Karooooo Reports Its Fourth Quarter and Full Year 2022 Results
“In our first year as a NASDAQ listed company, we are pleased with our resilience and execution, delivering another quarter of strong subscriber growth, contributing to our subscriber base increasing by 17% in 2022 despite the persistent challenging operating environment. We made good inroads in delivering on our core strategic priorities, building for relevance and sustainability. As a technology partner, we continue to improve our platform and enhance our value proposition to our customers, giving them a competitive advantage in the dynamic and challenging environment they operate in.
Total revenue for 2022 is up 20% which equates to a 23% increase on a constant currency basis (a non-IFRS measure). Our decade-plus track record of growth, sustained profitability and a highly cash-generative business model, coupled with consistent innovation and strong customer acquisition, continues. At the end of 2022 we had more than 88,000 commercial customers.
We are excited about what we have built and continue to build. Our evolving end-to-end all-inclusive IoT platform, vertically integrated business model, established infrastructure, expanding distribution network and ability to execute and scale gives me comfort that we can continue scaling our customer base.
Execution on core strategic priorities in 2022 included the expansion of partnerships with Original Equipment Manufacturers which are a springboard for future collaboration, given our shared commitment to continually enhance the distinctive value proposition we offer our customers.
Our disciplined approach to capital allocation allows us to be profitable and highly cash-generative. Plenty of runway exists to remain profitable should we accelerate our revenue growth rate in excess of our average historical growth rate.
Karooooo (KARO) reported a net cash and cash equivalents balance of
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Source: Karooooo Limited (KARO)