Karooooo reports record results as customers grow by a fifth

Companies Reporter

Cartrack owner Karooooo has reported record full-year results despite the stronger rand as it grew subscription revenue by almost a fifth.

The Singapore-based company reported on Thursday that Cartrack accelerated subscription revenue growth to 19%, from 15% in the year-earlier period. Annualised recurring revenue (ARR) increased 18% to R5.18bn.

The group increased Cartrack’s subscription revenue by expanding the distribution footprint in existing markets amid growing demand.

“Importantly, Cartrack subscription revenue growth in South Africa accelerated meaningfully, and we ended the year with South Africa ARR growing at 23%,” said Karooooo CEO Zak Calisto.