Longhorn Publisher Share Price Rise by 7.42% as H2 2018 Net Profit Increased by 88%
Longhorn Publishers saw its share price increase by 7.42 per cent in mid morning trade to settle at Ksh5.50 on 20 February. The publisher announced it posted 88 per cent growth in net earnings to Ksh68.8 million for the half-year period ending 31 December 2018, compared to Ksh36.5 million earned in the similar period in 2017.
The company’s half year revenues increased by 36 per cent to reach Ksh697.6 million from Ksh513.5 million it registered during the period in 2017. The growth in revenue has been attributed to increased sales in Kenya and regional markets.
Longhorn also benefited from selling publishing rights in the regional markets. Publishing rights earn higher profit margins than ordinary book sales.
Its total assets grew by 26.5 per cent to hit Ksh2.19 billion from 2017’s Ksh1.73 billion.
Longhorn’s board says it is pleased with the regional growth into Tanzania, Rwanda, Uganda, Zambia and Malawi.
The company publishes educational content in print and digital formats. It expects good results in the second half of the year supported by sale of the newly created competency-based curriculum material and continued expansion in the new markets.