Longhorn publishers records Ksh.7.5 milion profit jump from Ksh.226 million loss in 2020
Longhorn publishers has reported a net profit of Ksh.7.5 million from a loss of Ksh.226 million recorded in 2020.
The growth in profits has been attributed to recovery in book sales. This coincided with the resumption learning after the process was halted due to coronavirus pandemic.
“There was the extended suspension of learning in schools and constrained consumer wallets. Kenya and Uganda begun the year with schools closure and movement restrictions as part of the pandemic containment measures,” reads the statement.
Revenue for the year increased by 16 percent to Ksh 1.244 billion compared to the previous year.
Longhon Kenya recorded an 18 percent revenue growth, Tanzania 8 percent while Uganda recorded 83 percent for the year.
Its operating expenses for the year decreased by 53 percent compared to the previous year due to the cost containment measures implemented during the year such as renegotiation with suppliers and the streamlining of operations.
“The business is upgrading its eLearning and eBook platforms which are anticipated to be launched in Q2 of FY 2022,” said Group Chairman Francis Tnyammo.