Jumia recorded a 12.9 percent revenue shortfall in 2020.
In the company’s financial report for the year ended December 31, 2020, obtained by Ripples Nigeria on Wednesday, Jumia’s revenue dropped from €160.4 million in 2019 to €139.6 million last year.
Revenue also declined in the fourth quarter of 2020 by 16.3 percent despite the e-commerce giant’s “Black Friday” promotion.
The promotion which was held in November increased Jumia’s page views to 1.5 billion.
Revenue generated during Q4 last year was €41.8 million, lower than the €49.3 million recorded in 2019.
Ripples Nigeria gathered that supply orders declined during Q4 2020 by 2.6 percent when compared to the corresponding period of 2019.
However, this increased in the full year.
Gross profit, however, increased by 22.3 percent in full-year 2020 despite the crash in revenue.
Jumia’s reported gross profit increased from €75.9 million in 2019 to €92.8 million in 2020.