KARO KAROOOOO LTD

Karooooo achieves solid Q1 2024 results, delivering strong subscription revenue and subscriber growth

SINGAPORE--(BUSINESS WIRE)--

Karooooo, that owns 100% of Cartrack, a leading provider of insightful real-time data analytics and business intelligence, reported solid results for its first quarter ("Q1 2024") ended May 31, 2023. These consistent results extend the group’s track record of growth at scale, profitability and cash generation over more than a decade.

Assessing the results, Zak Calisto, CEO and Founder, said:

“Despite the difficult macro-economic environment in South Africa, we achieved strong subscription revenue growth and met our planned growth expectations for the quarter.”

In Q1 2024, Karooooo’s total revenue grew 24% to ZAR997 million (Q1 2023: ZAR801 million). Subscription revenue grew 18% to ZAR836 million (Q1 2023: ZAR709 million). ARR grew 20% to ZAR3,401 million (Q1 2023: ZAR2,845 million).

Cartrack grew revenue by 18% to ZAR853 million (Q1 2023: ZAR724 million). Subscription revenue of ZAR834 million (Q1 2023: ZAR707 million) equated to 98% of total revenue.

Despite the group’s upfront customer acquisition and expansion costs, earnings per share increased to a record ZAR5.09 for Q1 2024.

Free cash flow for the quarter bolstered Karooooo’s strong balance sheet. Free cash flow for Q1 2024 increased 39% to ZAR158 million (Q4 2023: ZAR113 million). This healthy cash generation drove up net cash and cash equivalents and supported cash outflows for future growth. A cash working capital investment of ZAR19 million was made for Carzuka in this quarter, and ZAR32 million (Q4 2023: ZAR 30 million) to develop the South African central office in Rosebank, Johannesburg. Net cash and cash equivalents at the end of Q1 2024 were 18% higher at ZAR1,137 million (Q4 2023: ZAR 966 million).

Karooooo’s robust earnings, free cash flow generation, strong and unleveraged balance sheet enabled the group to pay shareholders a record cash dividend of USD 26.3 million (USD 0.85 per share) in July 2023.

Karooooo's leading Operations Cloud powers the digital transformation of over 108,000 commercial customers. The group has shown a high rate of successful implementation and have a 95% commercial customer retention across businesses of varying sizes in diverse geographical markets and industries, including logistics, field-service-maintenance, transport, finance, mining, agriculture, and emergency services.

Full earnings and webinar details at

EN
19/07/2023

Underlying

KAROKAROOOOO LTD

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on KAROOOOO LTD

 PRESS RELEASE
Free
KARO KAROOOOO LTD

Karooooo to Present at The Raymond James 26th Annual Institutional Inv...

SINGAPORE--(BUSINESS WIRE)-- Karooooo (KARO), a smart mobility SaaS platform provider for connected vehicles and other mobile assets, today announced that Group Chief Operating Officer Richard Schubert will participate in the Raymond James 26th Annual Institutional Investor Conference in Orlando, FL on Tuesday, March 4th at 4:35 p.m. ET. A live webcast of the presentation will be available in the Events and Presentations section of Karooooo Investor Relations website at . About Karooooo Karooooo (KARO), through its Cartrack and Karooooo Logistics businesses, drives digital transformation...

February 24, 2025 1 EN
 PRESS RELEASE
Free
KARO KAROOOOO LTD

Cartrack Launches Wireless Cartrack-Tag to Provide Unmatched and Secur...

JOHANNESBURG, South Africa--(BUSINESS WIRE)-- Cartrack, a subsidiary of Karooooo Limited (NASDAQ: KARO), today announced the launch of Cartrack-Tag, an advanced wireless asset tag designed to meet the increasing need for rapid asset tracking of physical assets used in commercial operations. The new solution provides enhanced visibility in challenging environments, including low or no cellular network operating areas. Cartrack-Tag enables businesses to minimize the amount of time spent locating misplaced or stolen items, reduce related operating expenses, and simplify the process of managing as...

February 18, 2025 1 EN
 PRESS RELEASE
Free
KARO KAROOOOO LTD

Karooooo Delivers Strong Q3 2025 Results with Solid Customer Gains and...

SINGAPORE--(BUSINESS WIRE)-- Karooooo Limited (“Karooooo”) (NASDAQ: KARO) reported strong results in the third quarter of FY2025 (“Q3 2025”) ended November, 30 2024. Karooooo owns 100% of Cartrack and 74.8% of Karooooo Logistics, (collectively, “the group”). Financial and operational highlights include: Karooooo subscribers increased 17% Y/Y to 2.22 million Cartrack net quarterly subscriber additions increased 15% Y/Y to 86,617 Karooooo quarterly earnings per share increased 21% Y/Y to a record ZAR7.68 Zak Calisto, CEO and Founder: “We delivered another strong quarter of custom...

January 14, 2025 1 EN
 PRESS RELEASE
Free
KARO KAROOOOO LTD

Karooooo to Announce Third Quarter 2025 Results on January 14, 2025

SINGAPORE--(BUSINESS WIRE)-- Karooooo Limited (NASDAQ: KARO) (“Karooooo” or “the Company”), which owns 100% of Cartrack and 74.8% of Karooooo Logistics, announced that the Company will release its Third Quarter 2025 Financial Results on Tuesday, January 14, 2025 shortly after 04:00 p.m. Eastern Time. Webcast: The Company will host a corresponding Zoom webinar on Wednesday, January 15, 2024 at 08:00 a.m. Eastern Time (03:00 p.m. South African time; 09:00 p.m. Singaporean time). Investors are invited to join the Zoom webinar at: Webinar ID: 876 0628 3475 Telephone: US (New York) Toll-f...

January 8, 2025 1 EN
 PRESS RELEASE
Free
KARO KAROOOOO LTD

Karooooo Increases Earnings by 31% Driven by Strong Subscription Reven...

SINGAPORE--(BUSINESS WIRE)-- Karooooo Limited (“Karooooo”) reported strong results and a positive outlook in the second quarter (“Q2 2025”) and Half-Year (“HY 2025”) ended August 31, 2024. Karooooo owns 100% of Cartrack and 74.8% of Karooooo Logistics, (collectively, “the group”). Financial and operational highlights include: Karooooo subscribers increased 17% Y/Y to 2.14 million Cartrack net subscriber additions increased 18% Y/Y to a record 89,168 Cartrack gross margin improved approximately 300bps Y/Y to 74% Karooooo adjusted earnings per share increased 31% Y/Y to a record ZAR7.35...

October 15, 2024 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch