Unaudited First Quarter 2023 Results

Unaudited First Quarter 2023 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 2023 Results
Karooooo, that owns 100% of Cartrack Holdings Limited (“Cartrack”), issued a press release announcing its
unaudited first quarter results for the 3 months ended 31 May 2022 and included such press release as an
exhibit to its form 6-K (the “Report on Form 6-K”) dated 27 July 2022 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 2023 Highlights:
(Comparisons are relative to the First Quarter 2022, unless otherwise stated)


    -   1,542,772 subscribers in total at May 31, 2022, up 13% (Q1 2022: 1,366,470)

    -   Net subscriber additions of 16,800 (Q1 2022: 60,470)

Demand from small to large enterprises, wanting to digitally transform their businesses to remain competitive,
supported the growth in subscribers (connected vehicles and equipment on our platform). The traction we
experienced in Southeast Asia accounted for most net subscriber additions in this segment.

The sudden significant increases in inflation in many markets globally and flooding in the KwaZulu Natal
province from April 2022 initially dampened sales in South Africa with customers exercising more caution
amidst looming inflationary pressures. This also translated into higher than normal customer payment defaults.
These conditions held our South African subscriber base at similar levels to the previous quarter (Q4 2022).
However, trading conditions in South Africa appear to have normalized quickly given the strong demand for
Cartrack’s platform and Cartrack’s total net subscriber additions for June 2022 exceeding 18,000, which is
above that recorded for the full first quarter of 2023 (March 2022 to May 2022).

Given the value we offer our customers in saving costs and increasing operational productivity, we are
confident to leave our outlook for subscriber growth in 2023 unchanged.


    -   Total revenue increased 28% to ZAR801 million (Q1 2022: ZAR626 million)

    -   Total revenue increased 28% on a constant currency basis (a non-IFRS measure)

    -   Subscription revenue increased 17% to ZAR709 million (Q1 2022: ZAR606 million)

    -   Subscription revenue increased 17% on a constant currency basis (a non-IFRS measure)

    -   SaaS Annualized Recurring Revenue (“ARR”), (a non-IFRS measure), increased 14% to ZAR2,851
        million as at May 2022 (May 2021: ZAR2,491 million).

    -   Profit for the period increased 44% to ZAR156 million (Q1 2022: ZAR108 million)

    -   Earnings per share increased 42% to ZAR4.96 (Q1 2022: ZAR3.49)

    -   Cash generated from operating activities increased 17% to ZAR319 million (Q1 2022: ZAR273 million)

Webinar Information
Karooooo management will host a Zoom webinar on Thursday, July 28, 2022 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: 891 9911 7604


        -    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, 28 July 2022

Merrill Lynch South Africa Proprietary Limited
t/a BofA Securities

Date: 28-07-2022 07:05:00
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