Karoooos, a Singapore-based group owning Cartrack and Karoooos Logistics, reported record subscriber growth for its vehicle tracking business in FY2027.Cartrack's subscriber base grew 18% to over 2.8 million by May 2026, adding 142,472 net subscribers in the quarter—a 70% increase from the previous year.This growth boosted subscription revenue by 19% to R1.35bn, with annualised recurring revenue reaching R5.43bn.Group operating profit rose 16%, while adjusted earnings per share increased by 11%.Cartrack's operating profit also climbed 16%, though its margin narrowed to 28% from 30%.Karoooos Logistics saw 46% revenue growth in its B2B delivery service, with operating profit up 50%.CEO Zak Calisto emphasized continued focus on expanding the customer base and leveraging AI and product innovation.

The company remains on track to meet full-year targets, with expectations of 18-24% subscription revenue growth and up to 30% profit margin improvement.

Free cash flow dropped to R60m from R338m due to investments in IoT devices, but confidence in long-term growth through AI and customer experience remains strong.