Bouyed by the growing need for enterprises to digitally transform, JSE-listed global software company Karooooo is expecting a strong financial performance for the 2022 financial year.
The company, which is due to release its financial year results in two weeks, says despite persistent changing and challenging operating conditions, it endured the pressure.
“Karooooo’s operational resilience, coupled with its profitable and robust business model, drove new customer additions, delivering continuous growth in the total number of subscribers (connected vehicles and equipment on our platform),” it says.
The company added over 1.5 million subscribers in total for 2022, up 17% compared to the previous year, when it increased subscribers by 1 306 000.
Also, Karooooo says, 219 972 net subscribers were added for the year − a 23% hike (2021: 179 485).
“It is encouraging that in our first year as a Nasdaq-listed company, our subscriber growth for 2022 was in line with our growth outlook,” says Karooooo founder and CEO Zak Calisto.
“I am pleased with Karooooo’s resilience and execution, despite the persistent operating headwinds resulting from the COVID-19 pandemic during the period.”
Karooooo, which owns 100% of Cartrack Holdings, will report financial results for the fourth quarter and full year ended 28 February.
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