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KAROOOOO LIMITED - Unaudited First Quarter 2024 Results

Release Date: 20/07/2023 07:05
Code(s): KRO     PDF:  
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Unaudited First Quarter 2024 Results

Karooooo Ltd.
(a public company incorporated and registered in the Republic of Singapore)
(Unique Entity Number: 201817157Z)
JSE share code: KRO NASDAQ share code: KARO
ISIN: SGXZ19450089

Unaudited First Quarter 2024 Results
Karooooo, that owns 100% of Cartrack Holdings Limited (“Cartrack”), 100% of Carzuka and 70.1% of
Karooooo Logistics, (collectively, “the group”), issued a press release announcing its unaudited first
quarter results for the 3 months ended 31 May 2023 and included such press release as an exhibit to its
form 6-K dated 19 July 2023, furnished to the United States Securities and Exchange Commission
(“SEC”). Investors are referred to the full press release as published and available on the Karooooo
website at

First Quarter 2024 Financial Overview (Unaudited)


(Comparisons are relative to Q1 2023, unless otherwise stated.)


    -   Cartrack subscribers increased 14% to 1,757,452 at May 31, 2023 (Q1 2023: 1,542,772)

    -   Net Cartrack subscriber additions increased 140% to 40,375 (Q1 2023: 16,800)

We faced challenging trading conditions in South Africa predominately due to a continued strain on the
national power grid in Q1 2024.


    -   Total revenue increased 24% to ZAR997 million (Q1 2023: ZAR801 million)

    -   Total revenue increased 19% on a constant currency basis (a non-IFRS measure)

    -   Subscription revenue increased 18% to ZAR836 million (Q1 2023: ZAR709 million)

    -   Subscription revenue increased 12% on a constant currency basis (a non-IFRS measure)

    -   Cash generated from operating activities increased 7% to ZAR340 million (Q1 2023: ZAR319

    -   Net cash and cash equivalents at the end of Q1 2024 increased 33% to ZAR1,137 million (Q1
        2023: ZAR 854 million)

Webinar Information

Karooooo management will host a Zoom webinar on Thursday, July 20, 2023 at 08:00 a.m. Eastern Time
(02:00 p.m. South African time; 08:00 p.m. Singaporean time).

Investors are invited to join the Zoom at:

Webinar ID: 860 3072 5530


    -   US (New York) Toll-free: +1 646 558 8656
    -   South Africa Toll-free: +27 87 551 7702

A replay will be available at approximately three hours after the conclusion of the live

IFRS Accounting

We prepare our consolidated financial statements in accordance with IFRS as issued by the IASB. The
summary consolidated financial information presented has been derived from the consolidated financial
statements of Karooooo.

About Karooooo

Karooooo, headquartered in Singapore, is a leading global provider of an on-the-ground operational IoT
SaaS cloud that maximizes the value of transportation, operations and workflow data by providing
insightful real-time data analytics to over 1,575,000 connected vehicles and equipment. Karooooo assists
thousands of enterprise customers in digitally transforming their on-the-ground operations. The Cartrack
(wholly owned by Karooooo) SaaS platform provides customers with differentiated insights and data
analytics to optimize their business operations and workforce, increase efficiency, decrease costs,
improve safety, monitor environmental impact, assist with regulatory compliance and manage risk. For
more information, visit

Investor Relations Contact

Media Contact          

Thursday, 20 July 2023

Merrill Lynch South Africa Proprietary Limited
t/a BofA Securities

Date: 20-07-2023 07:05:00
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