Advtech, the Johannesburg-listed parent company of Makini Schools, Crawford International, and Rosebank College, has reported record financial results for 2025, while signalling a stronger push into the Kenyan market.
The group posted revenue of R9.33 billion (KSh 70.44 billion) and operating profit of R2.04 billion (KSh 15.39 billion) for the year ending 31 December 2025, marking the first time it has surpassed the R2 billion profit threshold. Revenue rose by 9.5%, while operating profit climbed 13.8%, according to audited results released on March 23, 2026.
Its Education division, which contributes 84% of total revenue, was the main growth engine, with revenue increasing by 12.9% to R7.87 billion (KSh 59.39 billion). Margins also improved to 21.8%, supported by economies of scale and operational efficiencies, even as the group continued investing in AI-driven learning tools and international benchmarking systems.
In Kenya, the company expanded its footprint by acquiring Regis Runda Academy in September 2025 for R171.2 million (KSh 1.29 billion), rebranding it as Makini School Runda. Student enrolment at the school has since grown by 17% to nearly 1,400, with room to accommodate up to 3,000 learners.
Crawford International Kenya also increased capacity from 900 to 1,300 students, while Makini Statehouse in Nairobi secured a long-term lease and is undergoing a R39 million expansion that will more than double its capacity to 575 students. The group noted a growing preference among parents for the premium Cambridge International curriculum over the local syllabus.
Elsewhere on the continent, its Rest of Africa schools delivered standout performance, with revenue surging 28% to R574.1 million (KSh 4.33 billion) and operating profit jumping 33% to R193.6 million (KSh 1.46 billion), giving it the highest margins across all divisions.
Normalised earnings rose 17% to R1.30 billion (KSh 9.79 billion), while earnings per share increased by 16.6%. Shareholders will receive a total dividend of 118.0 cents for the year, up 16.8%.
The Tertiary division also recorded solid growth, with revenue rising 13% to R3.85 billion (KSh 29.06 billion) and enrolment increasing 19% to over 71,000 students. The group launched a new higher education brand, Emeris, combining its institutions including Varsity College and Vega, and opened a R420 million mega-campus in Sandton with capacity for 9,000 students.
In Accra, Rosebank International University College welcomed its first intake in January 2026, with enrolment exceeding expectations, according to CEO Geoff Whyte.
However, the Resourcing division faced headwinds, with revenue declining by 6% to R1.46 billion (KSh 11.05 billion), partly due to the closure of USAID in early 2025, which affected NGO funding across Africa. Even so, the South African unit returned to profitability.
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Cash flow remained strong, with free operating cash flow rising 24.7% to R1.89 billion (KSh 14.28 billion), while credit losses fell sharply due to improved debt management. Capital investment commitments more than doubled to R2.78 billion (KSh 21.01 billion), signalling continued expansion.
Total student enrolment reached 119,197 in 2026, up 12.8%. Despite steady earnings growth, the company’s share price has risen just 7% over the past year, even after hitting a record high of R36.72 in October 2025.
