Karooooo Revs Up: Stellar Q2 Growth

  • The company reported a 21% increase in Q2 revenue, reaching ZAR 1,040 million, and a 23% rise in half-year revenue, totaling ZAR 2,037 million.
  • Substantial Rise in Cartrack Subscribers: Cartrack subscribers surged by 15% to 1,832,708 in Q2 2024, with a significant 56% increase in net additions, reaching 115,631 in the half-year period.
  • CEO Zak Calisto's Confidence: CEO Zak Calisto highlighted their robust business model, strong balance sheet, and sustainable cash flows, reaffirming confidence in the company's continued growth and success.
Karoooo

Karooooo Ltd., the Singapore-based public company, announced its impressive financial performance for the second quarter and half-year of 2024, leaving investors and industry experts alike in awe. The company’s strategic moves and robust business model have propelled it to new heights, showcasing substantial growth and profitability.

Table 1: Second Quarter 2024 Highlights

MetricQ2 2024Q2 2023Growth
Cartrack Subscribers1,832,7081,600,013+15%
Net Cartrack Additions75,25657,251+31%
Total Revenue (in ZAR million)1,040859+21%
Subscription Revenue860734+17%
Cash from Operating Activities304240+26%
Earnings Per Share (in ZAR)5.614.93+14%
Cartrack ARR (in ZAR million)3,4752,960+17%

In the second quarter alone, Karooooo’s Cartrack subscribers saw a significant increase of 15%, reaching a staggering 1,832,708 compared to 1,600,013 in Q2 2023. Moreover, the net Cartrack subscriber additions spiked by 31%, showcasing the company’s appeal in the market.

The financial figures also paint a positive picture. Total revenue soared by 21% to ZAR 1,040 million, a notable increase from the previous year’s ZAR 859 million. Subscription revenue, a critical indicator of the company’s stability, climbed to ZAR 860 million, signifying a robust 17% growth.

Table 2: Half-Year 2024 Highlights

MetricH1 2024H1 2023Growth
Cartrack Subscribers1,832,7081,600,013+15%
Net Cartrack Additions115,63174,041+56%
Total Revenue (in ZAR million)2,0371,661+23%
Subscription Revenue1,6971,443+18%

Over the half-year period, Karooooo’s total revenue witnessed a substantial growth of 23%, reaching ZAR 2,037 million, compared to ZAR 1,661 million in the same period last year. Subscription revenue followed suit, increasing by 18% to ZAR 1,697 million, underscoring the sustained demand for their services.

CEO and Founder, Zak Calisto, expressed his confidence in the company’s trajectory, citing their strong balance sheet and healthy cash position as key factors driving their expansion. He emphasized the sustainability of their success, rooted in their ability to generate healthy cash flows.

Investors and stakeholders can delve into the detailed financial report available on the company’s website. The news of Karooooo Ltd.’s remarkable growth has undoubtedly set a positive tone in the business landscape, reaffirming its position as a market leader in the digital transformation of on-the-ground operations.

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