Document And Entity Information
Document And Entity Information | 3 Months Ended |
May 31, 2024 | |
Document Information Line Items | |
Entity Registrant Name | KAROOOOO LTD. |
Document Type | 6-K |
Current Fiscal Year End Date | --02-28 |
Amendment Flag | false |
Entity Central Index Key | 0001828102 |
Document Period End Date | May 31, 2024 |
Document Fiscal Year Focus | 2025 |
Document Fiscal Period Focus | Q1 |
Entity File Number | 001-40300 |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Statements of Financial Position - ZAR (R) R in Thousands | May 31, 2024 | Feb. 29, 2024 |
Non-current assets | ||
Property, plant and equipment | R 2,127,250 | R 2,032,794 |
Capitalized commission assets | 398,017 | 374,521 |
Intangible assets | 78,355 | 83,123 |
Goodwill | 221,616 | 227,380 |
Loans to related parties | 28,200 | 28,200 |
Long-term other receivables and prepayments | 17,059 | 18,831 |
Deferred tax assets | 89,464 | 81,903 |
Total non-current assets | 2,959,961 | 2,846,752 |
Current assets | ||
Inventories | 4,914 | 6,582 |
Trade and other receivables and prepayments | 595,847 | 985,398 |
Income tax receivables | 8,668 | 8,714 |
Cash and cash equivalents | 996,054 | 459,527 |
Total current assets | 1,605,483 | 1,460,221 |
Total assets | 4,565,444 | 4,306,973 |
Equity | ||
Share capital | 7,131,059 | 7,142,853 |
Treasury shares | (3,461) | (23,816) |
Other capital reserve | (3,605,990) | (3,582,568) |
Common control reserve | (2,709,236) | (2,709,236) |
Foreign currency translation reserve | 278,709 | 330,812 |
Retained earnings | 2,025,066 | 1,803,482 |
Equity attributable to equity holders of parent | 3,116,147 | 2,961,527 |
Non-controlling interest | 39,762 | 40,935 |
Total equity | 3,155,909 | 3,002,462 |
Non-current liabilities | ||
Term loans | 39,809 | 41,645 |
Lease liabilities | 124,165 | 131,285 |
Deferred revenue | 121,784 | 121,302 |
Deferred tax liabilities | 68,551 | 69,840 |
Total non-current liabilities | 354,309 | 364,072 |
Current liabilities | ||
Term loans | 6,559 | 6,534 |
Trade and other payables | 465,729 | 446,284 |
Loans from related parties | 668 | 924 |
Lease liabilities | 61,458 | 63,055 |
Deferred revenue | 324,555 | 325,848 |
Bank overdraft | 46,496 | 23,362 |
Income tax payables | 148,270 | 73,375 |
Provision for warranties | 1,491 | 1,057 |
Total current liabilities | 1,055,226 | 940,439 |
Total liabilities | 1,409,535 | 1,304,511 |
Total equity and liabilities | R 4,565,444 | R 4,306,973 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Statements of Profit and Loss - ZAR (R) R in Thousands | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Profit or loss [abstract] | ||
Revenue | R 1,081,825 | R 996,787 |
Cost of sales | (334,416) | (370,248) |
Gross profit | 747,409 | 626,539 |
Other income | 1,682 | 2,328 |
Operating expenses | (449,344) | (404,493) |
Sales and marketing | (140,248) | (124,705) |
General and Administration | (221,494) | (198,263) |
Research and development | (57,609) | (49,651) |
Expected credit losses on financial assets | (29,993) | (31,874) |
Operating profit | 299,747 | 224,374 |
Finance income | 11,213 | 10,878 |
Finance costs | (5,634) | (2,174) |
Profit before taxation | 305,326 | 233,078 |
Taxation | (80,043) | (71,131) |
Profit for the quarter | 225,283 | 161,947 |
Profit attributable to: | ||
Owners of the parent | 221,584 | 157,481 |
Non-controlling interest | 3,699 | 4,466 |
Total Profit | R 225,283 | R 161,947 |
Earnings per share | ||
Basic earnings per share (ZAR) (in Rand per share) | R 7.17 | R 5.09 |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Statements of Profit and Loss (Parentheticals) - R / shares | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Profit or loss [abstract] | ||
Diluted earnings per share (ZAR) | R 7.17 | R 5.09 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income - ZAR (R) R in Thousands | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income [Abstract] | ||
Profit for the period | R 225,283 | R 161,947 |
Items that may be reclassified to profit or loss in future periods: | ||
Exchange differences on translating foreign operations | (53,133) | 90,918 |
Other comprehensive income for the period | (53,133) | 90,918 |
Total comprehensive income for the period net of income tax | 172,150 | 252,865 |
Total comprehensive income attributable to: | ||
Owners of the parent | 169,481 | 245,693 |
Non-controlling interest | 2,669 | 7,172 |
Total comprehensive income | R 172,150 | R 252,865 |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Changes in Equity - ZAR (R) R in Thousands | Share capital | Capital reserve | Common control reserve | Foreign currency translation | Retained earnings | Total attributable to owner of the parent | Non- controlling interest | Treasury shares | Other capital reserve | Total |
Balance at Feb. 28, 2023 | R 7,142,853 | R (3,582,568) | R (2,709,236) | R 245,109 | R 1,564,809 | R 2,660,967 | R 30,908 | R 2,691,875 | ||
Profit for the period | 157,481 | 157,481 | 4,466 | 161,947 | ||||||
Other comprehensive income | 88,212 | 88,212 | 2,706 | 90,918 | ||||||
Total comprehensive income for the period | 88,212 | 157,481 | 245,693 | 7,172 | 252,865 | |||||
Dividends | (499,516) | (499,516) | (499,516) | |||||||
Total transactions with owner | (499,516) | (499,516) | (499,516) | |||||||
Acquiring interest in subsidiaries without change in control | 512 | 512 | ||||||||
Total changes in ownership interest in subsidiaries | 512 | 512 | ||||||||
Balance at May. 31, 2023 | 7,142,853 | R (3,582,568) | (2,709,236) | 333,321 | 1,222,774 | 2,407,144 | 38,592 | 2,445,736 | ||
Balance at Feb. 29, 2024 | 7,142,853 | (2,709,236) | 330,812 | 1,803,482 | 2,961,527 | 40,935 | R (23,816) | R (3,582,568) | 3,002,462 | |
Profit for the period | 221,584 | 221,584 | 3,699 | 225,283 | ||||||
Other comprehensive income | (52,103) | (52,103) | (1,030) | (53,133) | ||||||
Total comprehensive income for the period | (52,103) | 221,584 | 169,481 | 2,669 | 172,150 | |||||
Cancellation of treasury shares | (11,794) | 23,816 | (12,022) | |||||||
Purchase of treasury shares | (3,461) | (3,461) | (3,461) | |||||||
Total transactions with owner | (11,794) | (3,461) | 20,355 | (12,022) | (3,461) | |||||
Repurchase and cancellation of ordinary shares of a subsidiary | (11,400) | (3,842) | (11,400) | (15,242) | ||||||
Total changes in ownership interest in subsidiaries | (11,400) | (3,842) | (11,400) | (15,242) | ||||||
