Advtech, the Johannesburg-listed owner of Makini Schools, Crawford International, and Rosebank College, reported revenue of R9.33 billion (KSh 70.44 Bn) and operating profit of R 2.04 billion (KSh 15.39 Bn) for the year ended 31 December 2025, crossing the two billion rand operating profit mark for the first time.
- •Revenue grew 9.5% while operating profit rose 13.8%, the group said in audited results released on 23 March 2026.
- •The Education division, which accounts for 84% of group revenue, drove the performance with 12.9% revenue growth to R7.87 billion (KSh 59.39 Bn) while operating margin improved to 21.8% from 21.0% as scale leverage and efficiency gains offset investments in AI-enhanced learning tools and global benchmarking systems, according to the group.
- •The group acquired Regis Runda Academy in Nairobi for R 171.2 million (KSh 1.29 Bn) in September 2025 from Peter and Mary Burugu, rebranding it as Makini School Runda.
Enrolments have since risen by 17% since acquisition to nearly 1,400 against built capacity of 2,000 and ultimate capacity of 3,000, the annual report stated.
Crawford International Kenya also completed a capacity expansion from 900 to 1,300 students. Makini Statehouse in Nairobi, previously scheduled to close in December 2026, secured a new long-term lease with a R39 million (KSh 294.5 Mn) expansion to more than double capacity to 575 students. The group said parents are increasingly shifting to Makini's premium Cambridge International curriculum from the Kenyan national syllabus.
Rest of Africa schools delivered the strongest segmental performance with revenue surging 28% to R574.1 million (KSh 4.33 Bn) with operating profit also jumping 33% to R193.6 million (KSh 1.46 Bn). Operating margin reached 33.7%, up from 32.4%, the highest of any division.
Normalised earnings rose 17% to R1.30 billion (KSh 9.79 Bn) with normalised earnings per share up 16.6% to 236.1 cents. The board declared a final dividend of 73.0 cents, bringing the full year payout to 118.0 cents, up 16.8%, and maintained dividend cover at 2.0 times.
The Tertiary division grew revenue 13% to R3.85 billion (KSh 29.06 Bn) with operating margin improving to 26.8%. Full qualification enrolments rose 19% to 71,467. The group launched Emeris, consolidating Varsity College, Vega, and MSA, and opened a R420 million (KSh 3.17 Bn) mega-campus in Sandton with initial capacity of 9,000 students.
Rosebank International University College in Accra, Ghana, Advtech's first tertiary institution outside South Africa, welcomed its inaugural cohort in January 2026 with enrolments running ahead of expectations, CEO Geoff Whyte said.
The Resourcing division saw revenue decline 6% to R1.46 billion (KSh 11.05 Bn). The closure of USAID in February 2025 hit approximately 10% of the Rest of Africa client base as NGOs lost funding, the group disclosed. South Africa Resourcing returned to profitability with operating profit of R0.5 million after a R8.1 million loss in FY2024.
Free operating cash flow before capex surged 24.7% to R1.89 billion (KSh 14.28 Bn). Credit losses fell 18.4% to R159 million on improved debtor management, with gross trade receivables growing just 5% against 10% revenue growth. Capital commitments more than doubled to R2.78 billion (KSh 21.01 Bn), signalling the next wave of expansion. The group's effective tax rate rose to 27.7% from 27.2% as a greater share of profit shifted to higher-tax jurisdictions outside South Africa.
Total enrolments reached 119,197 for the 2026 academic year, up 12.8%. Advtech's share price hit an all-time high of R36.72 in October 2025 but has gained just 7% over the past 12 months despite consistent double-digit earnings growth.
