Longhorn Publishers has significantly trimmed its half-year loss to KSh 11 million for the six months ended December 2025, marking its most resilient interim showing since the pandemic disrupted the education sector.
Revenue surged 88 per cent to KSh 524.2 million, buoyed by broader school reach and stronger government textbook orders. Improved margins and reduced finance charges, following debt restructuring, further strengthened the result. Total revenue and other income rose from KSh 278.8 million in December 2024 to KSh 524.2 million.
Gross profit more than doubled to KSh 239.7 million, pushing the gross margin up to 45.8 per cent from 40.5 per cent a year earlier.
Operating costs increased modestly by 8 per cent to KSh 167.9 million, largely due to stepped-up marketing efforts. However, finance costs fell 22 per cent to KSh 82.9 million after the company restructured short-term borrowings. As a result, 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 recovery stands in contrast to the company’s earlier trajectory. Between 2014 and 2019, Longhorn routinely posted half-year pre-tax profits above KSh 50 million. That streak ended in 2020 when school closures and procurement delays dented revenue, ushering in several years of losses through 2023. Earnings have since remained uneven, with borrowing costs weighing heavily on performance.
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Management expects a firmer second half, supported by improved margins, broader market penetration, a planned rollout of 50,000 digital learning devices, and further expansion of the Mybidhaa e-commerce platform.
Still, a durable return to profitability will hinge on scaling revenue and converting sales into cash promptly, particularly given the reliance on timely government payments.
