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Zak Calisto’s Karooooo Limited posts $7.38 million in profits for Q1 2022, as earnings fall

When compared to last year’s figures, the Singapore-based company suffered a 19.2-percent decline in earnings.

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Karooooo Founder and CEO Zak Calisto.

Karooooo Limited has posted R107.92 million ($7.38 million) in profits for the first quarter of its 2022 financial year.

When compared to last year’s figures, the Singapore-based company suffered a 19.2-percent decline in earnings. A higher effective tax rate of 31 percent (compared to 27 percent in 2021), coupled with one-off IPO costs of R10 million, pressured profits to fall to R107.92 million ($7.38 million) by the end of the quarter.

As of press time, 3:45 PM (UTC), July 21, the company’s shares were trading at R554.99 ($37.85) on the Johannesburg Stock Exchange, while its market capitalization was valued at R17.18 billion ($1.171 billion).

Karooooo achieved a revenue growth of 17 percent during the quarter on the back of a 21-percent increase in its total subscriber base, which currently amounts to 1,366,470 subscribers.

Founder and CEO Zak Calisto said that Karooooo’s resilient financial performance in Q1 2022 demonstrates its ability to innovate and provide a differentiated fleet management platform that underscores the company’s ability to build a leading mobility SaaS* platform that maximizes the value of data.

“Our comprehensive fleet management platform and vertically integrated business model differentiates us from competitors, our focus on product development and distribution has led to our continued growth with limited industry or customer concentration risk,” he said.

Karooooo manages the operations of Cartrack, a wholly owned subsidiary that offers real-time mobility data analytics solutions for smart transportation. It provides a comprehensive, cloud-based smart mobility platform for connected vehicles and other assets.

Calisto founded Karooooo in 2001 with an initial focus on stolen vehicle recovery services in South Africa. 

Since 2001, the company has strategically grown its business to its present scale as a leading international provider of smart transportation management and analytics, serving customers in 23 countries across five continents and supporting more than 1.375 million subscribers worldwide.

The South African entrepreneur retains more than two-thirds of the company’s equity, or 20,419,294 issued ordinary shares, making him the majority shareholder in the company.

As of press time, Calisto’s 66-percent equity stake in Karooooo was valued at R11.34 billion ($773.27 million).

*Software as a service.

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Nigerian billionaire Femi Otedola gains $12.7 million from stake in FBNH

FBNH is one of Nigeria’s largest financial services conglomerates.

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Femi Otedola. ©Billionaires.Africa

Nigerian billionaire Femi Otedola’s stake in the country’s oldest commercial bank, First Bank of Nigeria Holdings Plc (FBNH), has risen by more than $12 million in recent months, as shares in the financial services group rebounded strongly after falling below key levels.

According to data tracked by Billionaires.Africa, Otedola’s stake in FBNH has increased in value by N5.34 billion ($12.7 million) in the past 54 days, as investors continued to cherry-pick stakes in the commercial banking group after its price fell below N9 ($0.0214) in June.

FBNH is one of Nigeria’s largest financial services conglomerates. It is the non-operating holding company of First Bank of Nigeria Limited, the country’s oldest commercial bank, with active operations in 10 countries.

According to a flurry of trading updates published on the Nigerian Stock Exchange in June, Otedola sold 664,939,764 shares in four separate transactions, reducing his stake in the Nigerian lender from 2,717,282,140 shares, or 7.57 percent, to 2,052,342,376 shares, or 5.72 percent.

Shares in the financial group have increased by 31 percent since June 21, nearly 54 days ago, from N8.4 ($0.02) to N11 ($0.026) at the time of writing, amid renewed buying interest in the bank’s shares on the local bourse.

As a result of the double-digit increase in the shares of FBNH, the market value of Otedola’s 5.72 percent stake in FBNH has increased by N5.34 billion ($12.73 million), from N17.24 billion ($41.12 million) on June 21 to N22.58 billion ($53.85 million) at the time of writing this report.

The recent gains in his stake follow a dividend of N951.05 million ($2.29 million) from his equity stake in the financial services group that he received earlier this year.

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Egyptian billionaire Yasseen Mansour gains $1.86 million in 74 days from Palm Hills stake

Mansou owns a sizable 5.6-percent stake in the Cairo-based real estate firm.

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Egyptian billionaire Yasseen Mansour. ©Billionaires.Africa

Egyptian billionaire Yasseen Mansour has recorded a EGP35.6-million ($1.86 million) boost in his net worth in the past 74 days, as shares in Palm Hills Development increased by nearly 19 percent in reaction to the company’s recently released first-quarter results.

Palm Hills Development, an operating subsidiary of Egypt’s largest conglomerate, Mansour Group, is a well-known real estate developer with active investments in Egypt. The company develops integrated residential, commercial, and resort communities.

Mansour, the chairman of Palm Hills Development and one of Egypt’s and Africa’s wealthiest individuals, owns a sizable 5.6-percent stake in the Cairo-based real estate firm.

The Egyptian real estate developer revealed that its profit increased by more than 40 percent in the first quarter of 2022, from EGP217.4 million ($11.36 million) in the first quarter of 2021 to EGP305.8 million ($16 million), owing to sustained growth in demand for properties in Egypt.

As a result of the firm’s strong financial performance, investors on the Egyptian Stock Exchange increased their buying interest in Palm Hills shares, resulting in an 18.6-percent increase in the firm’s stock price from EGP1.13 ($0.059) on June 1 to EGP1.34 ($0.07) on Aug. 14.

Mansour’s 5.6-percent stake in Palm Hills Development has increased in value over the past 74 days, from EGP191.94 million ($10 million) to EGP227.6 million ($11.89 million) at the time of writing.

This equates to a total gain of EGP35.6 million ($1.86 million) for the Egyptian billionaire, who ranks as one of the wealthiest men on the African continent, alongside his brothers Mohamed Mansour and Youssef Mansour, both of whom own Mansour Group and Palm Hills Development.

His net worth is estimated at $1.1 billion, making him one of Africa’s wealthiest businessmen.

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Nigerian billionaire Abdul Samad Rabiu unveils $23.8-million security support fund

It is the single largest donation to a philanthropic cause made by a Nigerian businessman.

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Abdul Samad Rabiu. ©Billionaires.Africa

Nigerian billionaire businessman Abdul Samad Rabiu has announced the creation of the N10-billion ($23.8 million) Nigeria Security Support Fund through his philanthropic organization, the Abdul Samad Rabiu Africa Initiative (ASR Africa). He unveiled the project during a meeting with Nigerian President Muhammadu Buhari at the Aso Rock presidential residence in Abuja.

Rabiu launched the initiative to provide security equipment and medical and other supplies to the families of soldiers fighting terrorists in Nigeria’s northeast, and to strengthen local infrastructure.

The contribution marks the single largest donation to a philanthropic cause made by a Nigerian businessman, and follows the $3-million development initiative that Rabiu launched in Niger three weeks ago through ASR Africa. Last week, Rabiu received the Commander of the Order of Merit of Niger Award in recognition of his contributions to the country of Niger and its people.

Rabiu also praised Buhari for creating an enabling environment for businesses to thrive. He cited policies implemented by his administration, which, he said, aided the growth of his manufacturing conglomerate, BUA Group, which is one of the continent’s fastest-growing commercial groups.

He also promised to support the administration’s efforts in industrial development and security.

Rabiu established ASR Africa in April 2021 to promote long-term, impact-driven solutions to developmental issues affecting health, educational, and social development across Africa.

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