Balance at May. 31, 2024 | R 7,131,059 | R (2,709,236) | R 278,709 | R 2,025,066 | R 3,116,147 | R 39,762 | R (3,461) | R (3,605,990) | R 3,155,909 |
Unaudited Interim Condensed C_6
Unaudited Interim Condensed Consolidated Statements of Cash Flows - ZAR (R) R in Thousands | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Cash flows from operating activities | ||
Profit before taxation | R 305,326 | R 233,078 |
Adjustments | 185,718 | 171,240 |
Depreciation on property, plant and equipment | 152,311 | 147,260 |
Amortization of capitalized commission assets | 24,323 | 19,039 |
Amortization of intangible assets | 14,679 | 14,490 |
Gain on disposal of property, plant and equipment | (450) | (1,024) |
Finance income | (11,213) | (10,878) |
Finance costs | 5,634 | 2,174 |
Provision for warranties charge | 434 | 179 |
Working capital adjustments | ||
Inventories | 1,668 | (18,865) |
Trade and other receivables and prepayments | 369,133 | (21,284) |
Trade and other payables | 24,511 | 20,424 |
Deferred revenue | 7,061 | (11,709) |
Capitalized commission assets | (50,642) | (34,598) |
Cash generated from operating activities | 842,775 | 338,286 |
Interest received | 11,213 | 10,878 |
Interest paid | (5,634) | (2,174) |
Income tax paid | (12,121) | (6,779) |
Net cash generated from operating activities | 836,233 | 340,211 |
Cash flows from investing activities | ||
Purchase of property, plant and equipment | (267,271) | (182,479) |
Purchase of property, plant and equipment – Telematics devices and equipment on hand | (191,884) | (141,148) |
Purchase of property, plant and equipment – Other | (75,387) | (41,331) |
Proceeds on disposal of property, plant and equipment | 562 | 3,488 |
Investment in intangible assets | (12,650) | (13,221) |
Acquisition of subsidiary, net of cash acquired | (5,102) | |
Net cash utilized by investing activities | (279,359) | (197,314) |
Cash flows from financing activities | ||
Repayment of related parties loans | (228) | |
Purchase of treasury shares | (3,461) | |
Repurchase and cancellation of ordinary shares of a subsidiary | (15,242) | |
Repayment of term loans | (1,551) | (3,473) |
Payments of lease liabilities | (17,616) | (15,200) |
Proceeds from related parties loans | 344 | |
Net cash utilized by financing activities | (38,098) | (18,329) |
Net increase in cash and cash equivalents | 518,776 | 124,568 |
Cash and cash equivalents at the beginning of the quarter | 436,165 | 965,750 |
Effect of exchange rate changes on cash and cash equivalents | (5,383) | 47,126 |
Cash and cash equivalents at the end of the quarter | R 949,558 | R 1,137,444 |
Basis of Preparation
Basis of Preparation | 3 Months Ended |
May 31, 2024 | |
Basis of Preparation [Abstract] | |
BASIS OF PREPARATION | 1. BASIS OF PREPARATION The unaudited interim condensed consolidated financial statements for the three months ended May 31, 2024 have been prepared in accordance with International Accounting Standards (“IAS”) 34 Interim Financial Reporting The Group has prepared the unaudited interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern. The unaudited interim condensed consolidated financial statements were approved for issue by the Directors on July 23, 2024. |
Use of Estimates and Judgements
Use of Estimates and Judgements | 3 Months Ended |
May 31, 2024 | |
Use of Estimates and Judgements [Abstract] | |
USE OF ESTIMATES AND JUDGEMENTS | 2. USE OF ESTIMATES AND JUDGEMENTS The preparation of the Group’s interim condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in the future periods. The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements. |
New Standards and Amendments Ad
New Standards and Amendments Adopted by the Group | 3 Months Ended |
May 31, 2024 | |
New Standards and Amendments Adopted by the Group [Abstract] | |
NEW STANDARDS AND AMENDMENTS ADOPTED BY THE GROUP | 3. NEW STANDARDS AND AMENDMENTS ADOPTED BY THE GROUP The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended February 29, 2024, except for the adoption of new standards effective as of March 1, 2024. The adoption of new standards does not have an impact on the interim condensed financial statements to the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. |
Segment Reporting
Segment Reporting | 3 Months Ended |
May 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 4. SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Group Chief Executive Officer (“CEO”), who makes strategic decisions. The Group organized its business units based on its products and services into the following reportable segments: - Cartrack is a provider of an on-the-ground operational Internet of Things (“IoT”) Software-as-a-service (“SaaS”) cloud that maximizes the value of transportation, operations and workflow data by providing insightful real-time data analytics to connected vehicles and equipment. - Carzuka is a physical and e-commerce vehicle buying and selling marketplace which allows customers to source, buy and sell vehicles efficiently and cost effectively. During the third quarter of the financial year of 2024, despite the growth experienced by Carzuka in South Africa, a decision was made to cease buying second hand vehicles in South Africa. This follows considerable interaction with motor dealerships across South Africa during these periods, who perceived Carzuka’s business interests to conflict with their business interests and Cartrack do not want to risk the long-standing strategic relationships that Cartrack has forged with motor dealerships across South Africa. There are many components within the Carzuka’s platform that had been built and developed and will continue to provide substantial value to the existing Cartrack fleet platform. As at February 29, 2024, Carzuka has been integrated into Cartrack’s broader operations. - Karooooo Logistics provides a software application enabling the management of last mile delivery and general operational logistics. This technology addresses the challenges of on-the-ground distribution for large enterprises requiring systems integrations, payment gateways, third-party long-haul services and crowd-sourced drivers in order to scale and meet their operational needs. The segment information provided to the Group CEO, for the reportable segments for the three months ended May 31, 2024 and May 31, 2023 are as follows: Figures in Rand thousands Cartrack Karooooo Total May 31, 2024 Subscription revenue 959,603 4,165 963,768 Other revenue 19,372 – 19,372 Vehicle sales 2,099 – 2,099 