Karooooo's CEO outlines ambitious plans for expansion and profitability

KAROOOOO, which owns the vehicle tracking and fleet management solutions company Cartrack, has four difficult years behind it and is looking to the new financial year to build growth momentum, said the founder and CEO Zak Calisto.

- EDWARD WEST

Interviewed on Thursday at the release of the fourth quarter results to February 28, Calisto, who has expanded the group into Asia, Europe and South Africa, said they scaled up in the last two quarters by nearly 1 000 additional staff, and the company had moved into a new head office in Johannesburg, this after a period where operations were impacted by the Covid pandemic for two years, and by the work-from-home trend.

Karooooo's operating profit increased by 30% to R385 million in the fourth quarter and earnings per share increased 19% to R8.11. The number of Cartrack subscribers increased 17% to 2.3 million from 1.97 million. The group is ungeared with some R900m in cash.

Calisto said their biggest business remains in South Africa, and he believes the market still has "huge opportunities for growth." The group is aiming to double the size of its South African business in the next four years, he added.