The listed publishing firm, Longhorn Publishers has posted a KSh145.33 million net loss in the half-year period that ended on December 31, 2020, down from KSh68.97 million net profit in the same period in 2019. However, the half-year loss narrowed by 51% from KSh294.84 million net loss posted at the end of June 30, 2020.
The company’s revenues fell sharply to KSh 288.5 million at the end of the half year period, from KSh725.4 million a year ago, a 60 percent drop.
Longhorn sells academic and non-academic books to learners in the East African region. Schools closure in Kenya severely affected the publisher’s performance. Nonetheless, regional sales to Uganda and Tanzania shot up by 263% and 19% respectively, compared to the same period in 2019. Tanzania registered its fourth year of consistent revenue growth.
Longhorn earned KSh94 million, or a third of its total revenue, from its first sales in francophone nations in Africa, marking significant progress in its expansion strategy.
The publisher’s expenses fell by 41%, to KSh143.4 million compared to KSh241.4 million posted a year ago, as a result of cost cutting measures taken during the year.
Directors of Longhorn Publishers expect improved performance in the second half of the year as schools have reopened and the Kenyan economy is slowly recovering. The group projects higher sales in the regional markets as well.S
Seeing that learners are increasingly using online learning platforms in school and at home, Longhorn has ventured into the digital space and aims to increase sales through its digital learning solutions. The company recently launched SOMO, a global product that provides learners with essential 21st-century skills.
“The Board of Directors remains very confident of the recovery of the business in the second half of the year and growth of the shareholders’ value,” the company said.