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Karooooo, the parent company of Cartrack, reported strong Q4 2024 and FY 2024 results, showing notable growth in customer acquisition and financial performance. Year-over-year, Cartrack subscribers rose by 15% to 1.97 million, with net subscriber additions up 65%. The company's Q4 operating profit increased by 25% to ZAR296 million, and earnings per share surged 45% to ZAR6.81. For the full year, EPS climbed 24% to ZAR23.85. Annual Recurring Revenue grew by 17% to ZAR3,769 million.
Cartrack's revenue and subscription revenue both grew by 17%, reaching ZAR3,614 million and ZAR3,523 million, respectively. Subscription revenue comprised 97% of the total revenue. Operating profit for the year also rose by 17% to ZAR1,069 million. Additionally, Cartrack logged a record EBITDA of ZAR1,710 million with an EBITDA margin of 47%. Karooooo Logistics saw a 77% increase in revenue to ZAR317 million, driven by its scalable delivery-as-a-service model.
Karooooo's Operations Cloud supports the digital transformation of over 121,000 commercial clients, boasting a 95% retention rate. The CEO highlighted the company's strong market position, robust balance sheet, and healthy cash position as key growth drivers.
Karooooo (NASDAQ: KARO) announced the release of its Fourth Quarter and Full Year 2024 Financial Results on May 15, 2024. The Company will host a Zoom webinar on May 16, 2024, providing an opportunity for investors, analysts, and the media to participate.
