Netstar hits R2 billion in revenue

Netstar has announced that it has grown its subscriber base by 27% to 1.7 million, allowing revenue to climb to R2.1 billion over the past financial year.

This was according to Altron’s annual financial results, published on Monday.

The Altron Group saw a total operating profit of R210 million and a total revenue of R10.3 billion.

Netstar, which specialises in vehicle tracking technology, said this was primarily due to its 67 fitment centre partnerships, which helped decrease installation times and improve customer reach.

It also boasts a contract fulfilment rate of 94%, up 22% from the previous financial year.

Instalment conversion rates were also up, doubling from 32% to 66% since the previous statement.

Altron says this is due to a focus on pre-fitment conversion.

As a result, the total product count came to 2.3 million connected devices across the 1.7 million subscriber base, amounting to a total operating profit of R222 million.

This is the second-largest contribution to Altron’s “own platforms” operating profit after Altron Fintech, which increased this number to R289 million.

Netstar is launching the continent’s “largest and most advanced real-time global fleet bureau” to expand into the enterprise market.

This was a noticeable attempt, and the results showed it: enterprise customers grew by 33% compared to a 14% increase in consumer customers.

In the future, Netstar plans to expand into original equipment manufacturing (OEM), adding new OEMs such as Kinto and UD Trucks.

Netstar is also expanding into the Southeast Asian market through its Toyota partnership.

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Netstar hits R2 billion in revenue