Q2 2024 Jumia Technologies AG Earnings Call Transcript
Key Points
- Jumia Technologies AG (JMIA) reported a 6.9% year-over-year increase in orders and a 4.9% sequential increase in Q2 2024.
- GMV in constant currency grew by 35% year-over-year, indicating strong underlying business performance despite currency devaluations.
- The company achieved a significant reduction in quarterly cash burn from $19.1 million in Q1 2024 to $8.7 million in Q2 2024.
- Jumia's logistics network expansion, including new warehouses in Nigeria and Morocco, is expected to enhance supply chain management and operational efficiency.
- The company reported a 46% 90-day repurchase rate from new customers in Q1 2024, demonstrating improved customer retention strategies.
- Revenue in USD declined by 17.2% year-over-year in Q2 2024, impacted by currency devaluations in key markets like Nigeria and Egypt.
- GMV in USD decreased by 5% year-over-year due to currency fluctuations, affecting the top-line performance.
- Average Order Value (AOV) for physical goods decreased by 7.1% year-over-year, attributed to a shift in category mix.
- The company experienced lower corporate sales in Egypt, impacting overall revenue.
- Liquidity position decreased to $92.8 million in Q2 2024 from $120.6 million in Q4 2023, indicating a reduction in cash reserves.
Good morning, ladies and gentlemen. Thank you for standing by, and welcome to Jumia results conference call for the second quarter of 2024. At this time, all participants are in a listen only mode. After management's prepared remarks, there will be a question-and-answer session.
With us today are Francis Dufay, CEO of Jumia and Antoine Maillet-Mezeray, Executive Vice President, Finance and Operations. We'll start by covering the Safe Harbor. We would like to remind you that our discussions today will include forward looking statements. Actual results may differ materially from those indicated in the forward-looking statements.
Moreover, these forward-looking statements may speak only to our expectations as of today, we undertake no obligation to publicly update or revise these statements. For a discussion of some of the risk factors that could cause actual results to differ from the forward-looking statements expressed today, please see the Risk Factors section of our Annual Report on Form 20-F as published on March 28, 2024, as well as our other submissions with the SEC.
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