Unaudited Second Quarter and Half Year 2023 Results
Unaudited Second Quarter and Half Year 2023 Results
(a public company incorporated and registered in the Republic of Singapore)
(Unique Entity Number: 201817157Z)
JSE share code: KRO NASDAQ share code: KARO
Short-form Announcement: Unaudited Second Quarter and Half Year 2023 Results
Karooooo, that owns 100% of Cartrack Holdings Limited (“Cartrack”), issued a press release announcing its
unaudited second quarter and half year results for the 6 months ended 31 August 2022 and included such
press release as an exhibit to its form 6-K (the “Report on Form 6-K”) dated 12 October 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 www.karooooo.com.
Second Quarter 2023 Highlights:
(Comparisons relative to Quarter 2, 2022, unless otherwise stated)
- 1,600,013 Cartrack subscribers in total at August 31, 2022, up 14% (Q2 2022: 1,408,609)
- Net Cartrack subscriber additions of 57,251, up 36% (Q2 2022: 42,139)
The growth in subscribers (connected vehicles and equipment on our platform) was supported by demand
from small to large enterprises wanting to digitally transform their businesses to grow, become more efficient
and remain competitive.
The traction we experienced in Southeast Asia in Q1 continued into Q2. Trading conditions in South Africa
continued to normalize, supported by the strong demand for Cartrack’s platform. Cartrack’s total net
subscriber additions for Q2 2023 exceeded 57,000, which is well above that recorded for any prior second
- Total revenue increased 30% to ZAR859 million (Q2 2022: ZAR659 million)
- Total revenue increased 29% on a constant currency basis (a non-IFRS measure)
- Subscription revenue increased 17% to ZAR734 million (Q2 2022: ZAR628 million)
- Subscription revenue increased 16% on a constant currency basis (a non-IFRS measure)
- SaaS Annualized Recurring Revenue (“ARR”), (a non-IFRS measure), increased 18% to ZAR2,966
million as at August 2022 (August 2021: ZAR2,523 million).
- Profit for the period increased 26% to ZAR155 million (Q2 2022: ZAR123 million)
- Earnings per share increased 28% to ZAR4.93 (Q2 2022: ZAR3.85)
- Cash generated from operating activities increased 42% to ZAR240 million (Q2 2022: ZAR169
Investors are referred to Karooooo’s full press release for the reconciliation of basic and diluted headline and
adjusted earnings per share and for the reconciliation of Karooooo’s basic and diluted earnings per share
and adjusted earnings per share.
This short-form announcement is the responsibility of the directors of Karooooo. This short-form
announcement is only a summary of the information in the full announcement (defined below) and does not
contain full or complete details. Any investment decision by investors and/or shareholders should be based
on consideration of, inter alia, the full announcement.
The full announcement (“full announcement”) includes the contents of the Report on Form 6-K as furnished
to the SEC dated 12 October 2022, being the press release incorporating the unaudited condensed
consolidated and combined financial statements of Karooooo for the second quarter and half year ended 31
The full announcement has been released on SENS today, 13 October 2022 and is available for viewing on
the Company’s website (www.karooooo.com) and at the following address:
The full announcement is available for inspection at the offices of the Company (10-Anson Road #12-14,
International Plaza, Singapore, 079903) at no charge during normal office hours on business days from
Thursday, 13 October 2022 to Thursday, 20 October 2022. Copies of the full announcement may also be
requested from the sponsor by emailing firstname.lastname@example.org.
Karooooo management will host a Zoom webinar on Thursday, October 13, 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: https://us02web.zoom.us/j/84564249714
Webinar ID: 845 6424 9714
- US (New York) Toll-free: +1 646 558 8656
- South Africa Toll-free: +27 87 551 7702
A replay will be available at www.karooooo.com approximately three hours after the conclusion of the live
About Karooooo Ltd.
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 1,600,000 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 IR@karooooo.com
Media Contact email@example.com
Thursday, 13 October 2022
Merrill Lynch South Africa Proprietary Limited
t/a BofA Securities
Date: 13-10-2022 07:05:00
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