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Karooooo Limited, a Singapore-based mobility platform, led by South African businessman Zak Calisto, reported strong financial results for the fiscal year ending February 29, 2024, solidifying Karooooo’s position as a leading global mobility platform and a top player in the mobility sector.
Maintaining its leading position in the global mobility sector, the company’s revenue grew by 19.92 percent, reaching R4.21 billion ($229.96 million), compared to R3.51 billion ($191.68 million) in the 2023 fiscal year, according to recently published financial results for its full year ended Feb. 29, 2024.
Subscription revenue surges
The surge in revenue can be attributed to a 17.47-percent growth in subscription revenue, which rose from R3.01 billion ($164.46 million) in full-year 2023 to R3.54 billion ($193.18 million) in 2024, primarily driven by Cartrack’s subscription revenue which grew by 17.27 percent to R3.52 billion ($192.65 million) from R3 billion ($164.17 million) in the corresponding year as Cartrack continues to build on its strong track record of growing at scale.
Zak Calisto, the CEO, and founder of Karooooo expressed his confidence with the results, stating: “We believe Karooooo is well positioned to continue to grow at scale across diverse industries. We operate in a growing and largely underpenetrated market, with strong demand coming from customers needing to differentiate and digitalize themselves.”
“Our proven, robust, and strong track record of execution, compounding growth at scale and profitable business model is underpinned by a solid balance sheet and healthy cash position. We expect our continuous investment in our AI products, platform, and customer experience to continue to generate robust results in the future,” Calisto who ranks as one of South Africa’s richest individuals added.
Karooooo’s profitable business model shines under Calisto
Karooooo, which was established by Calisto in 2001 with a focus on stolen car recovery services in South Africa, now manages Cartrack, a wholly-owned subsidiary providing real-time mobility data analytics solutions for intelligent transportation.
Under Zak Calisto’s leadership, the company has become a leading provider of intelligent transportation management and analytics, serving customers in 23 countries across five continents and supporting over 2 million users worldwide as of its latest report.
Karooooo’s assets and retained earnings surge
The company’s impressive financial performance has led to the expansion of its total assets from R3.75 billion ($210.1 million) as of Feb. 28, 2023, to R4.34 billion ($237.57 million) as of Feb. 29, 2024, while retained earnings also increased by 15.25 percent to R1.80 billion ($98.63 million) from R1.56 billion ($85.58 million).
Leveraging a proven and profitable business model, competitive advantages, and a robust financial position, Karooooo remains confident in its ability to maintain its success trajectory and generate strong cash flows in the foreseeable future. The company’s strong performance in fiscal year 2024 underscores its growth potential and solidifies its position as a key player in the global intelligent transportation management and analytics industry.