Delivery service – 96,586 96,586 Segment revenue 981,074 100,751 1,081,825 Segment operating profit 287,187 12,560 299,747 Depreciation and amortization 166,146 844 166,990 Capital expenditure 279,550 371 279,921 Figures in Rand thousands Cartrack Carzuka Karooooo Total May 31, 2023 Subscription revenue 834,232 - 2,165 836,397 Other revenue 19,197 - - 19,197 Vehicle sales - 81,563 - 81,563 Delivery service - - 59,630 59,630 Segment revenue 853,429 81,563 61,795 996,787 Segment operating profit/(loss) 231,901 (12,056 ) 4,529 224,374 Depreciation and amortization 160,189 1,098 463 161,750 Capital expenditure 195,408 47 245 195,700 Reconciliation of information on reportable segments to the amounts reported in consolidated financial statements For the Three Months Ended May 31, Figures in Rand thousands 2024 2023 Total segment operating profits 299,747 224,374 Finance income 11,213 10,878 Finance cost (5,634 ) (2,174 ) Consolidated profit before taxation 305,326 233,078 Information about geographical areas: Non-current operating assets 1 As of As of South Africa 1,825,015 1,714,719 Africa-Other 154,256 154,777 Europe 366,870 355,904 Asia-Pacific 2 484,438 498,361 2,830,579 2,723,761 1 Non-current operating assets consist of property, plant and equipment, capitalized commission assets, intangible assets, goodwill and prepayments. 2 Included in Asia-Pacific is non-current assets from Singapore amount to ZAR 174.5 million (February 29, 2024: ZAR 226.2 million). Information about revenue from geographical areas are disclosed in Note 10. There are no customers which contribute in excess of 10% of Group revenue for the quarter ended May 31, 2024 and May 31, 2023. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
May 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 5. PROPERTY, PLANT AND EQUIPMENT Acquisitions and disposals During the three months ended May 31, 2024, the Group acquired assets with a cost of ZAR 230.1 million (May 31, 2023: ZAR 150.0 million), excluding property under construction. The carrying amount of the property under construction at May 31, 2024 was ZAR304.1 Assets with net book value of ZAR 1.4 million were disposed by the Group during the three months ended May 31, 2024 (May 31, 2023: ZAR 4.5 million), resulting in a net gain on disposal of ZAR 0.5 million (May 31, 2023: ZAR 1.0 million). Capital commitments As at May 31, 2024, the Group has commitments for capital expenditure of ZAR 126.4 million (February 29, 2024: ZAR 151.7 million), relating to the redevelopment of its head office suite for South Africa. The total estimated redevelopment cost is ZAR 402.9 million. |
Goodwill
Goodwill | 3 Months Ended |
May 31, 2024 | |
Goodwill [Abstract] | |
GOODWILL | 6. GOODWILL Goodwill is allocated to the following cash generating units (CGUs): Cartrack - Mozambique, Portugal, Spain and Other and Karooooo Logistics. Cartrack Karooooo Figures in Rand thousands Mozambique Portugal Spain Other Logistics Total At March 1, 2023 82,277 34,469 24,432 12,989 58,314 212,481 Acquisition of subsidiary - - - 6,223 - 6,223 Translation adjustments 4,423 2,899 2,055 2,134 - 11,511 At May 31, 2023 86,700 37,368 26,487 21,346 58,314 230,215 At March 1, 2024 86,304 36,815 26,095 19,852 58,314 227,380 Translation adjustments (2,802 ) (1,179 ) (836 ) (947 ) - (5,764 ) At May 31, 2024 83,502 35,636 25,259 18,905 58,314 221,616 Impairment testing The Group performs its annual impairment test at the end of each financial year, or more frequently if there are indications that goodwill may be impaired. The recoverable amount of each cash-generating unit (CGU) with the exception of the Other CGUs and Cartrack Mozambique is determined using a discounted cash flow valuation technique. The Other CGUs and Cartrack Mozambique are valued on an earnings multiple basis. The key assumptions used to determine the recoverable amount for the different cash generating units were disclosed in the annual consolidated financial statements for the year ended February 29, 2024. Management has considered the carrying amount of goodwill as of May 31, 2024 and since there is no indicators for impairment of any of the CGUs, management has not updated any of the impairment calculations. Having assessed the future anticipated cash flows, management believes that any reasonably possible changes in key assumptions would not result in an impairment of goodwill. The Group considers the relationship between its market capitalization and its equity attributable to equity holders of the parent, among other factors, when performing the annual test of impairment. At May 31, 2024, the market capitalization of the Group exceeded the value of equity by ZAR 13.4 billion (February 29, 2024: ZAR 11.3 billion). |
Trade and Other Receivables and
Trade and Other Receivables and Prepayments | 3 Months Ended |
May 31, 2024 | |
Trade and Other Receivables and Prepayments [Abstract] | |
TRADE AND OTHER RECEIVABLES AND PREPAYMENTS | 7. TRADE AND OTHER RECEIVABLES AND PREPAYMENTS Figures in Rand thousands As of As of Trade receivables 587,478 554,107 Expected credit loss provision (175,848 ) (165,240 ) 411,630 388,867 Other receivables Deposits 13,663 500,646 Sundry debtors 35,854 24,656 Finance lease receivables 16,251 17,326 Subtotal 477,398 931,495 Prepayments 107,766 55,778 Other taxes 27,742 16,956 Total trade and other receivables and prepayments 612,906 1,004,229 Non-current 17,059 18,831 Current 595,847 985,398 612,906 1,004,229 As of February 29, 2024, short term deposits include deposits amounted to ZAR 485.7 million placed with a licensed bank for a term of 5 to 9 months and earns interests at the bank’s prevailing deposit rate. |
Cash and Cash Equivalents and B
Cash and Cash Equivalents and Bank Overdraft | 3 Months Ended |
May 31, 2024 | |
Cash and Cash Equivalents and Bank Overdraft [Abstract] | |
CASH AND CASH EQUIVALENTS AND BANK OVERDRAFT | 8. CASH AND CASH EQUIVALENTS AND BANK OVERDRAFT Figures in Rand thousands As of As of Cash on hand 557 1,965 Bank balances 230,002 457,366 Short-term deposits 765,495 196 Cash and cash equivalents in the consolidated statement of financial position 996,054 459,527 Bank overdrafts (46,496 ) (23,362 ) Cash and cash equivalents in the consolidated statement of cash flows 949,558 436,165 Current assets 996,054 459,527 Current liabilities (46,496 ) (23,362 ) 949,558 436,165 |
Share Capital, Treasury Shares
Share Capital, Treasury Shares and Reserves | 3 Months Ended |
