Longhorn posts Sh104m full year profit

Market expansion and product diversification has lifted longhorn Publishers full year profit.

During the period ended June 2016, the publisher made a net profit of Sh104 million up from Sh72 million a year earlier.

The result was supported by increased sales with revenues rising from Sh848 million to Sh1.5 billion shillings.

Longhorn Publishers Group Managing Director Simon Ngugi said the Company’s diversification strategy was paying off and the company acquired distribution rights for four leading global publishers which as served major revenue stream for the company.

“The Kenyan market has expanded with the company acquiring distribution rights from Cambridge University Press, Bible Society of Kenya, Biblica Kenya, and Scripture Union of Kenya, this will help grow the Kenyan market and expand it to other countries in the continent,” Mr Ngugi said.

The publisher has also expanded its export market to Zambia, Malawi and Rwanda which accounted for 26 percent of the revenue in the past year.

The board has recommended that shareholders receive a dividend of Sh0.35 for every share held.

Longhorn successfully raised Sh533 million through a rights issue in April, which it intends to use to increase the digital content offering, sign strategic distribution rights and innovate.

 

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