Cartrack on a winning streak

Cartrack owner Karooooo has released its second quarter financial review for the period ended 31 August 2024, revealing significant growth in Cartrack’s operating profit, subscribers, and subscription revenue.

Karooooo Group CEO Zak Calisto said the company delivered another strong quarter of profitable growth in Q2 2025.

Cartrack’s subscriber numbers grew by 17%, from 1,832,708 in the second quarter of the 2023/24 financial year to 2,136,610 in the second quarter of the 2024/25 financial year.

By 31 August 2024, its subscription revenue had grown by 15% to R986 million, up from R860 million at the same time last year. This was coupled with a 16% increase in operating profit to R293 million.

The company noted that it broke its previous quarterly subscription revenue record during the quarter.

“Cartrack grew subscription revenue by 15% to a record ZAR983 million in Q2 2025,” it said.

“Subscription revenue equated to 98% of total revenue. Cartrack achieved net subscriber additions in the quarter, building on its solid track record of growing at scale.”

Karooooo also included a half-year financial review with its latest results, revealing that Cartrack subscription revenue during the first half of 2024/25 grew 15% year-on-year to R1.94 billion, which it noted is also a record.

At the same time, its operating profit climbed by nearly R100 million to R580 million.

“Cartrack continues to build on its strong track record of growing at scale,” Karooooo said.

Looking at South Africa specifically, Cartrack subscribers increased by 16% year-on-year to 1,616,071, with subscription revenue in the country growing by 15%.

“We believe that the economic environment in South Africa is improving,” said Karooooo.

Calisto noted that the company recently completed its move to the newly-built central Karooooo office in South Africa, which he says will help boost organic growth.

“We are confident that our move to our newly built central office in September 2024 positions us to support strong organic growth as it will allow us to expand our customer base and increase subscription sales to existing customers in the region,” said Karooooo.

“We believe that we are the largest and fastest growing enterprise mobility SaaS provider on the African continent.”