May 31, 2024 | |
Share Capital, Treasury Shares and Reserves [Abstract] | |
SHARE CAPITAL, TREASURY SHARES AND RESERVES | 9. SHARE CAPITAL, TREASURY SHARES AND RESERVES Figures in Rand thousands As of As of Share Capital Issued and fully paid 30,900,000 (February 29, 2024: 30,951,106) ordinary shares of no 7,131,059 7,142,853 Treasury shares Figures in Rand thousands Treasury At March 1, 2023 - Treasury shares purchased 23,816 At February 29, 2024 23,816 Cancellation of treasury shares (23,816 ) Treasury shares purchased 3,461 At May 31, 2024 3,461 During the financial year ended February 29, 2024, the Company acquired 51,106 shares in the open market of which 14,637 shares are held in trust by Cartrack Holdings Proprietary Ltd. The total amount paid to acquire the shares was ZAR 23.8 million and this was presented as a component within shareholder’s equity. Subsequently, these shares are being cancelled with effect on May 24, 2024. During the quarter ended May 31, 2024, the Company acquired 6,700 shares in the open market, which are held in trust by Cartrack Holdings Proprietary Ltd. The total amount paid to acquire the shares was ZAR 3.5 million and this was presented as a component within shareholder’s equity. Subsequently, these shares are being cancelled with effect on June 18, 2024. Other capital reserve Figures in Rand thousands Capital reserve Other reserve Total At March 1, 2023 and February 29, 2024 3,582,568 - 3,582,568 Cancellation of treasury shares - 12,022 12,022 Repurchase and cancellation of ordinary shares of a subsidiary - 11,400 11,400 At May 31, 2024 3,582,568 23,422 3,605,990 |
Revenue
Revenue | 3 Months Ended |
May 31, 2024 | |
Revenue [Abstract] | |
REVENUE | 10. REVENUE The Group generates revenue by offering a full-stack smart mobility technology SaaS platform for connected vehicles and other assets, vehicles sales and delivery services. In the following table, revenue from contract with customers is disaggregated by revenue streams, primary geographical markets and timing of revenue recognition. For the Three Months Ended Figures in Rand thousands 2024 2023 Revenue from contracts with customers Subscription revenue - Cartrack 959,603 834,232 Subscription revenue - Karooooo Logistics 4,165 2,165 Other revenue - Cartrack Hardware sales 8,625 9,370 Installation revenue 7,578 7,157 Miscellaneous contract fees 3,169 2,670 Vehicle sales 2,099 81,563 Delivery service fees 96,586 59,630 Total revenue 1,081,825 996,787 Primary geographical markets South Africa 801,110 752,043 Africa-Other 35,449 39,026 Europe 96,326 81,147 Asia-Pacific*, Middle East and USA 148,940 124,571 1,081,825 996,787 Timing of revenue recognition Products and services transferred at a point in time 118,057 160,390 Services transferred over time 963,768 836,397 Total revenue 1,081,825 996,787 * Included in Asia-Pacific is revenue from Singapore amounted to ZAR 39.8 million (May 31, 2023: ZAR 39.0 million). |
Taxation
Taxation | 3 Months Ended |
May 31, 2024 | |
Taxation [Abstract] | |
TAXATION | 11. TAXATION The income tax expense for the three months ended May 31, 2024 was ZAR 80.0 million, compared to ZAR 71.1 million for the three months ended May 31, 2023. |
Dividend
Dividend | 3 Months Ended |
May 31, 2024 | |
Dividend [Abstract] | |
DIVIDEND | 12. DIVIDEND Dividend per share Dividend paid by the Company to owner of the Company On May 8, 2023, the Board of Directors declared an interim dividend of 85 U.S. cents per ordinary share, pertaining to the first quarter of Karooooo’s 2024 financial year. The dividends, amounting to ZAR 499.5 million in the aggregate, was paid on July 3, 2023. |
Related Parties
Related Parties | 3 Months Ended |
May 31, 2024 | |
Related Parties [Abstract] | |
RELATED PARTIES | 13. RELATED PARTIES In addition to the information disclosed in Note 7 in the interim condensed financial statements, the following transactions took place between the Group and related parties at the terms agreed between parties: Transactions with related parties For the Three Months Ended May 31, Figures in Rand thousands 2024 2023 Sales to related parties 8,127 5,419 Purchases from related parties 36,454 29,445 Rent paid to related parties 2,498 2,157 Included in the “Purchases from related parties” are transaction with Found (Pty) Ltd. Zak Calisto, the CEO of the Group, is a trustee of the Kubu Trust, a discretionary trust that is the ultimate beneficial owner of Found (Pty) Ltd. Zak Calisto undertook to be a trustee until the end of February 2024 and is not a beneficiary of the trust. As at June 2024, the regulatory process of registering Zak Calisto’s resignation as a trustee was still underway with the deed’s office. Upon completion, Found (Pty) Ltd will cease becoming a related party of the Group. |
Analysis of Assets and Liabilit
Analysis of Assets and Liabilities by Financial Instrument Classification | 3 Months Ended |
May 31, 2024 | |
Analysis of Assets and Liabilities by Financial Instrument Classification [Abstract] | |
ANALYSIS OF ASSETS AND LIABILITIES BY FINANCIAL INSTRUMENT CLASSIFICATION | 14. ANALYSIS OF ASSETS AND LIABILITIES BY FINANCIAL INSTRUMENT CLASSIFICATION The following table shows the carrying amounts and classification of financial assets and financial liabilities. Figures in Rand thousands As of As of Financial assets (at amortized cost) Loans to related party 28,200 28,200 Trade and other receivables (excludes prepayments and other taxes) 477,398 931,495 Cash and cash equivalents 996,054 459,527 1,501,652 1,419,222 Financial liabilities (at amortized cost) Loans from related parties 668 924 Trade and other payables (excludes other taxes) 421,642 398,153 Term loans 46,368 48,179 Bank overdraft 46,496 23,362 515,174 470,618 |
Fair value of Assets and Liabil
Fair value of Assets and Liabilities | 3 Months Ended |
May 31, 2024 | |
Fair Value of Assets and Liabilities [Abstract] | |
