Oziegbe
The gross profit margin as a percentage of GMV improved significantly, rising to 14.4 compared to 10.8 in the same quarter last year. Jumias continued focus on driving operational efficiencies and implementing strategic initiatives led to significant yearoveryear growth in gross profit, demonstrating Jumias ability to deliver value to its stakeholders.
JumiaPay Performance
While Jumia reported a total revenue of 46.3 million for Q1 2023, reflecting a marginal decline of 3 on a yearoveryear basis however, when considering constant currency, the revenue increased by a noteworthy 24.
With a focus on enhancing the fundamentals of the platform and implementing comprehensive cost efficiency measures, Jumia remains on track to achieve longterm growth and profitability.
Positive Developments in Gross Profit
One of the standout takeaways from Jumias Q1 2023 earnings is its gross profit which reached an impressive 28.6 million, marking a notable 5 increase compared to the same period last year.
These initiatives demonstrate Jumias dedication to refining its payment services and reducing the inefficiencies associated with cashondelivery, which will further strengthen its position in the ecommerce market.
What To Expect in 2023
Speaking on what to expect for the rest of the year, the CEO of Jumia, Francis Dufay, stated that the company is shifting its strategy to pursue a different approach to growth.