African e-commerce giant Jumia Technologies reported a reduction in its operating loss to $66m for the full year ended December 31, 2024, down 10 per cent from the previous year, according to its financial report released on Thursday.

The report showed that revenue declined 10 per cent year-over-year to $167.5m, while Gross Merchandise Volume, which tracks the total value of goods sold on the platform, fell 4 per cent to $720.6m.

In constant currency terms, GMV and revenue increased by 28 per cent and 17 per cent, respectively.

Jumia, which is listed on the New York Stock Exchange, said it has been implementing cost-cutting measures and operational adjustments to improve profitability.


Jumia’s Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization loss stood at $51.3m, improving from a $58.2m loss in 2023, the report stated.

Loss before income tax from continuing operations was $97.6m, relatively flat compared to $98.6m a year earlier.

The company made notable progress in 2024 despite revenue pressures, its Chief Executive Officer, Francis Dufay, said.

Dufay said, “I am proud of what we have accomplished in 2024. We saw robust growth in secondary cities, expanded our supply from international sellers, and further improved marketing efficiency.

“In the fourth quarter, excluding South Africa and Tunisia, we achieved strong acceleration in our key usage metrics, with Physical Goods Orders and Quarterly Active Customers increasing by 18 per cent and 8 per cent year-over-year, respectively, without an increase in marketing costs.

“We closed the year on a high note with strong Black Friday sales, underscoring that our strategy is working.”

Looking ahead, Dufay said Jumia plans to focus on expanding beyond major urban centers, increasing product assortment with competitive pricing, and strengthening relationships with international sellers.

“Our priorities for the year are to build on this momentum by driving top-line growth and improving operational efficiencies. To improve our path to profitability, we will continue to enforce cost discipline and enhance operational and marketing efficiency,” he said.

According to the report, Jumia’s liquidity position improved to $133.9m, supported by net proceeds from an August 2024 at-the-market offering, reversing a $106.9m decline recorded in 2023.

Net cash flows used in operating activities also improved, dropping to $57.2m from $73.0m a year earlier