Jumia, Africa’s e-commerce giant has posted €27.4 million in revenue in Q1 2021.

This is a six per cent drop from €29.3m that it posted in Q1 2020. Its operating loss was €33.7m which is a 23 per cent change from €43.7m in Q1 2020.

Its adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) loss stood at €27.0m which is a 24 per cent change from €35.6m.

Co-Chief Executive Officers of Jumia, Jeremy Hodara and Sacha Poignonnec, said in a statement, “Our first quarter results reflect solid progress towards profitability. “The drivers remain consistent: selective and disciplined usage growth, gradual monetization and continued cost discipline.

“The first quarter of 2021 was the sixth consecutive quarter of positive gross profit after fulfillment expense, which reached €6.2m, more than doubling year-over-year, while adjusted EBITDA loss contracted by 24 per cent year-over-year, reaching €27m.

“Our strategy to increase our exposure to everyday product categories continues to yield positive results, enhancing the relevance of our marketplace for consumers.

“We are making further inroads in payment and fintech with 37 per cent of orders in the first quarter of 2021 completed using JumiaPay.”

They added, “Last but not least, we have raised over $570m over the past six months, strengthening our balance sheet and increasing our strategic flexibility.

“We are confident we have all the right ingredients to continue to build a growing business across both our e-commerce and fintech activities.”

The report indicated an increase in fintech adoption, with JumiaPay transactions increasing by seven per cent from 2.3 million in Q1 2020 to 2.4 million in Q1 2021.

It also revealed that 36.7 per cent of orders placed on the Jumia platform in the first quarter of 2021 were completed using JumiaPay, compared to 35.5 per cent in the first quarter of 2020