Karooooo today reported record earnings and cash generation for first quarter 2023. Karooooo Cartrack FleetManagement
JSE-listed Karooooo is gaining traction in Southeast Asia operations, as the company expands the market for its fleet management solutions.
The vehicle tracking system market is expected to reach $18.89 billion by 2026, according to Pragma Market Research. On Karooooo’s growth in Asia, Calisto says: “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.”a deal with Coca-Cola in the Philippines to manage almost 3 000 trucks and over 2 000 sales service vehicles on Cartrack’s mobility platform.
“Total revenue was up 28% to R801 million . Revenue growth coupled with ongoing operating efficiencies resulted in profit for the period increasing 44% to R156 million and earnings per share 42% to R4.96 million .
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