Karooooo Reports Its Fourth Quarter and Full Year 2022 Results
27 Aprile 2022 - 10:14PM
Business Wire
Karooooo Limited (“Karooooo”), that owns 100% of Cartrack, 100%
of Carzuka and 70.1% of Picup, today reported results for the
fourth quarter and full year of its financial year ended February
28, 2022 (“2022”).
“In our first year as a NASDAQ listed company, we are pleased
with our resilience and execution, delivering another quarter of
strong subscriber growth, contributing to our subscriber base
increasing by 17% in 2022 despite the persistent challenging
operating environment. We made good inroads in delivering on our
core strategic priorities, building for relevance and
sustainability. As a technology partner, we continue to improve our
platform and enhance our value proposition to our customers, giving
them a competitive advantage in the dynamic and challenging
environment they operate in.
Total revenue for 2022 is up 20% which equates to a 23% increase
on a constant currency basis (a non-IFRS measure). Our decade-plus
track record of growth, sustained profitability and a highly
cash-generative business model, coupled with consistent innovation
and strong customer acquisition, continues. At the end of 2022 we
had more than 88,000 commercial customers.
We are excited about what we have built and continue to build.
Our evolving end-to-end all-inclusive IoT platform, vertically
integrated business model, established infrastructure, expanding
distribution network and ability to execute and scale gives me
comfort that we can continue scaling our customer base.
Execution on core strategic priorities in 2022 included the
expansion of partnerships with Original Equipment Manufacturers
which are a springboard for future collaboration, given our shared
commitment to continually enhance the distinctive value proposition
we offer our customers.
Our disciplined approach to capital allocation allows us to be
profitable and highly cash-generative. Plenty of runway exists to
remain profitable should we accelerate our revenue growth rate in
excess of our average historical growth rate.
Karooooo reported a net cash and cash equivalents balance of
ZAR718 million at the end of 2022 (2021: ZAR76 million) after
raising ZAR349 million of net proceeds when Karooooo listed on the
NASDAQ in April 2021 and after paying ZAR70 million when acquiring
Picup in September 2021. Given our profitability, inherently
cash-generative business model and our strong balance sheet, the
board declared a dividend of 60 U.S. cents per share which shall be
payable entirely out of Karooooo’s retained earnings.“ Zak
Calisto, CEO and Founder.
Full release and webinar details at
https://www.karooooo.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20220427005910/en/
Investor Relations Phillipe Welthagen IR@karooooo.com
Media media@karooooo.com
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