Cartrack owner Karooooo surges 7% after record results, and it's still growth-hungry
Shares of Cartrack owner Karooooo surged more than 7% on Thursday after it reported strong demand for the rich data it offers helped it book a record R1 billion in operating profit for its year to end-February.
Having added 15% more customers to just under 2 million in 2024, the vehicle tracking company will now be chasing 430 000 more vehicles to bring its total subscribers up to 2.4 million in 2025. "We believe Karooooo is well positioned for growth," said the company in the results."We operate in a growing and largely under-penetrated market, with strong demand coming from customers needing to differentiate and digitalise themselves."South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
Zak Calisto South Africa Information Technology
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