FY Results – Cartrack’s subscriber base reached 1,717,077 by February 28, 2023, showing a 13% increase compared to the previous year. Net subscriber additions decreased by 13% to 191,105 in comparison to the previous year’s figure. Challenging trading conditions were experienced in South Africa during Q1 and Q4 of 2023, but strong net subscriber additions are observed in Q1 2024 as businesses aim to enhance efficiency, competitiveness, and compliance through digital transformation. Total revenue grew by 28% to R3.5 billion, with subscription revenue increasing by 17% to R3.0 billion, demonstrating significant growth for Cartrack.
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