- Prachi Singh |
Rocket Internet said that its selected companies demonstrated further growth and improvement in profitability in the first half of 2017. Aggregate revenue across the focus sectors food & groceries, fashion, general merchandise and home & living grew by 29 percent to 1.24 billion euros (1.45 billion dollars).
The aggregate adjusted EBITDA margin improved from negative 19.6 percent in H1 2016 to negative 12 percent in H1 2017 and aggregate adjusted EBITDA losses decreased by 44 million euros (51 million dollars) to negative 161 million euros (188 million dollars) in H1 2017.
Financial highlights of the selected companies' under Rocket Internet
The company added that Global Fashion Group, the leading online fashion destination in emerging markets, grew NMV by 33.8 percent from H1 2016 to 528 million euros (619 million dollars) in H1 2017 with Namshi the Middle Eastern subsidiary excluded for both time periods, since no longer fully consolidated post the Emaar Malls investment in May 2017. The first half adjusted EBITDA margin improved to negative 8.6 percent with EBITDA losses improving in the first half of the year from EUR negative 69.1 million euros (81 million dollars) to negative 43.9 million euros (51 million dollars).
Home & Living companies Home24 and Westwing witnessed positive first half of the year with significantly improved adjusted EBITDA margins of negative 9.3 percent and negative 4.7 percent respectively.
Rocket Internet's consolidated loss for the period significantly improved from negative 617 million euros (724 million dollars) in H1 2016 to negative 27 million euros (31 million dollars) in H1 2017. The company's pro-forma gross cash balance increased to 1.9 billion euros (2.2 billion dollars) as of end of August 2017.