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Fin24 reports that Karooooo, the owner of Cartrack, says that not only has load shedding failed to derail a decade of double-digit subscriber growth in SA, it is also looking to employ another 2,000 people in the country over the next few years.
SA's biggest vehicle tracker was still benefiting from its customers' pursuit of efficiency and competitive advantage, CEO Zak Calisto said on Tuesday. It was also yet to fully leverage its massive data pool on vehicle activity to benefit its growth businesses, vehicle-trading business Carzuka, and Karooooo Logistics, he indicated. The company, valued at about R13 billion on the JSE, reported on Tuesday that subscribers in its core Cartrack business grew 13% to over 1.7 million in its year to end-February, with its attributable profits up a third to about R600 million. The company is also eyeing as many as 2.1 million subscribers for its 2024 year, which would represent growth of 23.5%. Calisto said the group was looking to add about 300 people in SA in its 2024 year, and about 2,000 over the next few years. It has recently put R72 million towards developing its new central SA office in Rosebank, Johannesburg. Singapore-headquartered Karooooo, which was founded by Calisto in 2001, started off as a vehicle track-and-trace company and listed on the JSE in 2014. It now employs about 3,900 staff, and services have grown to include software mobility solutions for fleets and insurance analytics, security and safety for commercial customers.
- Read the full original of the report in the above regard by Karl Gernetzky at Fin24 (subscriber access only)
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