We want to drive off-platform development in a disciplined manner, starting in Egypt and Nigeria, where we have already obtained the relevant licenses to do so. I will now hand over to Antoine, who will walk you through our financials.
Antoine Maillet-Mezeray: Thank you, Francis. Hello, everyone. Let’s start with the review of our top line performance on Page 11. Revenue reached $44.9 million in Q3 ‘23 down 11% year-over-year and up 19% on a constant currency basis. FX was a significant headwind to revenue performance. First party revenue was $21.9 million, up 33% year-over-year, and 85% on a constant currency basis. We experienced significant growth in first party revenue from business opportunities in Egypt. This is consistent with our focus on improving supply from retail whenever relevant. Turning now to growth profit. Growth profit reached $25.1 million in Q3 ‘23, down 23% year-over-year and up 2% on a constant currency basis. Gross profit margin as a percentage of GMV reached 13.9% compared to 13.5% in Q3 ’22, supported by improved retail margins and reduced spending on consumer incentives and promotions.
Let’s now move to cost, where we continue making significant progress. Fulfillment expense amounted to $12 million, down 48% year-over-year and 35% on a constant currency basis. Importantly, we continue achieving record levels of logistics efficiency. Fulfillment expense per order excluding JumiaPay app orders which do not incur logistics costs decreased by 26% year-over-year to $2.1 from $2.9 in Q3 ‘22 and 8% on a constant currency basis. As a percentage of GMV, fulfillment expense improved from 9.6% to 6.6%. This consistent improvement reaffirms the significance of our ongoing logistics transformation as we continue to build upon the success of our logistics optimization initiatives. These include a higher share of pickup station deliveries, which increased from 36% of shipped physical goods orders in Q3 ‘22 to 44% in Q3 ‘23.
We persist in our strategic expansion of the pickup station network to penetrate under tapped areas of the market in a cost-effective manner. We’ve expanded our footprint beyond main cities, enhanced warehousing staff productivity, reduced packaging costs, along with many other initiatives. This improvement in efficiency illustrates our ability to capture savings across our logistics chain, while strategically expanding our logistics footprint outside of the main cities and improving our customer experience. Sales and advertising expense amounted to $4.3 million in Q3 ‘23, down 74% year-over-year and 67% on a constant currency basis as we continue bringing discipline to our marketing investments. We see a clear improvement in our marketing efficiency ratios with sales and advertising expense per order decreasing by 66% from $1.7 in Q3 ‘22 to $0.6 in Q3 ‘23.
As a percentage of GMV, sales and advertising expense reached 2.4% in Q3 ‘23, which is more than 400 basis point improvements year-over-year. This reduction in sales and advertising expense reflects our strategy to build a stronger customer value proposition that emphasizes better supply of physical goods and geographical reach over costly marketing campaigns and promotions. We believe that this is the most relevant and viable approach to our African markets. We have already experienced positive development across five markets where physical goods GMV is growing year-over-year, despite significantly reduced marketing expenditures. Moving on to technology and content and G&A expense. Tech and content expense reached $10.1 million, down 26% year-over-year, as reported and on a constant currency basis, and down 9% quarter-over-quarter.
While we have meaningfully reduced costs in the last year, we remain committed to driving further savings in the future. Our efforts to rationalize infrastructure and software costs and staff structure are ongoing and we see additional opportunities for efficiency. These include locating an increased share of our developers and tech personnel in Africa closer to our customers and sellers. Technology is a core part of our DNA and we remain committed to developing better products and features to improve the experience of all participants on our platform. G&A expense excluding share-based compensation reached $15.9 million in Q3 ‘23, down 43% year-on-year, and 33% on a constant currency basis. G&A expense included a $6 million beneficial impact from a tax provision release.
Excluding the impact of this provision release and share-based compensation, G&A expense was $21.9 million in Q3 ‘23, down 22% year-over-year and 11% on a constant currency basis. The staff cost component of the G&A expense, excluding share-based compensation expense, decreased by 32% year-over-year as a result of the organizational changes that have been implemented. Moving on to balance sheet and cash flow items. CapEx in Q3 ‘23 was $0.3 million as we remain committed to an asset-light model. Our liquidity position reached $147.4 million comprised of $44.3 million in cash and cash equivalent and $93.1 million in term deposits and other financial assets. Our Q2 ‘23 liquidity position amounted to $166.3 million, marking a decrease of $19 million in Q3 ‘23 compared to a decrease of $66 million in Q3 ‘22 and a decrease of $39.1 million in Q2 ‘23.
The reduction in the base of the decrease of our liquidity illustrates our efforts to preserve our available cash resources. Net cash flow used in operating activities reached $24 million, down by 55% in Q3 ‘23 compared to the same period in ‘22. For the third consecutive quarter, our working capital remained positive, with a cash effect of $0.4 million in Q3 ‘23. This positive trend reflects our efforts to increase efficient management of receivables, inventory, and payables, which are designed to improve our overall cash position. I now hand over to Francis, who will walk you through our guidance.
Operator: I too apologize. We appear to have lost Francis’ line.