FAIR VALUE OF ASSETS AND LIABILITIES | 15. FAIR VALUE OF ASSETS AND LIABILITIES Fair value hierarchy The Group categorizes fair value measurement using a fair value hierarchy that is dependent on the valuation inputs used as follows: ● Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date. ● Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). ● Level 3: Unobservable inputs for the asset or liability Fair value measurements that use inputs of different hierarchy levels are categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. Assets and liabilities measured at fair value No assets and liabilities were measured at fair value as of May 31, 2024 and February 29, 2024. Assets and liabilities not measured at fair value, for which fair value is disclosed As of May 31, 2024, the fair value of loan to related party as disclosed in the table below is based on significant unobservable inputs (Level 3) and have been calculated by discounting the expected future cash flows using rates currently available for instruments on with similar terms, credit risk and remaining maturities. As of May 31, 2024 Figures in Rand thousands Carrying Aggregate Loan to related party 28,200 29,258 Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value Cash and cash equivalents, trade and other receivables, trade and other payables, term loans, loans from related parties, and lease liabilities. The carrying amounts of these financial assets and liabilities are reasonable approximation of fair values as they are short term in nature, market interest rate instruments. Fair value of financial instrument classes that are not carried at fair value and whose carrying amounts are not reasonable approximation of fair value There are no financial instruments that are not carried at fair value and whose carrying amounts are not reasonable approximation of fair value. |
Subsequent Events
Subsequent Events | 3 Months Ended |
May 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS In June 2024, The Standard Bank of South Africa Limited extended a loan of ZAR 250 million to Purple Rain Properties No.444 Proprietary Limited (the owner of the regional South Africa head office under construction) at South Africa Prime Rate less 1.5%. The loan will mature on December 21, 2025 and the funds were used to settle an intercompany loan. On July 18, 2024, the Board of Directors declared an interim dividend of 108 U.S. cents per ordinary share, pertaining to the first quarter of Karooooo’s 2025 financial year. The dividend is therefore not recognized as a liability as of May 31, 2024. The dividend will be payable on August 12, 2024 to Johannesburg Stock Exchange (“JSE”) shareholders and August 14, 2024 to Nasdaq shareholders. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
May 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information Provided to the Group CEO | The segment information provided to the Group CEO, for the reportable segments for the three months ended May 31, 2024 and May 31, 2023 are as follows: Figures in Rand thousands Cartrack Karooooo Total May 31, 2024 Subscription revenue 959,603 4,165 963,768 Other revenue 19,372 – 19,372 Vehicle sales 2,099 – 2,099 Delivery service – 96,586 96,586 Segment revenue 981,074 100,751 1,081,825 Segment operating profit 287,187 12,560 299,747 Depreciation and amortization 166,146 844 166,990 Capital expenditure 279,550 371 279,921 Figures in Rand thousands Cartrack Carzuka Karooooo Total May 31, 2023 Subscription revenue 834,232 - 2,165 836,397 Other revenue 19,197 - - 19,197 Vehicle sales - 81,563 - 81,563 Delivery service - - 59,630 59,630 Segment revenue 853,429 81,563 61,795 996,787 Segment operating profit/(loss) 231,901 (12,056 ) 4,529 224,374 Depreciation and amortization 160,189 1,098 463 161,750 Capital expenditure 195,408 47 245 195,700 |
Schedule of Reconciliation of Information on Reportable Segments to the Amounts Reported in Consolidated Financial Statements | Reconciliation of information on reportable segments to the amounts reported in consolidated financial statements For the Three Months Ended May 31, Figures in Rand thousands 2024 2023 Total segment operating profits 299,747 224,374 Finance income 11,213 10,878 Finance cost (5,634 ) (2,174 ) Consolidated profit before taxation 305,326 233,078 |
Schedule of Information about Geographical Areas | Information about geographical areas: Non-current operating assets 1 As of As of South Africa 1,825,015 1,714,719 Africa-Other 154,256 154,777 Europe 366,870 355,904 Asia-Pacific 2 484,438 498,361 2,830,579 2,723,761 1 Non-current operating assets consist of property, plant and equipment, capitalized commission assets, intangible assets, goodwill and prepayments. 2 Included in Asia-Pacific is non-current assets from Singapore amount to ZAR 174.5 million (February 29, 2024: ZAR 226.2 million). |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
May 31, 2024 | |
Goodwill [Abstract] | |
Schedule of Goodwill is Allocated to Cash Generating Units | Goodwill is allocated to the following cash generating units (CGUs): Cartrack - Mozambique, Portugal, Spain and Other and Karooooo Logistics. Cartrack Karooooo Figures in Rand thousands Mozambique Portugal Spain Other Logistics Total At March 1, 2023 82,277 34,469 24,432 12,989 58,314 212,481 Acquisition of subsidiary - - - 6,223 - 6,223 Translation adjustments 4,423 2,899 2,055 2,134 - 11,511 At May 31, 2023 86,700 37,368 26,487 21,346 58,314 230,215 At March 1, 2024 86,304 36,815 26,095 19,852 58,314 227,380 Translation adjustments (2,802 ) (1,179 ) (836 ) (947 ) - (5,764 ) At May 31, 2024 83,502 35,636 25,259 18,905 58,314 221,616 |
Trade and Other Receivables a_2
Trade and Other Receivables and Prepayments (Tables) | 3 Months Ended |
May 31, 2024 | |
Trade and Other Receivables and Prepayments [Abstract] | |
Schedule of Trade and Other Receivables and Prepayments | Figures in Rand thousands As of As of Trade receivables 587,478 554,107 Expected credit loss provision (175,848 ) (165,240 ) 411,630 388,867 Other receivables Deposits 13,663 500,646 Sundry debtors 35,854 24,656 Finance lease receivables 16,251 17,326 Subtotal 477,398 931,495 Prepayments 107,766 55,778 Other taxes 27,742 16,956 Total trade and other receivables and prepayments 612,906 1,004,229 Non-current 17,059 18,831 Current 595,847 985,398 612,906 1,004,229 |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Bank Overdraft (Tables) | 3 Months Ended |
May 31, 2024 | |
Cash and Cash Equivalents and Bank Overdraft [Abstract] | |
Schedule of Cash and Cash Equivalents and Bank Overdraft | Figures in Rand thousands As of As of Cash on hand 557 1,965 Bank balances 230,002 457,366 Short-term deposits 765,495 196 Cash and cash equivalents in the consolidated statement of financial position 996,054 459,527 Bank overdrafts (46,496 ) (23,362 ) Cash and cash equivalents in the consolidated statement of cash flows 949,558 436,165 Current assets 996,054 459,527 Current liabilities (46,496 ) (23,362 ) 949,558 436,165 |
Share Capital, Treasury Share_2
