Business
Karooooo Limited (owner of Cartrack Holdings) Announces Fourth Quarter and Full Year 2021 Results
Fourth Quarter Revenue Increased 21% to ZAR616 million Fourth Quarter net subscriber additions of 59,911, up 59% SINGAPORE, May 6, 2021 /PRNewswire/ --
About this update from Karooooo Ltd.
[{"type":"text","content":"Fourth Quarter Revenue Increased 21% to ZAR616 million\n Fourth Quarter net subscriber additions of 59,911, up 59%\n\n\nSINGAPORE, May 6, 2021 /PRNewswire/ -- Karooooo Ltd. (\"Karooooo\"), that owns 100% of Cartrack Holdings (\"Cartrack\"), as of April 21, 2021 today reported financial results for the fourth quarter and full year ended February 28, 2021. \n\n \n \n \n \n \n \n\n \n\"We are committed to our mission, to build the leading mobility SaaS platform that maximizes the value of data, which drove our strong fourth quarter and full year 2021 result. This result was supported by our continuous innovation, adaptability and resilience during a challenging pandemic.\" said Zak Calisto, founder and CEO of Karooooo and Cartrack. \"Our robust subscription-based business model, combined with a strategic broad industry approach, low customer and industry concentration risk with strategic and prudent capital allocation allowed us to add 59,911 net new subscribers in the fourth quarter (59% higher than in the fourth quarter of 2020), growing revenues and earnings in this unprecedented economic environment. Looking ahead we remain focused on achieving scale, investing in our digital platform and expanding within our geographies. Our NASDAQ IPO is a stepping stone in this journey - we feel like a start-up and are excited about the future.\" \nImportant note: At year end, February 28, 2021, the period end reported on in this announcement, Karooooo was a privately owned company fully owned by Zak Calisto (founder and CEO of Cartrack) and Cartrack was listed as a public company on the Johannesburg Stock Exchange (JSE). Karooooo was a non-operating entity, with its only asset being 68.1% of Cartrack owning 203,328,943 of Cartrack's 298,766,000 shares in issue. Karooooo listed on the NASDAQ on April 1, 2021 and currently has 21,540,394 shares in issue of which 20,332,894 are founder held shares. By April 21, 2021 Karooooo had bought out all of the minority shareholders of Cartrack and had delisted Cartrack from the JSE. Karooooo concluded an inward secondary listing on the JSE on this date (April 21, 2021) and issued a further 9,410,712 shares to eligible Cartrack shareholders. 99% of all minority shareholders bought out by Karooooo opted to reinvest the proceeds of the sale of their Cartrack shares into Karooooo. Transaction costs related ...