Karooooo reports record earnings & cash generation for FY23 Q1
July 27 2022 - 4:18PM
Business Wire
Karooooo, which owns 100% of Cartrack, 100% of Carzuka and 70.1%
of Karooooo Logistics (Picup, re-named as Karooooo Logistics, given
the consolidation of platforms), is a leading provider of
insightful real-time data analytics and business intelligence.
Karooooo maximizes the value of data through its IoT SaaS cloud,
with an offering that extends beyond connected vehicles and
equipment to assisting more than 90,000 diverse enterprise
customers (Q1 2022: 76,000+) to digitally transform their
operations.
Assessing the results for the first quarter ended May 31, 2022
(“Q1 2023”), Zak Calisto, CEO and Founder, said: “With
record earnings and cash generation from operating activities, this
is a pleasingly solid start to our 2023 financial year (“2023”). It
confirms our robust business model and extends our decade-plus
track record of execution and ability to scale operations in
variable market conditions.
Despite global economic headwinds, specifically higher energy
and raw material prices and electronic component shortages, we
maintained the momentum in our top-line growth. Total revenue was
up 28% to ZAR801 million (Q1 2022: ZAR626 million). Revenue growth
coupled with ongoing operating efficiencies resulted in profit for
the period increasing 44% to ZAR156 million (Q1 2022: ZAR108
million) and earnings per share 42% to ZAR4.96 million (Q1 2022:
ZAR3.49). Strong free cash flow generation bolstered our robust
cash position, notwithstanding our investment in future growth. A
net cash and cash equivalents balance of ZAR854 million at the end
of Q1 2023 (Q4 2022: ZAR718 million; Q1 2022: ZAR 554 million)
supported an interim dividend of 60 U.S. cents per ordinary share,
declared on April 27, 2022.
The traction in our Southeast Asia operations was particularly
encouraging. As COVID-19 disruptions eased, we accelerated the
investment in our operations in this region. Among other
highlights, Coca-Cola selected Cartrack as their technology partner
in the Philippines to strengthen their operations.
Looking ahead, we believe we have multiple levers for expansion
and are well positioned to capitalize on a large and growing market
opportunity. Our ability to create compelling value from the
billions of data points we collect continues to improve,
differentiating our offering to enterprise customers. Underpinned
by our evolving end-to-end all-inclusive IoT platform, vertically
integrated business model, established infrastructure, expanding
distribution network and ability to execute, we believe that we
have proved that we can scale our customer base in varying market
conditions.”
Full earnings release and webinar details at
https://www.karooooo.com/
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220726005831/en/
Lauren Human +65 6876 7900 +27 73 287 6064
Karooooo (NASDAQ:KARO)
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