African online retailer Jumia’s Q4 losses narrow on cost savings – Reuters

African online retailer Jumia’s Q4 losses narrow on cost savings – Reuters

JOHANNESBURG, Feb 16 (Reuters) - African e-commerce firm Jumia Technologies said on Thursday that cost savings had helped it reduce fourth quarter losses by 30% from a year earlier, with a further sharp drop expected this year.

Jumia, the first Africa-focused tech start-up to list on the New York Stock Exchange, reported an adjusted loss before interest, tax, depreciation and amortisation of $49.2 million in the three months ended Dec.31 from $70 million in the same period of 2021.

Chief executive Francis Dufay said in light of the encouraging signs that Jumia's cost cutting initiatives were starting to bear fruit, it expects a sharp reduction in 2023's annual adjusted EBITDA loss to $100-120 million from $207 million in 2022.