Share Capital, Treasury Shares and Reserves (Tables) | 3 Months Ended |
May 31, 2024 | |
Share Capital, Treasury Shares and Reserves [Abstract] | |
Schedule of Share Capital | Figures in Rand thousands As of As of Share Capital Issued and fully paid 30,900,000 (February 29, 2024: 30,951,106) ordinary shares of no 7,131,059 7,142,853 |
Schedule of Treasury Shares | Treasury shares Figures in Rand thousands Treasury At March 1, 2023 - Treasury shares purchased 23,816 At February 29, 2024 23,816 Cancellation of treasury shares (23,816 ) Treasury shares purchased 3,461 At May 31, 2024 3,461 |
Schedule of Other Capital Reserve | Other capital reserve Figures in Rand thousands Capital reserve Other reserve Total At March 1, 2023 and February 29, 2024 3,582,568 - 3,582,568 Cancellation of treasury shares - 12,022 12,022 Repurchase and cancellation of ordinary shares of a subsidiary - 11,400 11,400 At May 31, 2024 3,582,568 23,422 3,605,990 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
May 31, 2024 | |
Disclosure of Revenue Text Block [Abstract] | |
Schedule of Revenue from Contracts with Customers is Disaggregated by Revenue Streams | In the following table, revenue from contract with customers is disaggregated by revenue streams, primary geographical markets and timing of revenue recognition. For the Three Months Ended Figures in Rand thousands 2024 2023 Revenue from contracts with customers Subscription revenue - Cartrack 959,603 834,232 Subscription revenue - Karooooo Logistics 4,165 2,165 Other revenue - Cartrack Hardware sales 8,625 9,370 Installation revenue 7,578 7,157 Miscellaneous contract fees 3,169 2,670 Vehicle sales 2,099 81,563 Delivery service fees 96,586 59,630 Total revenue 1,081,825 996,787 Primary geographical markets South Africa 801,110 752,043 Africa-Other 35,449 39,026 Europe 96,326 81,147 Asia-Pacific*, Middle East and USA 148,940 124,571 1,081,825 996,787 Timing of revenue recognition Products and services transferred at a point in time 118,057 160,390 Services transferred over time 963,768 836,397 Total revenue 1,081,825 996,787 * Included in Asia-Pacific is revenue from Singapore amounted to ZAR 39.8 million (May 31, 2023: ZAR 39.0 million). |
Related Parties (Tables)
Related Parties (Tables) | 3 Months Ended |
May 31, 2024 | |
Disclosure of related party [Abstract] | |
Schedule of Transaction with Related Parties | Transactions with related parties For the Three Months Ended May 31, Figures in Rand thousands 2024 2023 Sales to related parties 8,127 5,419 Purchases from related parties 36,454 29,445 Rent paid to related parties 2,498 2,157 |
Analysis of Assets and Liabil_2
Analysis of Assets and Liabilities by Financial Instrument Classification (Tables) | 3 Months Ended |
May 31, 2024 | |
Analysis of Assets and Liabilities by Financial Instrument Classification [Abstract] | |
Schedule of Classification of Financial Assets and Financial Liabilities | The following table shows the carrying amounts and classification of financial assets and financial liabilities. Figures in Rand thousands As of As of Financial assets (at amortized cost) Loans to related party 28,200 28,200 Trade and other receivables (excludes prepayments and other taxes) 477,398 931,495 Cash and cash equivalents 996,054 459,527 1,501,652 1,419,222 Financial liabilities (at amortized cost) Loans from related parties 668 924 Trade and other payables (excludes other taxes) 421,642 398,153 Term loans 46,368 48,179 Bank overdraft 46,496 23,362 515,174 470,618 |
Fair value of Assets and Liab_2
Fair value of Assets and Liabilities (Tables) | 3 Months Ended |
May 31, 2024 | |
Fair value of Assets and Liabilities [Abstract] | |
Schedule of Loans to Related Party | As of May 31, 2024, the fair value of loan to related party as disclosed in the table below is based on significant unobservable inputs (Level 3) and have been calculated by discounting the expected future cash flows using rates currently available for instruments on with similar terms, credit risk and remaining maturities. As of May 31, 2024 Figures in Rand thousands Carrying Aggregate Loan to related party 28,200 29,258 |
Segment Reporting (Details)
Segment Reporting (Details) - ZAR (R) R in Millions | 3 Months Ended | ||
May 31, 2024 | May 31, 2023 | Feb. 29, 2024 | |
Segment Reporting [ Line Items] | |||
Segments | The segment information provided to the Group CEO, for the reportable segments for the three months ended May 31, 2024 and May 31, 2023 are as follows: | ||
Contribute excess percentage | 10% | 10% | |
Singapore [Member] | |||
Segment Reporting [ Line Items] | |||
Non-current assets | R 174.5 | R 226.2 |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule of Segment Information Provided to the Group CEO - ZAR (R) R in Thousands | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Schedule of Segment Information Provided to the Group CEO [Line Items] | ||
Subscription revenue | R 963,768 | R 836,397 |
Other revenue | 19,372 | 19,197 |
Vehicle sales | 2,099 | 81,563 |
Delivery service | 96,586 | 59,630 |
Segment revenue | 1,081,825 | 996,787 |
Segment operating profit/(loss) | 299,747 | 224,374 |
Depreciation and amortization | 166,990 | 161,750 |
Capital expenditure | 279,921 | 195,700 |
Cartrack [Member] | ||
Schedule of Segment Information Provided to the Group CEO [Line Items] | ||
Subscription revenue | 959,603 | 834,232 |
Other revenue | 19,372 | 19,197 |
Vehicle sales | 2,099 | |
Delivery service | ||
Segment revenue | 981,074 | 853,429 |
Segment operating profit/(loss) | 287,187 | 231,901 |
Depreciation and amortization | 166,146 | 160,189 |
Capital expenditure | 279,550 | 195,408 |
Karooooo Logistics [Member] | ||
Schedule of Segment Information Provided to the Group CEO [Line Items] | ||
Subscription revenue | 4,165 | 2,165 |
Other revenue | ||
Vehicle sales | ||
Delivery service | 96,586 | 59,630 |
Segment revenue | 100,751 | 61,795 |
Segment operating profit/(loss) | 12,560 | 4,529 |
Depreciation and amortization | 844 | 463 |
Capital expenditure | R 371 | 245 |
Carzuka [Member] | ||
Schedule of Segment Information Provided to the Group CEO [Line Items] | ||
Subscription revenue | ||
Other revenue | ||
Vehicle sales | 81,563 | |
Delivery service | ||
Segment revenue | 81,563 | |
Segment operating profit/(loss) | (12,056) | |
Depreciation and amortization | 1,098 | |
Capital expenditure | R 47 |
Segment Reporting (Details) -_2
