Longhorn profit jumps on regional expansion
21 February 2014, 13:49
Nairobi - Longhorn Publishers reported a 78 percent jump in pretax profit for the six months ended in December, driven by the company's expansion into regional markets to supply school textbooks.
Pretax profit was 43.1 million shillings. The company said the introduction of value-added tax (VAT) on books in Kenya in September had marked a major setback, but that business had continued to grow nonetheless.
Longhorn said it had won government contracts to supply school textbooks in Malawi, Rwanda, Tanzania and Uganda.
Its directors did not recommend payment of an interim dividend from the half-year results.