Rocket Internet Posts Hefty Nine-Month Profit on Westwing IPO
(Bloomberg) -- Rocket Internet reported a net profit of 296 million euros ($337 million) in the first nine months of the year after several of its startups grew sales.
- The company has 2 billion euros in cash after successful IPOs of some of its startups, having investors wonder what CEO Oliver Samwer’s next investment moves will be.
- Key startups backed by Rocket, including African e-commerce platform Jumia and IPO hopeful Global Fashion Group, reported rising sales.
- Rocket made 122 million euros in last month’s IPO of home design retailer Westwing in Frankfurt.
- The company is continuing to buy back shares after purchasing 46 million euros worth of stock until Nov. 23.
- Rocket still owns 6 percent in Delivery Hero, 31 percent in HelloFresh and 33 percent in Home24 after their IPOs
- Rocket sharers are up 10.5 percent so far this year.
- The company later today will brief analysts and investors at a capital markets day in London.
- Read more from the statement.
©2018 Bloomberg L.P.