Company: KARO
Filing Date: 2025-06-09
Form Type: 20-F
Source: 0001213900-25-052372
Chunk: 101

Company: Karooooo Ltd.
Filing Date: 2025-06-09
Form: 20-F
Item: Item 4A
Chunk 101
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 Adjusted basic and diluted earnings per share (a non-IFRS measure) (2)                                                                                              1.70                              31.67      23.85        19.29    

  (1)      For convenience purposes only, amounts in South African rand as at February 28, 2025                                                           

  (2)      Adjusted earnings per share, a non-IFRS measure, is defined as earnings per share                                                             

  (3)      We have elected to omit discussion of the earliest of the three years covered by                                                              
           our consolidated financial statements presented in this annual report because the disclosure as at and for the financial year ended February  
           28, 2023 was included in our annual report on Form 20-F (File No. 001-40300), filed with the SEC on June 13, 2024, under the section titled   
           “ Item 5. Operating and Financial Review and Prospects.”                                                                                      
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Comparison of Results for the Year Ended February 28,
2025 and February 29, 2024

Revenue

Excluding Carzuka, Karooooo’s total revenue
increased 16% to ZAR 4,567.4 million. For the financial year ended February 29, 2024, Carzuka generated ZAR 274.8 million in revenue.

Cartrack’s subscription
revenue increased by ZAR 532.5 million, or 15%, to ZAR 4,055.4 million for the financial year ended February 28, 2025 from ZAR 3,522.8
million for the financial year ended February 29, 2024. Subscription revenue growth was driven primarily by subscriber growth. Cartrack’s
net subscriber growth increased 30% to 330,704 for the financial year ended February 28, 2025 from 254,455 for the financial year ended
February 29, 2024.

Karooooo Logistics’s revenue
increased 33% to ZAR 420.3 million (2024: ZAR 317.0 million). Karooooo Logistics focuses on delivery-as-a-service (“ DaaS”)
through selected third-party sourced drivers and logistics companies, and charges per delivery. The business model is highly scalable
and is delivering attractive growth.

Cost of Revenue

Excluding Carzuka, Kar