Brands/Products
Jumia Grows GMV by 21%, Revenue by 43% in Q2 2022
By Adedapo Adesanya
Jumia Technologies recorded a 21 per cent growth in its Gross Merchandise Value (GMV), which shows the total sales monetary value for merchandise sold through a particular marketplace over a certain time frame, in the second quarter of the year as the metric jumped to $271.1 million compared to $223.5 in the same period last year.
This was announced today in its financial results for the second quarter ended June 30, 2022.
Revenue also grew 42.5 per cent to $57.3 million from $40.2 million while it raked in a gross profit of $30.4 million from $26.8 million, a 13.6 per cent growth by comparison.
This is as Orders and Quarterly Active Consumers also grew by 35 per cent and 25 per cent respectively. In the period under review, Jumia across the board settled 10.3 million orders against 7.6 million, while its customer base in the three months grew from 2.7 million last year to 3.4 million.
Commenting on the results, Mr Jeremy Hodara and Mr Sacha Poignonnec, co-Chief Executive Officers of Jumia said, “We remain focused on scaling the business towards profitability. In the second quarter of 2022, we have successfully delivered on each building block of our path to profitability: usage growth momentum, monetization acceleration and cost discipline.
“Despite a deteriorating macro environment, we maintained a strong pace of usage growth. Orders, Quarterly Active Consumers, and GMV grew by 35 per cent, 25 per cent, and 21 per cent respectively, on a year-over-year basis.
“Leveraging robust usage growth, we further accelerated monetization. Gross Profit and Marketplace revenue were up 14 per cent and 17 per cent year-over-year respectively, the fastest growth rates of the past 5 quarters.”
In the context of rising inflation and input cost pressure, Jumia announced that cost discipline remained a top priority, adding that it drove usage growth and monetization acceleration with lower-than-expected marketing investments with Sales and Advertising expenses of $41.0 million in the first half of 2022 compared to our guidance of $50-55 million.
“We believe we are now past the peak of quarterly Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) losses reached in the fourth quarter of 2021 and intend to redouble our efforts to reach profitability, leveraging our strong business fundamentals.
“We intend to reduce Adjusted EBITDA losses starting from the second half of 2022 with a 12 per cent to 29 per cent decrease year-over-year.”
“We are confident our consistent and disciplined execution will help us reach profitability and build an even stronger and more relevant platform,” the company noted.
Speaking on its impact initiatives, Jumia noted that in Nigeria, it partnered with Errand360 to offer eco-friendly, bicycle-powered meal deliveries to our customers.
“This partnership will help us reduce our carbon emissions and delivery costs thanks to lower maintenance costs and zero spend on fuel,” it said.
By Modupe Gbadeyanka
Residents of Egbin, Ijede, and Ipakan in Lagos State recently trooped out for the 7th Annual Medical Outreach of Egbin Power.
The three-day medical outreach was organised in partnership with a Non-Governmental Organisation (NGO) known as Livewell Initiative in line with the power-generating company’s commitment to ensuring healthy lives and well-being of its host communities.
This programme also aligns with the United Nations (UN) Sustainable Development Goal 3 (SDG 3) – Good Health and Well-being.
The outreach attracted over three thousand people, including children, adults and nursing mothers, who enjoyed cardiovascular, arthritis, dental, eye-check, diabetes tests, malaria treatment, hepatitis screening, and blood pressure examination.
It was gathered that eyeglasses, dental kits, and medications were administered at no cost to the residents after careful examination by qualified medical practitioners.
“At Egbin Power, we recognise that the health and well-being of our host communities is crucial to our success. This medical outreach programme is one of the ways we demonstrate our commitment to giving back to our host communities.
“It is also in alignment with our commitment to SDG 3 and we believe that access to quality healthcare is a fundamental right, and we will continue to work towards making it a reality for all,” the Head of Corporate Communications and Branding at Egbin Power, Mr Felix Ofulue, stated.
“We are proud to partner with Egbin Power on this medical outreach programme. Together, we are making a positive difference in the lives of the people in these communities,” the Managing Director of Livewell Initiative, Dr Bisi Bright, said.
Also speaking at the event, the Aro of Egbin Kingdom, Mr Olayemi Olukunga, said, “We are grateful to Egbin Power for their kindness and generosity. This medical outreach programme has become an annual tradition that we look forward to, and we appreciate the positive impact it has on our community.”
