Longhorn Publishers has posted KSh 7.5 million in net profit
Sale of CBC books has also pushed the company to profitability
This comes even as the Ministry of Education clashes with parents over implementation of CBC
Centum Investment’s subsidiary Longhorn Publishers has recorded improved performance for the year ended June 2021, posting KSh 7.5 million in net profit, up from a KSh 226 million loss reported in a similar period in 2020. Longhorn Publisher office. Photo: Capital FM. Source: UGC The return to profitability follows the KSh 145.3 million loss posted in the first half of the year, ending December 2020.
The company’s improved performance has been pegged on the reopening of schools in January this year, following a nine month closure that begun early last year as part of measures of combating the virus.
During the period under review, the publisher’s revenues rose to KSh 1.24 billion, driven by sale of learning materials and an increased distribution of competency-based curriculum (CBC) books, according to Business Daily .
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Its finance costs increased by 21% to hit KSh 183.2 million as the company turned to borrowing to support its ongoing expansion plans, product diversification as well as digital transformation.
Apart from Kenya, the company also has operations in Uganda and Tanzania . Covid-19 Impact on the industry
Longhorn’s performance comes at a time when the Ministry of Education is clashing with parents over the implementation of CBC.
Earlier this week, Magoha said while the curriculum is not perfect , its implementation in primary schools across the country has to continue. "It isn’t perfect but the train has left, so let’s stop distracting parents and over 5 million children who have already hooked up with CBC that you are going to stop it through court," the CS said. Magoha was reacting to complaints that the curriculum is expensive and inefficient.The CS stated that those planning to stop the new education system were daydreaming, insisting CBC is here to stay.Also commenting on the same, Kenya Primary Schools Head Teachers Association (KEPSHA) National Chairman Johnson Nzioka said learners are happy with the new curriculum.Nzioka said CBC had helped Kenyan children attain the highest index. ”Kenyan children have the highest happiness index thanks to CBC. As a result, they are not stressed by exams, and […]