South African tech tycoon Zak Calisto set for $27 million dividend from Karooooo

South African tech entrepreneur Zak Calisto, founder and CEO of Karooooo, is set for a $26.88 million payday after the Nasdaq-listed mobility Software-as-a-Service (SaaS) company declared a final dividend of more than $45 million, driven by stronger earnings and customer growth.

Karooooo raises dividend
Karooooo started in 2001 as a small vehicle recovery business in South Africa. Over the years, it has grown into a major player in global mobility and fleet management.

Based in Singapore, the global mobility company announced a dividend of $46.34 million for the year ended Feb. 28, 2026, a 20% increase over the prior year.

The $46.34 million dividend, set at $1.5 per share, highlights the Nasdaq- and JSE-listed firm’s drive as it pivots toward scaling global mobility insights through its Cartrack platform and expanding Southeast Asian footprint. 

The dividend will come from the bank’s retained earnings, which rose by 14.22% to R2.41 billion ($146.62 million), with shareholders set to receive $1.5 per share by July 2026. 

Calisto, who launched the business back in 2001 and serves as its CEO, owns a controlling 58% of the company, equivalent to 17.92 million shares. His holding will earn him $26.88 million, up from less than $25 million that he received from last year’s dividend.

Cartrack revenue surges on subscriber growth

The dividend announcement follows the recent release of Karooooo’s 2026 financial report. In its report for the 12 months ended February 28 2026, total revenue rose 20% from a year earlier from R4.57 billion ($277.59 million) to R5.48 billion ($332.77 million), led by solid growth in its core Cartrack business and expanding logistics operations. Subscription revenue increased 19% to R4.84 billion ($294.18 million) in FY 2026. This represents 98% of Cartrack’s total revenue.

Cartrack’s total revenue increased 19% to R4.94 billion ($300.19 million), driven primarily by the acquisition of new customers and selling Video and the Cartrack-Tag to existing customers.

Meanwhile, Karooooo Logistics, its last-mile delivery unit for business clients, recorded a 29% revenue increase to R540 million ($32.82 million), driven by the demand for e-commerce orders. Karooooo Logistics completed more than 8 million deliveries in FY 2026.

Karooooo’s assets climb to $305 million

Karooooo was founded in 2001 by South African billionaire Zak Calisto to provide a simple vehicle recovery solution. Since then, it has grown into a global player, now operating in 23 countries across five continents and serving more than 2.6 million active users.

With a strong balance sheet, Karooooo’s strong performance drove a 14.08% increase in total assets to R5.79 billion ($352.16 million), while retained earnings jumped 14.2% from R2.11 billion ($128.36 million) to R2.41 billion ($146.62 million) as of Feb. 28, 2026.

The recently announced $46.34 million dividend highlights both the company’s consistent performance and the trust shareholders have in its long-term plan to improve transportation management through data and technology.