Rocket Internet, the parent company of Jumia said it reduced its full year EBITDA losses of EUR234 million. However, the result still shows a huge pile of losses that must be worked on.

Reporting an EBITDA losses of EUR741.5 million loss, the result shows that company has cut its losses by 176% on a year on year basis.

Jumia, its Nigerian company with operations across other African countries saw a reduction in its adjusted EBITDA losses from EUR161.3 million in 2015 to EUR91.9 million in 2016. This is approximately NGN30.6 billion using official real time exchange rate.

Rocket Internet claimed that the collapsing of Africa Internet Group into Jumia has had a ‘positive effect on user behavior and brand recognition’.

The report covers aggregate sales of Rocket Internet’s companies which includes its Food & Groceries, Fashion, General Merchandise and Home & Living.

Read more https://pageone.ng/2017/04/25/jumia-cuts-its-full-year-loss-to-eur92-million-in-2016/

This is serious magana

The irony of business and losses. The Nigerian business environment is highly risky.