Karooooo half-year revenue up 23%

Karooooo, a leading technology company, has reported a 23% increase in revenue for the first half of the year, showcasing impressive growth amidst the challenging economic landscape. Richard Schubert, Group Chief Operating Officer at Karooooo, shared insights on the company's performance in an interview with CNBC Africa's Fifi Peters. Schubert expressed satisfaction with the results of the recent quarter, highlighting a 13% growth in operating profit and a significant 31% increase in subscribers. The positive growth was driven by key markets such as South Africa and Asia, where Karooooo continues to see great potential for expansion. Despite the uncertainties in the macroeconomic environment, the value proposition offered by Karooooo to its subscribers has proven resilient, leading to sustained growth and profitability. Moving forward, Schubert remains optimistic about the company's growth prospects, citing the continued demand for technology solutions in the automotive industry. One of the key drivers of Karooooo's success is its focus on leveraging artificial intelligence (AI) to enhance its offerings. The company's investments in AI, particularly in video telematics for driver behavior detection, have yielded positive results and reinforced its position as an industry leader. As Karooooo navigates the current economic challenges, Schubert emphasized the importance of providing value-added services to customers to support their business operations and boost profitability. While acknowledging the heightened risks in the SME segment, Schubert outlined plans to address customer needs and mitigate potential headwinds in the upcoming quarter. By enhancing product offerings and improving customer service, Karooooo aims to sustain its growth trajectory and drive continued success in the market.