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Longhorn Publishers posts Sh7.48mn half year profit

NAIROBI, Kenya, Sep 19-Longhorn Publishers reported a profit after tax of Sh7.48 million in the first six months of 2021.

The group through a statement said the results were a significant improvement from the Sh225 million loss it recorded over a similar period last year.

In the period under review, Longhorn recorded an Sh1.24 billion revenue increase that was linked to its business model, strong brand, and ability to adapt to a changing environment.

Kenya registered an 18 percent revenue growth while Tanzania recorded an 8 percent and 83 percent growth respectively.

Operating expenses decreased by 53percent to 0.3 billion from 0.63 billion it had registered over a similar period in 2019.

At the same time, financial costs in the period under review were up by 21 percent to Sh0.18 billion from Sh0.51 billion posted in 2020.

The group attributed the increase to investments it continues to make in the region, product diversification, and its digital transformation journey.

In the period under review, Longhorn Publishers said that borrowing and finance costs were also reduced by 30 percent.

The group said it is currently upgrading its eLearning and eBook platforms that are to be launched in the second quarter of the financial year 2022.

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