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.
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