{"id":603045,"date":"2019-04-14T03:54:05","date_gmt":"2019-04-14T03:54:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/14\/jumia-egypt-hopes-ipo-boosts-confidence-and-business\/"},"modified":"2019-04-14T03:54:05","modified_gmt":"2019-04-14T03:54:05","slug":"jumia-egypt-hopes-ipo-boosts-confidence-and-business","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/14\/jumia-egypt-hopes-ipo-boosts-confidence-and-business\/","title":{"rendered":"Jumia Egypt hopes IPO boosts confidence and business"},"content":{"rendered":"

<\/a> EXCLUSIVE- What Jumia\u2019s IPO means for e-commerce in Egypt:<\/b> Jumia became the first African tech company to list on a major global stock exchange when it concluded a New York IPO on Friday,the company said in a statement (pdf)<\/a>. Jumia raised USD 196 mn after selling 13.5 mn shares at USD 14.50 apiece,Bloomberg reports<\/a>. We had a chat with Jumia Egypt CEO Hesham Safwat to break down what the listing means for the company and the way forward for e-commerce in Egypt.<\/p>\n

The IPO will boost confidence and consequently business<\/b>, particularly \u201cfor investors who see Africa as challenging, as well as sellers and customers who still see e-commerce as a black box,\u201d Safwat said. \u201cThis would create more variety in products and more competition so that customers can find the best prices.\u201d<\/p>\n

Jumia isn\u2019t profitable yet, but the share sale process reflects optimism:<\/b> \u201cOur losses are between EUR 120 mn and EUR 150 mn per year, but we are still growing the business and this is just the start of another phase in Jumia's journey,\u201d Safwat said. \u201cInvestors like the potential. when they see the high growth which is still in the beginning. Also Africa is the fastest growing continent and there are 700 mn internet users in the countries we operate in and rising.\u201d<\/p>\n

So when should we expect profitability?<\/b> The company\u2019s loss-to-revenue ratio fell to 20% in 2018 from 32% in 2017 and is expected to fall further in 2019, indicating the company is moving toward profitability, Safwat said. Jumia recorded EUR 828 mn in revenues in 2018 \u2014 a 63% increase compared to 2017. Gross profit increased 62% y-o-y to EUR 45 mn in 2018. In Egypt,<\/b> revenues grew by 80% y-o-y in 2018 and the company is eyeing a 75% y-o-y increase in 2019. \u201cWe are building a sector, not a company, so we are subsidizing the service to build a market. Otherwise, we can be profitable if we put the real price of the service,\u201d Safwat said.<\/p>\n

The <\/b>E-commerce Act<\/b><\/a> should not treat all online entities as equals:<\/b> The law should differentiate between various types of e-commerce \u2014 whether online malls like Jumia, companies websites and individual social media pages \u2014 and there should be support and incentives for this sector. \u201cWe create jobs, reduce costs of stores, open up trading opportunities and reduce the cost of electricity and fuel. What we want is for the government to incentivize companies to move to online trading,\u201d Safwat said. On the flipside, Safwat sees the Finance Ministry\u2019s plans to tax online sales<\/a> as beneficial, since it would better regulate the sector and improve its reputation.<\/p>\n

Government support is important:<\/b> \u201cThis is a new phase in which we need the government's support for this sector mainly through reducing taxes,\u201d Safwat said. \u201cThe government is trying to regulate the informal sector and the best way to do this is put them under e-commerce umbrellas like Jumia and giving them incentives to become part of the formal economy,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- What Jumia\u2019s IPO means for e-commerce in Egypt: Jumia became the first African tech company to list on a major global stock exchange when it concluded a New York IPO on Friday,the company said in a statement (pdf). Jumia raised USD 196 mn after selling 13.5 mn shares at USD 14.50 apiece,Bloomberg reports. We […]<\/p>\n","protected":false},"author":1,"featured_media":603046,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7279],"tags":[199,72,78,592],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-603045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spotlight","tag-e-commerce","tag-enterpriseam","tag-ipo-watch","tag-jumia","wpautop","entry"],"acf":{"mongo_id":"e85bae79-b085-4e67-add7-26979d8f4afe","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/4\/2805.jpg","photo_position":"above","related_issue":[603021],"teaser":"","voice_url":""},"yoast_head":"\nJumia Egypt hopes IPO boosts confidence and business - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/14\/jumia-egypt-hopes-ipo-boosts-confidence-and-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jumia Egypt hopes IPO boosts confidence and business\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- What Jumia\u2019s IPO means for e-commerce in Egypt: Jumia became the first African tech company to list on a major global stock exchange when it concluded a New York IPO on Friday,the company said in a statement (pdf). 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The tech hub will train a team of developers and engineers to offer technical support so that online payments through Jumia\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645149,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/12\/shipping-companies-hike-prices-for-e-commerce-platforms-by-50-jumia\/","url_meta":{"origin":603045,"position":4},"title":"Shipping companies hike prices for e-commerce platforms by 50%-Jumia","author":"enterpriseam admin","date":"12 July 2017","format":false,"excerpt":"Express shipping companies verbally informed e-commerce platforms last week that they would be raising their prices for customer deliveries by 50% after the recent fuel prices increases, Jumia CEO Hesham Safwat tells Al Mal. Official notice should be sent in a few days\u2019 time, but Jumia will not be passing\u2026","rel":"","context":"In "OTHER BUSINESS NEWS OF INTEREST"","block_context":{"text":"OTHER BUSINESS NEWS OF INTEREST","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-interest\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645072,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/11\/jumia-expects-e-commerce-in-egypt-to-grow-to-usd-2-7-bn-in-2020\/","url_meta":{"origin":603045,"position":5},"title":"Jumia expects e-commerce in Egypt to grow to USD 2.7 bn in 2020","author":"enterpriseam admin","date":"11 July 2017","format":false,"excerpt":"Jumia is expecting e-commerce in Egypt to grow to USD 2.7 bn in 2020, according to Al Borsa. The number of Jumia customers who pay by cash decreased to 8% of total customers last year from 98% in 2012, CEO Hesham Safwat says. Market dynamics had played a crucial role\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=603045"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603045\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/603021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/603046"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=603045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=603045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=603045"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=603045"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=603045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}