African e-commerce pioneer Jumia said on Wednesday its cost cuts helped it reduce fourth quarter losses by 47% from a year ago, even as revenues continue to slide, showing that its path to profitability was on course.
Jumia Technologies is looking beyond an immediate target of generating a profit from its pioneering African e-commerce business, laying out longer-term plans to spin off divisions and enter new countries.
MTN Group said on Friday it had now exited its 18.9% stake in African online retailer Jumia, making R2.3-billion in net proceeds.
Jumia Technologies is facing fresh competition from start-ups in the African e-commerce and logistics market after the Covid-19 pandemic increased demand for online deliveries.
MTN Group is planning to sell part or all of its R4.2-billion interest in Jumia Technologies as it looks to pay down debt and enter new markets, according to people familiar with the matter.