Tech incubator Rocket Internet remains confident that three of its start-ups will turn a profit before the end of 2017, after reporting narrowing losses for the first quarter.
Rocket Internet chief executive Oliver Samwer said the company’s target to make three of its start-ups profitable by the end of 2017, first voiced last year, was still on track, speaking on a results conference call yesterday.
The company, which last week announced the sale of a 51 per cent stake in Middle East online fashion retailer Namshi to Emaar Malls, posted a loss of €86 million (Dh352.9m) for the three months to the end of March, compared with a loss of €342m a year earlier.
“We are confident that our selected companies will continue to progress on the path towards profitability throughout the year and we are investing in sustainable growth,” said Mr Samwer.
He declined to comment on speculation that Rocket Internet is preparing to float online food takeaway firm Delivery Hero and meal kit company HelloFresh in the coming months.
Revenue across the firm’s main portfolio companies rose by 28 per cent year-on-year to €617m, thanks to a near doubling of revenue at Delivery Hero and 45 per cent growth at HelloFresh.
Turnover at the firm’s Global Fashion Group division, which includes Namshi, rose by 35 per cent to €265m during the quarter.
Emaar Malls’ acquisition of a 51 per cent stake in Namshi for US$151 million came two months after its unsuccessful bid for Dubai-based e-commerce firm Souq.com, which was eventually acquired by Amazon.
Namshi made its first annual profit last year on revenues of Dh555m, suggesting a multiple of 1.95 times net revenue.
Emaar Malls will help to develop Namshi’s logistics infrastructure and boost its geographical expansion, the Dubai-based retail giant said last week.
Rocket Internet’s annual losses nearly quadrupled in 2016, dragged lower by a higher share of losses in joint venture and associate companies.
Once a rising star of Germany’s tech incubator sector, the company’s share price has suffered in recent months, amid investor doubts about whether its start-ups will achieve profitability.
Fellow investment firm Kinnevik sold a 6.6 per cent stake in Rocket Internet in February, after clashing over the valuation of start-ups in which both companies had invested.
jeverington@thenational.ae
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
'Nope'
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Company%20profile
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FIGHT%20CARD
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RESULTS
6.30pm: Maiden Dh165,000 (Dirt) 1,200
Winner: Miqyaas, Adrie de Vries (jockey), Rashed Bouresly (trainer).
7.05pm: Handicap Dh165,000 (D) 1,600m
Winner: Untold Secret, Xavier Ziani, Salem bin Ghadayer.
7.40pm: Maiden Dh165,000 (D) 1,600m
Winner: Shanty Star, Fabrice Veron, Rashed Bouresly.
8.15pm: Handicap Dh190,000 (D) 1,600m
Winner: Alkaamel, Antonio Fresu, Musabah Al Muhairi.
8.50pm: Handicap Dh175,000 (D) 1,400m
Winner: Speedy Move, Richard Mullen, Satish Seemar.
9.25pm: Handicap Dh175,000 (D) 2,000m
Winner: Quartier Francois, Fernando Jara, Ali Rashid Al Raihe.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Specs%20
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
CONFIRMED%20LINE-UP
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
Sri Lanka squad
Dinesh Chandimal, Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Angelo Mathews, Lahiru Thirimanne, Niroshan Dickwella, Sadeera Samarawickrama, Rangana Herath, Suranga Lakmal, Nuwan Pradeep, Lakshan Sandakan, Vishwa Fernando, Lahiru Kumara, Jeffrey Vandersay, Milinda Siriwardana, Roshen Silva, Akila Dananjaya, Charith Asalanka, Shaminda Eranga and Dhammika Prasad.
UAE%20FIXTURES
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WISH
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Chris%20Buck%2C%20Fawn%20Veerasunthorn%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Ariana%20DeBose%2C%20Chris%20Pine%2C%20Alan%20Tudyk%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