Segment Reporting (Details) - Schedule of Reconciliation of Information on Reportable Segments to the Amounts Reported in Consolidated Financial Statements - ZAR (R) R in Thousands | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Schedule of Reconciliation of Information on Reportable Segments to the Amounts Reported in Consolidated Financial Statements [Abstract] | ||
Total segment operating profits | R 299,747 | R 224,374 |
Finance income | 11,213 | 10,878 |
Finance cost | (5,634) | (2,174) |
Consolidated profit before taxation | R 305,326 | R 233,078 |
Segment Reporting (Details) -_3
Segment Reporting (Details) - Schedule of Information about Geographical Areas - ZAR (R) R in Thousands | May 31, 2024 | Feb. 29, 2024 | |
Schedule of Information about Geographical Areas [Line Items] | |||
Total | [1] | R 2,830,579 | R 2,723,761 |
South Africa [Member] | |||
Schedule of Information about Geographical Areas [Line Items] | |||
Total | [1] | 1,825,015 | 1,714,719 |
Africa-Other [Member] | |||
Schedule of Information about Geographical Areas [Line Items] | |||
Total | [1] | 154,256 | 154,777 |
Europe [Member] | |||
Schedule of Information about Geographical Areas [Line Items] | |||
Total | [1] | 366,870 | 355,904 |
Asia-Pacific, Middle East & USA [Member] | |||
Schedule of Information about Geographical Areas [Line Items] | |||
Total | [1],[2] | R 484,438 | R 498,361 |
[1] Non-current operating assets consist of property, plant and equipment, capitalized commission assets, intangible assets, goodwill and prepayments. Included in Asia-Pacific is non-current assets from Singapore amount to ZAR 174.5 million (February 29, 2024: ZAR 226.2 million). |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - ZAR (R) R in Thousands | 3 Months Ended | ||
May 31, 2024 | May 31, 2023 | Feb. 29, 2024 | |
Property, Plant and Equipment [Abstract] | |||
Group acquired assets | R 230,100 | R 150,000 | |
Carrying amount property under construction | 304,100 | 109,000 | |
Borrowing costs capitalized amount | R 1,240 | 1,270 | |
Capitalization prime rate percentage | 1.15% | ||
Assets net book value | R 1,400 | 4,500 | |
Net gain on disposal | 500 | R 1,000 | |
Commitments for capital expenditure | 126,400 | R 151,700 | |
Estimated redevelopment cost | R 402,900 |
Goodwill (Details)
Goodwill (Details) - ZAR (R) R in Billions | Mar. 31, 2024 | Feb. 29, 2024 |
Goodwill [Abstract] | ||
Value of equity | R 13.4 | R 11.3 |
Goodwill (Details) - Schedule o
Goodwill (Details) - Schedule of Goodwill is Allocated to Cash Generating Units - ZAR (R) R in Thousands | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Schedule of Goodwill is Allocated to Cash Generating Units [Line Items] | ||
Balance, at beginning | R 227,380 | R 212,481 |
Acquisition of subsidiary | 6,223 | |
Translation adjustments | (5,764) | 11,511 |
Balance, at ending | 221,616 | 230,215 |
Mozambique [Member] | ||
Schedule of Goodwill is Allocated to Cash Generating Units [Line Items] | ||
Balance, at beginning | 86,304 | 82,277 |
Acquisition of subsidiary | ||
Translation adjustments | (2,802) | 4,423 |
Balance, at ending | 83,502 | 86,700 |
Portugal [Member] | ||
Schedule of Goodwill is Allocated to Cash Generating Units [Line Items] | ||
Balance, at beginning | 36,815 | 34,469 |
Acquisition of subsidiary | ||
Translation adjustments | (1,179) | 2,899 |
Balance, at ending | 35,636 | 37,368 |
Spain [Member] | ||
Schedule of Goodwill is Allocated to Cash Generating Units [Line Items] | ||
Balance, at beginning | 26,095 | 24,432 |
Acquisition of subsidiary | ||
Translation adjustments | (836) | 2,055 |
Balance, at ending | 25,259 | 26,487 |
Other [Member] | ||
Schedule of Goodwill is Allocated to Cash Generating Units [Line Items] | ||
Balance, at beginning | 19,852 | 12,989 |
Acquisition of subsidiary | 6,223 | |
Translation adjustments | (947) | 2,134 |
Balance, at ending | 18,905 | 21,346 |
Karooooo Logistics [Member] | ||
Schedule of Goodwill is Allocated to Cash Generating Units [Line Items] | ||
Balance, at beginning | 58,314 | 58,314 |
Acquisition of subsidiary | ||
Translation adjustments | ||
Balance, at ending | R 58,314 | R 58,314 |
Trade and Other Receivables a_3
Trade and Other Receivables and Prepayments (Details) R in Millions | Feb. 29, 2024 ZAR (R) |
Trade and Other Receivables and Prepayments [Abstract] | |
Deposits amount | R 485.7 |
Trade and Other Receivables a_4
Trade and Other Receivables and Prepayments (Details) - Schedule of Trade and Other Receivables and Prepayments - ZAR (R) R in Thousands | May 31, 2024 | Feb. 29, 2024 |
Schedule of Detailed Information About Trade and Other Receivables and Prepayments [Abstract] | ||
Trade receivables | R 587,478 | R 554,107 |
Expected credit loss provision | (175,848) | (165,240) |
Total trade receivables | 411,630 | 388,867 |
Other receivables | ||
Deposits | 13,663 | 500,646 |
Sundry debtors | 35,854 | 24,656 |
Finance lease receivables | 16,251 | 17,326 |
Subtotal | 477,398 | 931,495 |
Prepayments | 107,766 | 55,778 |
Other taxes | 27,742 | 16,956 |
Total trade and other receivables and prepayments | 612,906 | 1,004,229 |
Non-current | 17,059 | 18,831 |
Current | 595,847 | 985,398 |
Trade receivables | R 612,906 | R 1,004,229 |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Bank Overdraft (Details) - Schedule of Cash and Cash Equivalents and Bank Overdraft - ZAR (R) R in Thousands | May 31, 2024 | Feb. 29, 2024 |
Schedule of Cash and Cash Equivalents and Bank Overdraft [Abstract] | ||
Cash on hand | R 557 | R 1,965 |
Bank balances | 230,002 | 457,366 |
Short-term deposits | 765,495 | 196 |
Cash and cash equivalents in the consolidated statement of financial position | 996,054 | 459,527 |
Bank overdrafts | (46,496) | (23,362) |
Cash and cash equivalents in the consolidated statement of cash flows | 949,558 | 436,165 |
Current assets | 996,054 | 459,527 |
Current liabilities | (46,496) | (23,362) |
Total cash and cash equivalents and bank overdraft | R 949,558 | R 436,165 |
Share Capital, Treasury Share_3
Share Capital, Treasury Shares and Reserves (Details) - ZAR (R) R in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Feb. 29, 2024 | |
Share Capital, Treasury Shares And Reserves [Line Items] | ||
Treasury stock, share acquired | 6,700 | 51,106 |
Trust held shares | 14,637 | |
Acquire amount (in Rand) | R 3.5 | R 23.8 |
Share Capital, Treasury Share_4
Share Capital, Treasury Shares and Reserves (Details) - Schedule of Share Capital - ZAR (R) R in Thousands | May 31, 2024 | Feb. 29, 2024 |
Schedule of Share Capital [Abstract] | ||
