Zak Calisto’s Karooooo has recorded robust revenue, improved earnings growth and a significant increase in its commercial customers, which surpassed 100,000 in the third quarter of its 2023 fiscal year. This was disclosed via the company’s financial statement.
The South African Mogul’s Karooooo revealed that during the nine-month period, its profit surged to $26.6 million compared to $22 million, posted in the first nine months of 2022. The huge growth recorded during the period under review was supported by a double-digit per cent increase in revenue from $116 million to $150 million. The impressive financial performance of the mobility platform can be closely linked to robust subscriber growth. This also led to a strong demand for the firm’s services from small to large enterprises.
Notably, this awesome performance has pushed the assets and retained earnings of the mobility platform above $204.2 million and $82.4 million respectively.
Zak Calisto’s assessment of Karooooo’s performance
The South African businessman has attributed the 2023 third-quarter results to the unique strengths of the company’s operations. Calisto lauded the company’s vertically integrated business model and continuing efforts in product innovation and improvement. He also stressed that this uniqueness sets the company apart from its peers, and is key to its consistent and robust growth in the subscription avenue.
Calisto also believes this positions Karooooo for long-term success and competitiveness. He also prides himself on the over 100,000 commercial customers using the company’s operations cloud to streamline and optimize their operations.
What Calisto’s Karooooo does?
Founded in 2001, Karooooo, a global mobility software-as-a-service (SaaS) platform, was created solely to provide stolen car recovery services in South Africa. But it has grown to offer a mobility SaaS platform for connected vehicles in South Africa, the rest of Africa, Europe, Asia-Pacific, the Middle East, and the United States.
The addition of more than 87,000 new customers during the third quarter of the group’s current fiscal year enables Karooooo to empower over 100,000 diverse commercial customers in solving their daily challenges.
Known as one of Africa’s wealthiest technology entrepreneurs, Calisto has developed Karooooo into an international provider of smart transportation management solutions.
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