Rocket Internet, the parent company of Africa’s leading E-commerce business Jumia says it has reduced its full year 2016 EBITDA losses by USD 254.6 Million. (EUR234M)
The company reported Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) loss of USD 806.8 Million (EUR741.5M), a reduction of approximately 176% compared to the previous year.
Jumia, formerly known as Africa Internet Group (AIG) saw a reduction in its 2016 adjusted EBITDA losses to USD 99.99 Million (EUR91.9) compared to 175.5 Million ( EUR161.3M) reported in 2015.
Rocket Internet in its website said the merging of Africa Internet Group into Jumia had a ‘positive effect on user behavior and brand recognition’.
The company’s total revenue for 2016 rose by 29% to USD 2.4 Billion (EUR 2.2B) from USD 1.8 Billion (EUR1.7B) reported in the previous period.
Rocket Internet’s available cash and cash equivalents rose to USD 16 Billion, a full year increase of about USD 870.4 Million.
Related; Half Year 2016; Jumia Posts €35.4 Million Loss, Revenue Falls By 56%
