Fleet management solutions company DigiCore achieved an after-tax profit of R11.07 million for the six months to 31 December, 21.3% up from the R9.12 million for the prior-year period.
Revenue increased by 14.5% from R80.44 million to R92.09 million, while the net operating profit rose 5.7% from R12.14 million to R12.82 million. Headline earnings of 5.1c a share compare with 4.1c previously.
South African unit sales of the group`s C-Track product increased by 62% over the previous comparable period.
CEO Nick Vlok says exports to Pakistan, generating 58% of international shipments, have been particularly strong. The group has established an initiative with associate Trakker Pakistan to develop markets in the Middle East and Asia.
The group has, over the past five months, focused on opening the Brazilian and Nigerian markets through partnerships.
"To manage measured growth, opportunities have to be weighed against one another in ensuring optimal benefit for shareholders over the long haul," says Vlok.
He says since the group already has 70% of the local market, the South African fleet management solutions industry presents limited opportunity for sizeable acquisitions that can add value to DigiCore.
"We believe that our shareholders are currently best served by utilising the cash reserve we have amassed in reducing the number of issued shares, rather than venturing into unknown markets. Management intends to stick to core business by maximising existing undertakings such as our joint venture with Tracker Networks (South Africa)."