An analysis of JSE-listed tech stock performance in 2024, highlighting WeBuyCars’ strong debut and other notable gainers and losers.
JSE Tech Stocks Performance: Winners and Losers of 2024
2024 proved to be a generally positive year for South African technology companies listed on the Johannesburg Stock Exchange (JSE). A majority of these firms saw their share prices and market capitalization climb, with some experiencing substantial growth. This overview examines the JSE Tech Stocks Performance, focusing on key winners and a few that faced challenges.
WeBuyCars: A Strong Market Debut
WeBuyCars, which listed on the JSE in April 2024, was the standout performer. Although classified as a technology company due to its use of proprietary technology, big data, machine learning, and AI in its valuation and sales processes, it primarily operates in the used car market. The rising consumer interest in pre-owned vehicles likely contributed to its success.
- Initial Listing Price: R20 per share
- End-of-Year Price: ~R43 per share
- Growth: ~115%
- 2024 Revenue Increase: 16.5%
- R1,000 Investment Value by Year-End: ~R2,152
While WeBuyCars reported a decline in total profit for its 2024 financial year—partly due to one-off listing costs and fair value losses on derivatives—its core headline earnings showed strong growth, reflecting solid operational performance.
Altron and Karooooo: Vehicle Tracking Boosts Performance
Altron
Altron, a long-standing South African tech manufacturer, had an impressive year driven largely by its Netstar vehicle and asset tracking business.
- Share Price Increase: 104%
- R1,000 Investment Value by Year-End: R2,038
Karooooo
Karooooo, the parent company of Cartrack, also showed strong gains. Demand for real-time fleet and asset tracking services supported its performance.
- Share Price Increase: 84%
- R1,000 Investment Value by Year-End: R1,836
Other Notable Performers and Underperformers
Top Gainers
Other tech firms that posted notable gains in 2024 include:
- iOCO (formerly EOH): +70%
- ISA Holdings: +45%
- Naspers: +36%
- Prosus: +35%
- Datatec: +25%
- Mustek: +23%
- Capital Appreciation: +17%
Declining Stocks
However, some companies struggled:
- PBT Group: -18%
- Ayo Technology: -29%
- Bytes Technology: -30%
- Sebata Holdings: -51%
Final Thoughts: Is South African Tech a Smart Investment?
Despite mixed results across the board, the strong overall performance of JSE-listed tech stocks in 2024 points to renewed investor confidence in the sector. The standout growth of WeBuyCars, along with the consistent success of Altron and Karooooo, emphasizes the rising value in vehicle-related tech and data-driven business models.
Which South African tech stocks do you think will perform well in the future? Share your predictions in the comments below!
