NAIROBI, Kenya, Sep 3 – Longhorn Kenya posted a 37 per cent increase in net profit for the year ended June 30, 2018 to Sh183 million compared to Sh133 million last year.
Turnover went up to Sh1.6 billion from Sh1.4 billion recorded over same period last year representing an increase of 17 per cent.
CEO Maxwell Wahome attributes the growth to the implementation of the company’s 2015-2018 strategic plan which focused on product diversification, entry into new markets and growth of the digital offering.
The performance was further bolstered by savings achieved through improving the group’s operational efficiencies, which resulted in the growth of operating margin from 16 per cent to 21 per cent.
Finance cost however hit Sh85 million up from Sh52 million due to investments in digital platforms.
Moving forward the firm is investing Sh100 million in digitisation of books with about 400 books already digitised.
“Our in-house digital publishing team has been working hard to improve the user experience on the digital platform so as to provide seamless digital solutions to Longhorn’s digital customers,” he said.
Wahome stressed that as Longhorn embarks on a new strategic plan for the period 2018-2021, it will increase its focus on growing its digital products and expanding into new territories within Southern Africa and Francophone territories by offering innovative country-specific learning solutions.