Johannesburg - Mix Telematics, a South African maker of car tracking devices and fleet management software, plans to triple the number of vehicles using its products as it expands in new markets including Brazil.
“Our target is a million subscribers over the next three to four years” compared with 359,000 vehicles now, chief executive Stefan Joselowitz, 54, said today in a mobile-phone interview.
Mix shares gained 13 percent to 3.5 rand by 10:20 a.m. in Johannesburg, the most on an intraday basis since February 28.
The stock has gained 21 percent this year, compared with a 4.2 percent rise in the 166-member FTSE/JSE Africa All Shares Index.
Mix is targeting new markets such as Brazil, Argentina, Colombia and Mexico and opened its seventh international office in Sao Paulo in April, Joselowitz said.
New products and acquisitions will help the Cape Town-based company achieve the 1 million vehicle target, according to the chief executive.
Full-year profit for the 12 months through March rose 24 percent to 128 million rand ($12.6 million), the company said in a statement today.
Sales rose 15 percent to 1.17 billion rand.
“It’s a historical growth for us,” Joselowitz said.
“We have plans to accelerate growth in the next couple of years.” - Bloomberg News