NSE-listed publisher, Longhorn Publishers, narrowed its interim loss to KSh 11 million in the six months ended December 2025, its strongest half-year performance since the pandemic.
- •Revenue rose 88% to KSh 524.2 million, margins improved sharply, and finance costs fell after debt restructuring.
- •Revenue and other income increased from KSh 278.8 million in December 2024 to KSh 524.2 million, supported by expanded school coverage and higher government orders.
- •The board expects a stronger second half, underpinned by improved margins, wider market coverage, and a targeted rollout of 50,000 digital learning devices alongside expansion of the Mybidhaa e-commerce platform.
Gross profit more than doubled to KSh 239.7 million, lifting gross margin to 45.8% from 40.5% a year earlier.
Operating expenses rose 8% to KSh 167.9 million due to higher marketing spend, but finance costs declined 22% to KSh 82.9 million following restructuring of short-term borrowings. Loss before tax narrowed sharply from KSh 148.6 million to KSh 11.0 million.
Half-Year Performance (Dec 2025 vs Dec 2024)
| Metric | Dec-2025 | Dec-2024 | YoY |
|---|---|---|---|
| Revenue and other income | 524.2 Mn | 278.8 Mn | +88.0% |
| Gross profit | 239.7 Mn | 113.0 Mn | +112.2% |
| Gross margin | 45.8% | 40.5% | +5.3 pp |
| Operating expenses | 167.9 Mn | 155.9 Mn | +7.7% |
| Finance costs | 82.9 Mn | 105.7 Mn | −21.6% |
| Loss before tax | 11.0 Mn | 148.6 Mn | Improved |
The improvement contrasts with the company’s trajectory over the past decade. Between 2014 and 2019, Longhorn delivered consistent half-year profits, often exceeding KSh 50 million before tax. The cycle broke in 2020 as school closures and procurement delays cut revenue and triggered sustained losses through 2023. Revenue has remained volatile, and finance costs have weighed heavily on earnings.
Sustained profitability will depend on revenue scale and cash conversion, particularly the timing of government payments.
