Karooooo reports 26% profit jump

Karooooo, a leading technology company, recently reported a 26% jump in profits, much to the delight of shareholders and investors. The CEO, Zach Calisto, joined CNBC Africa to discuss the impressive financial performance and shed light on the company's future prospects. Calisto expressed satisfaction with the second quarter results, attributing the success to new initiatives that have driven revenue growth despite not yet being profitable. He highlighted the challenges faced in the South African market, describing it as a 'normalizing' environment where fuel and food price increases are becoming the new norm. Despite these challenges, Calisto remains optimistic about the potential for growth in South Africa. In contrast, he emphasized the vibrant economy of South Asia, where Karooooo has seen significant success due to a larger market size and diverse customer base. Calisto expressed confidence in the company's ability to continue improving and adding value to its customers, aiming for sustained growth in the coming quarters.