Connect with us

Telecom

Jumia Posts Strong First Quarter Results Amid Citron Accusation

Published

on

Spread the love

Jumia Technologies has released its financial results for the quarter ended March 31, 2019.

Jumia in a first quarter report made available on Monday shows strong momentum amid Citron Accusations.

Sacha Poignonnec and Jeremy Hodara, co-CEOs of Jumia, said. “Jumia delivered excellent results during the first quarter of 2019: strong GMV growth of 58% leading to102% growth in marketplace revenue, year-on-year improvement of 356 basis points of Operating loss as a percentage of GMV and further development of JumiaPay, highlighted by the investment and partnership with Mastercard.

“We believe that Jumia is increasingly relevant for consumers and sellers in Africa.

“Looking ahead, we remain focused on our core operations, driving consumer adoption and engagement on our marketplace, increasing the penetration of JumiaPay, while continuing to improve our financial profile and making a sustainable impact on the continent.”

According to the report, Business highlights show that “the €50 million investment by Mastercard into Jumia, in a concurrent private placement with our Initial Public Offering, marked another milestone in the development of JumiaPay and a validation of its potential.

“We are partnering with Mastercard on a number of initiatives, including the development and marketing of co-branded products (i.e., cards, virtual cards and quick response codes).

“In the first quarter of 2019, our marketplace continued to gain depth and diversity as we focused on attracting quality sellers to our platform and providing our consumers with an expanding range of products and services.
“An example of this strategy is the partnership we announced this quarter with the technology leader Xiaomi.

“As part of this partnership, we are opening the Mi official store on our platform with the ability to offer a number of Xiaomi products on an exclusive basis.

This demonstrates the attractiveness of Jumia as a destination of choice for high profile international brands, giving them access to millions of potential consumers in Africa with one partnership.

The report further show their Financial highlights as follows, “Gross Merchandise Volume (“GMV”) grew this quarter by 58% on a yearly basis, on the back of strong marketplace growth, leading to a 102% increase this quarter in Marketplace revenue on a yearly basis.

“Our strong GMV growth combined with the attractive value proposition we offer both sellers and consumers are a key engine of monetization, which we derive from diversified revenue streams such as Commissions, Fulfillment, Value Added Services, Marketing and Advertising services.

“Gross Profit margin as a percentage of GMV increased from 5.6% in the first quarter of 2018 to 6.5% this quarter, as a result of the increased GMV monetization rate.

“Our Gross Profit also exceeded Fulfillment expense this quarter.

“We continue to have a strong focus on cost efficiency. Leveraging our strong brand awareness and highly localized marketing approach, we have been able to gain 205bps of marketing efficiency this quarter, bringing the Sales & Advertising expense from 7.2% of GMV in the first quarter of 2018 to 5.1% in the first quarter of 2019.

“Adjusted EBITDA loss as a percentage of GMV improved from negative 19.8% in the first quarter of 2018 to negative 16.4% in the first quarter of 2019.

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University.

Continue Reading
Advertisement
Comments

Telecom

Glo Gains 78% of New Data Subscription in GSM Sector in March – NCC Report

Published

on

Spread the love

Nigeria’s second largest telecommunications operator, Globacom, garnered 78 percent of new data subscriptions in the month of March, 2019. The operator gained nearly one million new subscribers in the month.

This was disclosed in the latest statistics released by the Nigerian Communications Commission (NCC) for the month of March 2019. According to the statistics, Globacom gained 950,115 new internet users, taking its total internet subscriptions to 28,436,386 from 27,486,271 recorded in February, 2019.

Two other operators, MTN and Airtel, also featured marginally on the gainers’ list in March. Airtel added 351,657 new internet users, while MTN added 13,552 subscribers. 9mobile, on its part, lost 166,542 users in the month under review.

Overall internet users in Nigeria increased to 115,938,225 in March from 114,725,357 recorded in February, according to the NCC statistics. This indicates an increase of 1,212,868 new subscribers in one month.

Globacom has been on ascendancy in terms of acquisition of new internet subscribers in the last one year ostensibly due to the consistent improvement in the operator’s data services.

The company has the widest 4G LTE coverage in the country, and the technology ensures more reliable and faster internet usage experience. Globacom also has the most attractive data plans in the market, with packages that appeal to both high and low data users.

Continue Reading

Telecom

Streaming Global, DataGo Solutions Ink Deal to Accelerate OTT/VOD Streaming Market in Africa

Published

on

L-R: Gbenga George, Co-founder, DataGo Solutions and Richard Oesterreicher, CEO, Streaming Global, exchanging handshake after the signing ceremony
Spread the love

Marking its first step towards an international market, Streaming Global has joined forces with DataGo Solutions as its first exclusive reseller for an overseas territory.

 

The deal covers the entire continent of Africa where, according to the forecast performed by Digital TV Research, the OTT market value will exceed $1 Billion by 2024.

 

This partnership drives Streaming Global’s continued mission to enable the reliable, scalable, and cost-effective delivery of live, OTT, and VOD video streaming services over the Internet.

 

Richard Oesterreicher, CEO, Streaming Global, said “We are overjoyed to have DataGo Solutions as Streaming Global’s exclusive reseller for this emerging market.

 

“The growing infrastructure there fits well with Streaming Global’s reliable and simple streaming delivery pipeline.”

 

DataGo Solutions founders, Gbenga George and Nicholas Horton, have extensive backgrounds and knowledge in the emerging African OTT/VOD market.

 

Horton is a technology leader with over 14 years of industry experience, driving business growth and market penetration both in the US and abroad.

 

George is a technology investor and lawyer with over 18 years of industry experience in various disciplines including intellectual property, contract negotiation, and market adoption.

 

“We view this technology as a true innovation in OTT/VOD and live streaming content that will become the new standard for the next decade.

 

“We couldn’t be happier to have the opportunity to take this technology to market for the continent of Africa and redefine the streaming industry,” said George.

Continue Reading

Telecom

Arik Air takes deliver of another aircraft from maintenance

Published

on

Spread the love

Arik Air, Nigeria’s leading airline on Thursday welcomed another aircraft fresh from maintenance overseas.

The arrival of the aircraft, a Boeing 737-800 Next Generation (NG) is coming eight days after a Boeing 737-700NG returned to service from C-check on Wednesday, May 15, 2019.

 

The Boeing 737-800 NG aircraft is a stretched version of the 737-700 aircraft.

 

Captain Roy Ilegbodu, Chief Executive Officer, Arik Air, reiterated the airline’s mission which is “To become a dominant air-services brand, globally admired for its world-leading operating, safety and service delivery standards, as well as its role in promoting Nigeria’s reputation at home and abroad”.

 

Captain Ilegbodu once again thanked customers for their loyalty and trust in Arik Air.

 

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.