Karooooo says it is well-positioned for growth and set lofty targets for its next financial year.
Karooooo released its unaudited fourth quarter results for the period ended 29 February 2024, revealing a sharp increase in Cartrack subscribers, subscription revenue, and operating profit.
Subscription revenue grew by 18%, from R794 million in Q4 2023 to R953 million in Q4 2024, while subscribers increased by 15%.Cartrack subscribers increased from 1.71 million in Q4 2023 to 1.97 million in Q4 2024. It also reported a 65% increase in net Cartrack subscriber additions. Karooooo also released its unaudited full-year results for 2023/2024, revealing record operating profit for the company.
Its operating profit grew by 18% to R1.043 billion from R882 million in the 2022/23 financial year, while its earnings per share grew by 24% to R23.85This was accompanied by a 17% increase in subscription revenue, from R3.01 billion in 2022/23 to R3.54 billion in 2023/24.“We operate in a growing and largely underpenetrated market, with strong demand coming from customers needing to differentiate and digitalise themselves.”Grow Cartrack’s subscriber base to between 2.2 million and 2.
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