one of the leading commercial e-commerce companies in Nigeria has encountered a massive loss as Nigeria endures a turbulent time in recession.
Jumia, Rocket Internet's e-Commerce group in Nigeria and Africa has just released its 2016 half year consolidated result showing the company recorded a net loss of EUR35.4 million within the period.
When compared to its net loss recorded last year, the company has managed to reduce its loss by 19%. In the first half of 2015, the company recorded a net loss of EUR 43.7 million.
Also on the topline, Jumia's revenue also fell by 56%. With the first half of this year, net revenue was EUR33.0 million compared to last year when it recorded EUR75.8 million f0r the first half of 2015.