Welcome to our dedicated page for Karooooo news (Ticker: KARO), a resource for investors and traders seeking the latest updates and insights on Karooooo stock.
Karooooo Ltd. reports developments in cloud-based mobility and operational intelligence for commercial fleets, connected vehicles and other assets. The company owns Cartrack and a majority stake in Karooooo Logistics, using its platform to support fleet maintenance, fuel management, asset utilization, workforce management, logistics, safety, compliance, risk management and environmental monitoring.
Recurring news includes financial-result releases, SaaS subscription and ARR trends, active-subscriber growth, product adoption such as video and Cartrack Tag solutions, fleet-telematics integrations, market milestones and partnership activity tied to Cartrack’s operating platform.
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Karooooo Limited (NASDAQ: KARO), which owns Cartrack Holdings, is set to announce its Fourth Quarter and Full Year 2023 Financial Results on May 8, 2023, post market close at 04:00 p.m. Eastern Time.
A Zoom webinar for investors and analysts will be hosted the following day, May 9, 2023, at 08:00 a.m. Eastern Time, offering an opportunity for participation via a designated link.
The conference call can be accessed via telephone in the US and South Africa. A replay of the session will be available on the company’s website approximately three hours after the live event concludes.
Karooooo, the parent company of Cartrack, reported strong results for Q3 2023, ending November 30, 2022. Total revenue surged by 29% to ZAR930 million, up from ZAR720 million in Q3 2022. Despite a focus on future growth investments, earnings per share remained stable at ZAR4.70. The company boasts a robust SaaS model, generating record free cash flow with net cash increasing to ZAR819 million. Over 100,000 active customers are using its Operations Cloud, driving strong subscriber growth, with Cartrack adding over 78,000 new subscribers. A cash dividend of USD18.6 million was also paid out during the quarter.
Karooooo, parent company of Cartrack, reported a strong Q2 2023 with revenue up 30% to ZAR859 million, compared to ZAR659 million in Q2 2022. Adjusted EBITDA increased 27% to ZAR377 million, and earnings per share rose 28% to ZAR4.93. The company achieved a record high in net cash, exceeding ZAR1 billion, reflecting robust cash flow generation. Net subscriber additions rose 36% year-over-year, particularly strong in Southeast Asia, despite challenges in South Africa. Karooooo's strong balance sheet positions it well for future growth, driven by increasing demand for software solutions.
Karooooo reported strong Q1 2023 results, with revenue climbing 28% to ZAR801 million, up from ZAR626 million in Q1 2022. Profit increased by 44% to ZAR156 million, and earnings per share rose 42% to ZAR4.96. The company generated robust free cash flow, ending the quarter with ZAR854 million in cash, supporting a declared interim dividend of 60 U.S. cents. Notably, Coca-Cola selected Cartrack as a technology partner in the Philippines. Karooooo remains well-positioned for future growth despite global economic challenges.