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- May 11, 2013
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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.
Ngigi is currently serving his last three months in the firm as it undergoes the leadership transition, after which Wahome is to be confirmed as the new managed director.
Despite the positive performance, Wahome pointed out that piracy as a key s challenge facing the industry.
He, however, lauded their chektag verification system for reducing revenue loss by 10 per cent since its launch last year.
The system allows customers to verify whether the book they have bought is a genuine Longhorn book by sending an SMS containing the chektag code to a given USSD.
According to the publisher, 30 per cent of the sectors revenue is Lost to piracy on an annual basis.
Longhorn posts Sh183m net profit, cites growth of digital products
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.
Ngigi is currently serving his last three months in the firm as it undergoes the leadership transition, after which Wahome is to be confirmed as the new managed director.
Despite the positive performance, Wahome pointed out that piracy as a key s challenge facing the industry.
He, however, lauded their chektag verification system for reducing revenue loss by 10 per cent since its launch last year.
The system allows customers to verify whether the book they have bought is a genuine Longhorn book by sending an SMS containing the chektag code to a given USSD.
According to the publisher, 30 per cent of the sectors revenue is Lost to piracy on an annual basis.
Longhorn posts Sh183m net profit, cites growth of digital products