KARO News & Events

Cartrack, a subsidiary of Karooooo Limited, has announced a strategic long-term partnership with the Maharishi Invincibility Institute to empower youth from marginalised communities through access to skills development and education, aimed at expanding employment opportunities and reducing the unemployment rate for youth in South Africa. "Our focus is on building sustainable futures and creating real opportunities for unemployed youth from marginalised communities across South Africa," says Joshua Victor, CEO of Cartrack South Africa. "By working closely with the Maharishi Invincibility Institute over the long term, we are able to broaden our impact by combining academic foundations with practical workplace experience. This creates a more complete pathway for young people, enabling them to move between learning and work in a structured and supportive way."

The company also reported Q3 subscription revenue ZAR 1.24B, up 20% y/y. ""Our Q3 performance reflects our consistent and disciplined track record of growing our business at scale. We continued to accelerate our subscription revenue while experiencing record net subscriber additions. Cartrack's quarterly subscription revenue increased 20% to ZAR1,236 million and ARR increased 22% to ZAR5,106 million, representing a significant acceleration in growth compared to Q3 of the previous year where subscription revenue and ARR each increased 14%. Importantly, our Q3 ARR growth of 22% also accelerated compared to 20% in the previous quarter, and our ARR increased 28% in USD to USD298 million. Q3 also delivered record net subscriber additions, supported by our accelerated growth strategy. Significant customer expansion and increased adoption of our Video and Cartrack Tag solutions drove this acceleration. While accelerated growth creates timing differences between up-front growth-related expenses, such as sales and marketing expenses, and their realization of future revenue, we believe that accelerating growth - when executed efficiently and supported by strong unit economics and our healthy balance sheet - is the appropriate strategy to drive long-term shareholder value. We expect our ongoing investment in distribution capacity to create durable advantages that extend beyond the current financial year. Finally, we remain firmly committed to disciplined capital allocation, strong unit economics and our vertically integrated and open operating culture," said Zak Calisto, Group CEO of Karooooo.