Issued and fully paid 30,900,000 (February 29, 2024: 30,951,106) ordinary shares of no par value | R 7,131,059 | R 7,142,853 |
Share Capital, Treasury Share_5
Share Capital, Treasury Shares and Reserves (Details) - Schedule of Share Capital (Parentheticals) - R / shares | May 31, 2024 | Feb. 29, 2024 |
Schedule of Share Capital [Abstract] | ||
Ordinary shares, issued and fully paid | 30,900,000 | 30,951,106 |
Ordinary shares, par value |
Share Capital, Treasury Share_6
Share Capital, Treasury Shares and Reserves (Details) - Schedule of Treasury Shares - Treasury shares [Member] - ZAR (R) R in Thousands | 3 Months Ended | 12 Months Ended |
May 31, 2024 | Feb. 29, 2024 | |
Schedule of Treasury Shares [Line Items] | ||
Balance of Beginning | R 23,816 | |
Treasury shares purchased | 3,461 | 23,816 |
Ending balance | 3,461 | R 23,816 |
Cancellation of treasury shares | R (23,816) |
Share Capital, Treasury Share_7
Share Capital, Treasury Shares and Reserves (Details) - Schedule of Other Capital Reserve R in Thousands | 3 Months Ended |
May 31, 2024 ZAR (R) | |
Schedule of Other Capital Reserve [Line Items] | |
Balance of Beginning | R 3,582,568 |
Cancellation of treasury shares | 12,022 |
Repurchase and cancellation of ordinary shares of a subsidiary | 11,400 |
Balance of Ending | 3,605,990 |
Capital reserve [Member] | |
Schedule of Other Capital Reserve [Line Items] | |
Balance of Beginning | 3,582,568 |
Cancellation of treasury shares | |
Repurchase and cancellation of ordinary shares of a subsidiary | |
Balance of Ending | 3,582,568 |
Other reserves [Member] | |
Schedule of Other Capital Reserve [Line Items] | |
Balance of Beginning | |
Cancellation of treasury shares | 12,022 |
Repurchase and cancellation of ordinary shares of a subsidiary | 11,400 |
Balance of Ending | R 23,422 |
Revenue (Details)
Revenue (Details) - ZAR (R) R in Millions | 3 Months Ended | |
May 31, 2023 | May 31, 2024 | |
Singapore [Member] | ||
Revenue [Line Items] | ||
Revenue | R 39 | R 39.8 |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of Revenue from Contracts with Customers is Disaggregated by Revenue Streams - ZAR (R) R in Thousands | 3 Months Ended | ||
May 31, 2024 | May 31, 2023 | ||
Revenue from contracts with customers | |||
Subscription revenue - Cartrack | R 959,603 | R 834,232 | |
Subscription revenue - Karooooo Logistics | 4,165 | 2,165 | |
Other revenue - Cartrack | |||
Hardware sales | 8,625 | 9,370 | |
Installation revenue | 7,578 | 7,157 | |
Miscellaneous contract fees | 3,169 | 2,670 | |
Vehicle sales | 2,099 | 81,563 | |
Delivery service fees | 96,586 | 59,630 | |
Total revenue | 1,081,825 | 996,787 | |
Primary geographical markets | |||
Primary geographical markets, Total revenue | 1,081,825 | 996,787 | |
Timing of revenue recognition | |||
Timing of revenue recognition , Total revenue | 1,081,825 | 996,787 | |
Products and services transferred at a point in time [Member] | |||
Timing of revenue recognition | |||
Timing of revenue recognition | 118,057 | 160,390 | |
Services transferred over time [Member] | |||
Timing of revenue recognition | |||
Timing of revenue recognition | 963,768 | 836,397 | |
South Africa [Member] | |||
Primary geographical markets | |||
Primary geographical markets | 801,110 | 752,043 | |
Africa-Other [Member] | |||
Primary geographical markets | |||
Primary geographical markets | 35,449 | 39,026 | |
Europe [Member] | |||
Primary geographical markets | |||
Primary geographical markets | 96,326 | 81,147 | |
Asia-Pacific, Middle East and USA [Member] | |||
Primary geographical markets | |||
Primary geographical markets | [1] | R 148,940 | R 124,571 |
[1] Included in Asia-Pacific is revenue from Singapore amounted to ZAR 39.8 million (May 31, 2023: ZAR 39.0 million). |
Taxation (Details)
Taxation (Details) - ZAR (R) R in Thousands | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Taxation [Abstract] | ||
Income tax expense | R 80,043 | R 71,131 |
Dividend (Details)
Dividend (Details) R in Millions | Jul. 03, 2023 ZAR (R) |
Dividend [Abstract] | |
Dividends amount | R 499.5 |
Related Parties (Details) - Sch
Related Parties (Details) - Schedule of Transaction with Related Parties - ZAR (R) R in Thousands | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Related Parties [Abstract] | ||
Sales to related parties | R 8,127 | R 5,419 |
Purchases from related parties | 36,454 | 29,445 |
Rent paid to related parties | R 2,498 | R 2,157 |
Analysis of Assets and Liabil_3
Analysis of Assets and Liabilities by Financial Instrument Classification (Details) - Schedule of Classification of Financial Assets and Financial Liabilities - ZAR (R) R in Thousands | May 31, 2024 | Feb. 29, 2024 |
Loans to related party [Member] | ||
Financial assets (at amortized cost) | ||
Financial assets | R 28,200 | R 28,200 |
Trade and other receivables (excludes prepayments and other taxes) [Member] | ||
Financial assets (at amortized cost) | ||
Financial assets | 477,398 | 931,495 |
Cash and cash equivalents [Member] | ||
Financial assets (at amortized cost) | ||
Financial assets | 996,054 | 459,527 |
Total financial assets (at amortized cost) [Member] | ||
Financial assets (at amortized cost) | ||
Financial assets | 1,501,652 | 1,419,222 |
Loans from related parties [Member] | ||
Financial liabilities (at amortized cost) | ||
Financial liabilities | 668 | 924 |
Trade and other payables (excludes other taxes) [Member] | ||
Financial liabilities (at amortized cost) | ||
Financial liabilities | 421,642 | 398,153 |
Term loans [Member] | ||
Financial liabilities (at amortized cost) | ||
Financial liabilities | 46,368 | 48,179 |
Bank overdraft [Member] | ||
Financial liabilities (at amortized cost) | ||
Financial liabilities | 46,496 | 23,362 |
Total financial liabilities (other financial liabilities) [Member] | ||
Financial liabilities (at amortized cost) | ||
Financial liabilities | R 515,174 | R 470,618 |
Fair value of Assets and Liab_3
Fair value of Assets and Liabilities (Details) - Schedule of Loans to Related Party R in Thousands | May 31, 2024 ZAR (R) |
Schedule of Loans to Related Party [Abstract] | |
Carrying amount, Loan to related party | R 28,200 |
Aggregate fair value, Loan to related party | R 29,258 |
Subsequent Events (Details)
Subsequent Events (Details) - Non-Adjusting Event after Reporting Period [Member] R in Millions | 1 Months Ended |
Jun. 30, 2024 ZAR (R) | |
Subsequent Events [Line Items] | |
Extended loan | R 250 |
Prime rate | 1.50% |