One of the beneficiaries, Mrs Wasilat Ogundipe, thanked Egbin Power for the gesture, saying, “It affords us timely access to free medical examinations, enabling our children, parents and vulnerable community members to address their health concerns.”
By Adedapo Adesanya
International Workplace Group (IWG), the world’s largest provider of hybrid working solutions with notable brands like Spaces and Regus, is opening two state-of-the-art flexible workspaces in Lagos to meet the rising demand.
The addition of IWG’s latest locations, HQ Lagos Lekki Link Bridge and Regus Lagos Mansard Place, followed the business posting its highest-ever revenue, cashflow and earnings growth in its history and achieving rapid network growth, signing 465 new locations in the first half of 2024 alone.
According to the company, the adoption of hybrid working rapidly is accelerating across Nigeria and these new locations in Lagos are part of the drive by IWG to meet the sharply rising demand for top-class flexible working space in the area.
Its unique offering will enable local people to experience living in a “15-minute” city, allowing workers to work close to their homes without commuting far from where they live.
The HQ workspace is set to open in Lekki in March 2025 and will It will be located on the 2nd and 3rd floor while the Regus location at Mansard Place (situated at Plot 928, Bishop Aboyade Cole Street, Victoria Island) will be on the 3rd floor of the six storey building and will open in February 2025.
The buildings will provide space for established firms and start-ups across a range of industries, while IWG’s Design Your Own Office service allows companies to tailor their space entirely to their requirements. The new locations will include facilities including private offices, meeting rooms, co-working and creative spaces.
With explosive market growth as companies of all sizes adopt hybrid working for the long-term, it is predicted that 30 per cent of all commercial real estate will be flexible workspace by 2030 and IWG believes that partners will be able to capitalise on this fast-growing sector,
The potential for further growth is exponential with an estimated 1.2 billion white collar workers globally and a total addressable market of more than £1.57 trillion. Conventional office occupancy will continue to fall as businesses require less traditional space and turn to flexible workspace instead.
Last year alone, IWG welcomed over 800 new partner locations and counts 83 per cent of Fortune 500 companies among its customer base.
Speaking on this, Mr Mark Dixon, CEO & Founder of International Workplace Group Plc, commented: “We are establishing a stronger and much-needed footprint in Nigeria with this these latest openings.
“As an important business hub Lagos is a fantastic place for us to boost our expansion plans. The need for high-quality flexible workspaces continues to soar as hybrid working becomes the new normal.
“We are very pleased to work in partnership with Sterling Bank and APD Mansard Place to develop the brand under a management agreement that will add a cutting-edge workspaces to their the buildings.
“Our openings in Lagos comes at a time when more and more companies are discovering that flexible working boosts employee happiness and satisfaction, while helping the environment. Our workplace model is also proven to increase productivity and allows for a business to scale up or down at significantly reduced costs.”
By Modupe Gbadeyanka
Another award has been added to the shelves of Airtel Nigeria for the quality service it offers its numerous subscribers.
At the 14th Nigerian NewsDirect Awards held at the Lagos Oriental Hotel on Friday, December 6, 2024, the company went home with the Most Preferred and Admired Telecommunications Brand award.
The chief executive of Airtel Nigeria, Mr Dinesh Balsingh, thanked the news platform for the recognition, reiterating the dedication of the organisation towards the growth of Nigeria.
“At Airtel, we remain steadfast in our mission to enrich lives and contribute to the sustainable growth of our nation, and we are proud to receive this award as the Most Preferred and Admired Telecommunications Brand.
“This recognition reaffirms our commitment to connecting Nigerians, driving digital inclusion, and empowering communities through innovative solutions,” he said.
The ceremony, themed Achieving Economic Prosperity: The Role of Human Capacity Development, Fiscal Prudence, and Revenue Generation, celebrated outstanding contributions made by individuals and corporate organisations to national development across sectors and industries.
The chairman of Odu’a Investment Limited, Mr Bimbo Ashiru, thanked all participating entities for their “continuous contributions and support to the nation’s growth.”
“You have demonstrated excellence and have significantly contributed to Nigeria’s progress and we believe this platform will continue to highlight and encourage best practices across industries,” he stated.
The event attracted several persons, including the chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair; and the Registrar-General of the Corporate Affairs Commission (CAC), Mr Hussaini Ishaq Magaji; among others.
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