Headquartered in Berlin, Germany, Jumia Technologies AG (JMIA) operates an e-commerce platform in West Africa, North Africa, East and South Africa, Europe, the United Arab Emirates, and internationally. In the first-quarter results, JMIA reported a 5% year-over-year rise in Gross Merchandise Volume (GMV) to $181.50 million and a 19% increase in revenue to $48.90 million.
Despite this, the online retailer’s loss before income tax from continuing operations widened by 39.6% from the prior year’s quarter to $39.60 million, primarily attributed to an $11 million increase in net foreign exchange losses due to currency devaluations in Nigeria and Egypt and a rise in finance costs related to Jumia’s treasury and investment portfolio management activities.
