Pan-African e-commerce company Jumia has announced a 44% revenue growth and a significant increase in orders in the first quarter of 2022.
In a report by the company, Jumia highlighted consistent growth, including a 40% increase in orders year-over-year. Also, gross merchandise value (GMV) increased by 27% yearly while revenue increased by 44% year over year. However, there were lapses in some areas compared with Jumia’s previous quarter.
Compared to the first quarter of 2021, the company recorded an increase in orders from 6.6 million to 9.3 million. GMV, which jumped by 27% year-over-year, moved from $198.9 million to $252.7 million whilst revenue reached $47.6 million, a 44% rise from Q1 2021’s revenue of $33 million.
In an official statement, Co-CEOs of Jumia Jeremy Hodara and Sacha Poignonnec outlined that the e-commerce giant saw its highest GMV, order and revenue growth rates of the past nine quarters in Q1 2022.
“We kicked off 2022 with very strong growth momentum, closing the first quarter with the highest GMV and order growth rates of the past nine quarters, up 27% and 40% year-over-year, respectively,” they said.
“In parallel with accelerating usage growth, we continued driving platform monetization, with revenue growing by 44% year-over-year, which was also a 9-quarter high.”
The report also states that fast-moving consumer goods (FMCG) and food deliveries show the fastest growth among its quarterly active customer base of 3.1 million, rising 28% year-over-year.
Despite FMCG being Jumia’s second-largest category for items sold during Q1 2022, it was the company’s fastest-growing category, posing a 180% year-over-year expansion. The company said this growth was supported by the momentum of “the grocery sub-category which we are currently developing.”
Food delivery, a core part of the company’s offerings, saw an 86% year-over-year improvement, while phone gadgets and electronics grew by 19% year-over-year.
Jumia also recorded growth with JumiaPay, its fintech arm, with total payment value (TPV) growing by 36.7% in the first quarter, primarily supported by solid growth in GMV. Total transactions on JumiaPay reached 3.2 million in Q1 2022, indicating a 32% year-over-year increase.