Longhorn Publishers reports a 29% increase in its full year after tax profits for the year ended 30th June 2017
Longhorn Publishers announced its full year Financial Results for year ended 30th June, 2017, recording an after tax profit of Kes 133 Million an increase of 29% from last year’s after tax profit of Kes 104 Million. This increase was driven mainly by emphasis on cost management and production efficiencies.
The company’s improved profitability was a result of a 9% drop in production and operating expenses.
Commenting on the results, Longhorn Group Managing Director Mr. Simon Ngigi stated, “The group’s financial position remains strong, having generated Shs. 244 Million from operating activities. This enabled the company to reduce its short term borrowings by 30%. Similarly the company’s sales from Uganda, Tanzania, Malawi, Zambia, Rwanda and Senegal contributed to 30% of the group’s turnover as compared to 20% contribution in the previous year, this is evidence that our focus on Geographical diversification continues to pay off.”
The company attributes its favorable performance to its adoption of a pan-african business model, investment in growing its product portfolio and continuous investment in its digital product range.
“Our diversification into digital products, reference books and tertiary books enabled us to minimise the reliance on primary school text books, mitigating potential risks around the changes in the Kenya school curriculum. Our sales of digital products have more than doubled in the previous financial year. We have developed proprietary eLearning platforms and digitized over 300 products including Longhorn eBooks Store, Longhorn eLearning Platform ,Kamusi Kuu ya Kiswahili and Kiswahili ya Karne ya 21 applications which are now available worldwide on various digital platforms. This is an area where we will continue to make investments as we strengthen our position to be the leading provider of innovative learning solutions in Africa.” He concluded.
In June this year, the Company launched the 2nd Edition of the Kamusi Kuu ya Kiswahili in Tanzania Parliament presided over by The Tanzanian Prime Minister, Hon Kassim Majaliwa Kassim, a first of its kind. In July this year, the same product was launched in Kenya presided by Hon Dr. Fred Matiang’i, the CS for Education and H.E Mama Salma Kikwete, the Kiswahili Ambassador to Africa. Longhorn Publishers Ltd has affirmed its position as the powerhouse in Kiswahili publishing in the region.
Longhorn Publishers remains committed to delivering value to its shareholders through broadening its product offering, with the aim of further deepening the publishing industry in Africa while enriching lives through knowledge.
About Longhorn Publishers Limited
Longhorn Publishers Ltd is the leading publisher of quality educational and creative books in East Africa, Longhorn is the only publicly listed publishing company in the region and it has been expanding minds since 1965.
Longhorn Publishers Ltd is wholly owned and run by Kenyans, with the majority of the holding in the hands of Centum Investment Company.The company achieved ISO 9001:2008 Certification, making it the first non-parastatal company in the region to be certified.
Longhorn Publishers Ltd is the industry leader on all matters digital through its investment in developing digital learning apps and platforms that are accessible in all android devices.
The company has set up fully functioning subsidiaries in Uganda, Tanzania and Rwanda and has entered into strategic agreements with partners in Senegal, DRC, Malawi, Zambia and Ethiopia.