Jumia, the e-commerce company headquartered in Dubai, with operations in 14 African countries, categorically denied that it had provided investors with false or misleading information, either ahead of or subsequent to its recent listing on the New York Stock Exchange.Business MaverickFollowing the publication of the report, half a dozen US law firms jumped into the fray, promising to investigate the claims and inviting investors who may have lost money to contact them.
During a call with investors, CEO and co-founder Sacha Poignonnec explained the reason for not responding to the report.We live in a world where people can say a lot of things. We don’t want to feed those types of organisations or people.” In the meantime, he said, “our near-term focus is to continue scaling up our existing business within existing markets and taking the company to profitability by leveraging the powerful platform that we have built”.
Marketplace revenue, says Poignonnec, includes commission ; fulfilment (the delivery fee charged to consumers, and value-added services, which includes logistics, packaging and marketing and advertising.Gross profit, as a percentage of GMV, increased from 5.6% in Q1 2018 to 6.5% in Q1 2019.One highlight, he adds, is that Jumia’s gross profit of €15.7-million covered total fulfilment costs of €15.2-million, which hadn’t been the case in the previous year when gross profits of €8.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: MTN associate, Jumia Technologies, called a ‘fraud’One should never take reports written by short sellers (who have taken a bet that a stock price will go down), entirely at face value. However, a report on Jumia Technologies, dubbed Africa’s Amazon, does raise questions and concerns.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: MTN associate, Jumia Technologies, called a ‘fraud’One should never take reports written by short sellers (who have taken a bet that a stock price will go down), entirely at face value. However, a report on Jumia Technologies, dubbed Africa’s Amazon, does raise questions and concerns.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Ghosn’s Successor Tied to Short Leash as Nissan Profit PlummetsCarlos Ghosn’s arrest threw Nissan Motor Co. into a corporate tailspin with allegations of self-dealing, profligate spending and filing false statements. Now the automaker’s profits are falling off a cliff, and successor Hiroto Saikawa may go down with them.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Trump Warns China to Act on U.S. Trade Deal or Face Worse TermsPresident Donald Trump said it would be wise for China to “act now” to finish a trade deal with the U.S., warning that “far worse” terms would be on offer for them after what he predicted would be his certain re-election in 2020.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Tuesday May 14, Five Things You Need to Know to Start Your DayU.S. stocks plunged after China hit back at Trump, and Asian futures indicate the selloff is far from over. Uber’s skid continues and in the Philippines, Duterte’s allies lead the Senate vote. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: China April industrial output up 5.4%, much less than expected, retail sales also falterGrowth in China's industrial output slowed more than expected to 5.4 percent in April from a 4-1/2 year high in March, reinforcing views Beijing will have to roll out more stimulus measures as a trade war with the United States intensifies.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Steinhoff’s future remains bleak after 2017 results highlight scale of its lossesScandal-plagued South African retailer Steinhoff published its long-delayed 2017 results at the witching hour on Tuesday night. The hocus-pocus that triggered the biggest corporate accounting rip-off in SA history seems to be a thing of the past. But if the group hopes to be a viable entity in the future, it may have to rely on magic. Scale of theft. THEFT.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: What to Watch as Nigeria’s Divisive Central Banker Gets New TermGodwin Emefiele looks set to get a second term as Nigeria’s central bank governor, which would make him the first person to do so in the 20 years since Africa’s biggest oil producer ended military rule.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Uber’s skid: Another perspectiveRide-sharing mega-giant Uber’s listing has been something of a calamity, and the conventional wisdom is that the New York Stock Exchange listing on Friday was infected by its rival Lyft and the market turmoil caused by the US-China trade war. But what if those are not the reasons at all? Consider this for an alternative perspective: Uber is two contradictory things simultaneously – definitely the future, and also uninvestable. Is that even possible? Read on.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Vodacom making good on key strategic growth areasVodacom has taken a small but significant step by acquiring a majority stake in IoT.nxt – a local Internet of Things company, signalling that it may see its future leaning towards new services technologies.
Source: dailymaverick - 🏆 3. / 84 Read more »