also appreciated against the Euro in the official market during the session by N6.70 to N1,606.49/€1 from the preceding session’s N1,613.19/€1 but depreciated against the Pound Sterling by 85 Kobo to close at N1,846.57/£1 compared with Monday’s closing price of N1,845.72/£1.

Nigeria’s FX market has continued the year on a firmer footing, extending the positive momentum recorded in 2025.

The Governor of the central bank, Mr Yemi Cardoso, said reforms have extended across the financial landscape, anchored on disinflation, FX market normalisation, and financial-system resilience, which are strengthening real-sector confidence.

In addition, stronger trade receipts, reflecting the impact of elevated global oil prices, helped boost FX supply and support currency stability.

Meanwhile, the cryptocurrency market was under pressure, with analysts saying the recent drawdown, which is the steepest since the 2024 halving, has come on low spot trading volumes, suggesting retail investors have mostly stepped aside while leveraged derivatives drive price moves.

This comes ahead of a closely-watched US employment data for January due on Wednesday, which the US government officials suggest could be weaker than forecast.

Originally scheduled for last Friday, the government’s January Nonfarm Payrolls Report is now coming out on Wednesday morning due to the brief federal shutdown last month.

Solana (SOL) weakened by 4.5 per cent to $81.91, Binance Coin (BNB) slumped 4.4 per cent to $608.22, Ripple (XRP) dipped 4.3 per cent to $1.37, Ethereum (ETH) dropped 3.7 per cent to $1,975.44, and Dogecoin (DOGE) saw a 3.2 per cent fall in value to trade at $0.0916.

Further, Bitcoin (BTC) went down by 2.8 per cent to $67,517.93, Cardano (ADA) slid 2.7 per cent to $0.2581, and Litecoin (LTC) declined by 2.1 per cent to $52.55, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

Economy

NGX Records 2026 Highest Daily Gain of 1.65% as YtD Return Hits 13.62%

Published

5 hours ago

11/02/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian bourse showed no signs of slowing its bull run as it further appreciated by 1.65 per cent on Tuesday, its highest daily gain in 2026.

This was influenced by continued interest in shares in the energy, consumer goods and industrial goods sectors.

Data from the Nigerian Exchange (NGX) Limited revealed that the energy space increased by 2.97 per cent, the industrial goods counter appreciated by 2.93 per cent, the banking index expanded by 1.83 per cent, the consumer goods sector improved by 0.16 per cent, and the insurance segment rose by 0.01 per cent.

As a result, the All-Share Index (ASI) added 2,863.20 points to close at 176,809.42 points compared with the previous day’s 173,946.22 points, and the market capitalisation soared by N1.838 trillion to N113.497 trillion from N111.659 trillion.

The growth recorded by Customs Street yesterday was mainly due to buying pressure on some bellwether stocks like MTN, GTCO, BUA Cement, Lafarge Africa and others.

Sixty-six equities ended on the gainers’ chart during the session, while 22 equities finished on the losers’ chart, indicating a positive market breadth index and bullish investor sentiment.

The quartet of Omatek, Deap Capital, eTranzact, and John Holt chalked up 10.00 per cent each to sell for N3.19, N8.25, N20.35, and N8.80 apiece, while Vitafoam Nigeria gained 9.98 per cent to settle at N105.80.

Conversely, Abbey Mortgage Bank lost 9.82 per cent to trade at N12.40, SAHCO declined by 9.06 per cent to N150.00, Guinea Insurance slipped by 6.67 per cent to N1.54, Consolidated Hallmark shrank by 6.64 per cent to N4.50, and Livestock Feeds depleted by 6.34 per cent to N6.65.

A total of 1.3 billion stocks valued at N50.4 billion exchanged hands in 58,965 deals on Tuesday compared with the 775.2 million stocks worth N27.9 billion transacted in 65,960 deals on Monday, implying a fall in the number of deals by 10.61 per cent, and a growth in the trading volume and value by 67.70 per cent and 80.65 per cent, respectively.

Deap Capital was the most active stock for the day with a turnover of 283.1 million units valued at N2.0 billion, Access Holdings traded 135.5 million units worth N3.2 billion, Veritas Kapital transacted 67.3 million units for N149.7 million, Tantalizers exchanged 54.7 million units valued at N289.8 million, and Zenith Bank sold 52.1 million units worth N4.0 billion.