“We are satisfied with the inroads made in all spheres of our business, as reflected in the growth in profitability and cash flow generated from operations,” commented [DATA DGC:DIGICORE LTD.], a subsidiary of the Ctrack brand.
The group which specialises in fleet management and vehicle tracking posted an increase of 16 percent in earnings before interest, taxes, depreciation, and amortization to 67.2 million rand.
Net cash generated from operations increased 3.4 percent to 58 million rand while profit before tax rose 55 percent to 22.1 million rand.
Total revenue also increased 3 percent to 14 million rand, with 7.5 million rand related to international operations and the balance to South African operations.
The group’s total operations currently spans across six continents with over 1000 employees and 780,000 systems sold.
The focus in their South African operations includes continued investment into sales skills through a mix of training and recruitment to meet market demands, moving their fleet sales focus to a more consultative approach as well as the launch of Ctrack On-The-Road, which has generated large interest mong transporters wanting to optimise their fleets.
The company also stated that they continue to experience success in the mining industry as well as in the logistics and fast moving consumer goods space.
“The mining sector in Africa is still a key contributor to Ctrack Africa's success,” said the company.
Discovery Insure installations has risen over 51,000 Ctrack insurance telematics systems to date.
“Strong growth is expected in coming years as the market becomes more aware of the concept of rewarding better and safer driving habits,” continued the statement.
Their Europe and United Kingdom operations however remained under pressure due to the region’s tough economic climate, resulting in Ctrack generating a loss of 380,000 euros.
In Australia and New Zealand however, Ctrack continues to trade profitably in the targeted industry segments such as insurance telematics, mining, heavy vehicle and fleet while sales in their Asia and Middle East markets has grown compared to last year.
“Sales in Asia and the Middle East have grown compared to last year. Ctrack's footprint now includes the United Arab Emirates, Jordan and Oman in the Middle East. In Asia, Singapore, Malaysia, Thailand and Indo-China are now connected, resulting in customers using the Asian Road Network with Ctrack's roaming and free tracking services under the Transported Asset Protection Association (TAPA),” added the company.
“We will continue to drive sales, streamline factory efficiencies, manage our debtors, and close any gaps in the cycle from installation to billing by automation and daily reporting.”