Longhorn Kenya posts 37% increase in profit

Longhorn Kenya posts 37% increase in profit

- in Business, News

Longhorn Kenya has announced a 37 per cent increase in their net profit for the year ended June 30, 2018 to Sh183 million compared to Sh133 million last year.

The publisher’s turnover went up to 17 per cent to Sh1.6 billion against the previous year turnover of Sh1.4 billion.

Acting CEO Maxwell Wahome attributed the growth to increase in sales the primary sector, entry into new markets and growth of the digital offering.

The company’s liquidity position remains strong, having recorded a 76 per cent improvement in the net cash generated from the Group’s operations.

Currently, the publisher has digitised about 400 books which have reached over 500,000 online readers so far.

In the next three years, the NSE listed firm intends to reach 10 million readers, Wahome said they have pumped in Sh100 million in the project.

“As we embark on a new strategic plan for the period 2018-2021, we will increase our focus on growing digital products and expanding into new territories within Southern Africa and Francophone territories by offering innovative country-specific learning solutions,” outgoing MD Simon Ngigi said.

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