15th November 2018
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Company Data
Longhorn Kenya Ltd
Par Value:                  
Closing Price:           5.10
Total Shares Issued:          369940476.00
Market Capitalization:        1,886,696,428
EPS:             0.67
PE:                 7.612

A leading Publishing firm in East Africa.

Longhorn Publishers PLC FY 2018 results through 30th June 2018 vs. 30th June 2017
FY Revenue 1.696318b vs. 1.451774b +16.844%
FY Cost of sales [781.140m] vs. [702.173m] +11.246%
FY Gross profit 915.178m vs. 749.601m +22.089%
FY Distribution costs [134.591m] vs. [169.445m] -20.570%
FT Administrative Expenses [422.452m] vs. [350.812m] +20.421%
FY Operating profit 358.364m vs. 231.696m +54.670%
FY Finance costs [85.218m] vs. [52.549m] +62.169%
FY Profit before income tax 273.146m vs. 179.147m +52.470%
FY Profit for the year 183.604m vs. 133.876m +37.145%
EPS 0.67 vs. 0.49 +36.735%
Total Assets 2.407529b vs. 1.858734b +29.525%
Cash and cash equivalents at the end of year 418.780m vs. 11.649m +3,494.987%
Dividend 0.42 vs. 0.38 +10.526%


product diversification, entry into new markets and growth of the digital offering.
Growth of operating margin from 16% 21%
Expanding into new territories within Southern Africa and Francophone territories


Strong FY Earnings.

Longhorn Publishers Ltd HY 2018 results through 31st December 2017 vs. 31st December 2016
HY Sales 513.460m vs. 684.057m -24.939%
HY Cost of sales [191.059m] vs. [318.652m] -40.041%
HY Gross profit 322.401m vs. 365.405m -11.769%
HY Total operating expenses [270.310m] vs. [306.535m] -11.818%
HY PBT 52.091m vs. 58.870m -11.515%
HY Net PAT 36.463m vs. 43.564m -16.300%
Total Assets 1.734286b vs. 1.870154b -7.265%
Total Equity 982.169m vs. 975.556m +0.678%
Cash and cash equivalents at the end of period 13.268m vs. [3.432m] +486.597%
No interim dividend
EPS 0.10 vs. 0.12 -16.667%

Company Commentary

Turnover dropped by 25% attributed to the new Government text book procurement framework which resulted in a sift in the buying pattern from Q2 to Q3 of our financial year
improvement in our operational efficiency and focus on high margin products.
newest market Senegal
digital learning continues to grow exponentially.


Have expanded geographically wit despatch.
There is an H2 Skew.
quite a bullish commentary

FY Revenue 1.451774b vs. 1.503512b -3.441%
FY Cost of sales [702.173m] vs. [748.082m] -6.137%
FY Gross profit 749.601m vs. 755.430m -0.772%
FY Distribution costs [169.445m] vs. [194.314m] -12.798%
FY Administrative expenses [350.812m] vs. [400.096m] -12.318%
FY Operating profit 231.696m vs. 164.279m +41.038%
FY Finance costs [52.549m] vs. [25.002m] +110.179%
FY Profit before income tax 179.147m vs. 139.277m +28.626%
FY Profit for the year 133.876m vs. 104.063m +28.649%
EPS 0.49 vs. 0.66 -25.758%
Total assets 1.858734b vs. 1.866944b -0.440%
Share capital and reserves 945.706m vs. 947.567m -0.196%
Cash and cash equivalents at end of year 11.649m vs. 204.049m -94.291%
Final dividend 0.29/ share
Interim dividend 0.09/ share
Number of outstanding shares 272,440,473

Commentary on Results

+29% FY PAT
Turnover dropped marginally by 3% due to a reduction in volumes sold in Kenya
Sales from Uganda, Tanzania, Malawi, Zambia, Rwanda and Senegal contributed 30% of the Group Turnover versus 20% in previous year
diversification into digital products, reference and tertiary materials
potential risks around the changes in the Kenya school curriculum
9% drop in production and operating expenses.
Co. generated 244m from operating activities reduced short term borrowings by 30%
LongHorn management encouraged by the growth in the sale of digital products
Dividend 29cents a share [+Interim of 9cents]


Strong Earnings, in fact

H1 Earnings through 31st Dec 2016 versus 6 months through 31st Dec 2015
H1 Sales 684.057m vs. 842.458m -18.802%
H1 Cost of sales [318.652m] vs. [480.948m] -33.745%
H1 Gross profit 365.405m vs. 361.510m +1.077%
H1 Profit from operations 58.870m vs. 77.359m -23.900%
H1 PAT 43.564m vs. 57.245m -23.899%
H1 Total assets 1.870154b vs, 1.686208b +10.909%
H1 Total equity 975.556m vs. 505.031m +93.168%
H1 Cash & cash equivalents at the end of the period [3.432m] vs. [58.426m] -94.126%
Interim dividend 0.07 share

Company Commentary

Sales dropped by 19% Shift in Buying Patterns in Q3 and conscious decision by the Board to discontinue low margin product.
Digital Strategy Launch of Companys e learning platforms
Interim Dividend


Soft H2 with Headline Sales -18.802%.

FY Sales 1.503512b vs. 848.377m +77.222%
FY Cost of sales [748.082m] vs. [373.729m] +100.167%
FY Selling and distribution expenses [194.314m] vs. [92.357m] +110.394%
FY Finance costs [25.002m] vs. [8.403m] +197.537%
FY Profit before tax 139.277m vs. 96.916m +43.709%
FY Profit [loss] after tax 104.063m vs. 71.726m +45.084%
EPS 0.66 vs. 0.70 -5.714%
Total assets 1.866944b vs. 689.320m +170.839%
Cash and cash equivalents at the end of the period 204.048m vs. 0.825m
Dividend per share 0.35

Company Commentary

Turnover grew from 848m to 1.503b mainly attributed to good uptake of reference products
Company acquired distributorship rights of key products from Cambridge University Press, Bible Society of Kenya, Biblica Kenya, Scripture Union of Kenya and Educat of South Africa
Company realised 26% of its sales from export markets
Dividend 35cents a share


Strong Headline revenue acceleration.

H1 Sales 831.353m vs. 531.039m +56.552%
H1 Cost of sales [464.997m] vs. [301.320m] +54.320%
H1 Gross profit 368.723m vs. 229.998m +60.316%
H1 Total operating expenses [262.354m] vs. [180.267m] +45.536%
H1 Profit [Loss] before taxes 97.475m vs. 49.732m +96.001%
H1 Net profit [loss] for the year 67.896m vs. 39.895m +70.187%
H1 Total assets 1.686208b vs. 1.089639b +54.749%
H1 Total equity 515.682m vs. 418.088m 23.343%
Interim dividend

The companys performance was largely driven by the success of the product diversification strategy which saw Longhorn increase its income streams, the company said in a statement.

The Nairobi Securities Exchange traded firm last year signed deals to print and distribute reference materials such as dictionaries, Bibles, hymn books and charts as it sought to reduce its reliance on textbook sales.

Longhorn is expected to raise Sh500 million through a rights issue in the coming weeks to fund its product and regional expansion plans.



Longhorn Publishers Limited FY 2015 as at 30th June, 2015 vs. 30th June 2014
Total assets 689.320m vs. 752.559m -8.4%
Sales 0.848377b vs. 1.396834b -39.3%
Cost of sales [373.729m] vs. [717.561m] -47.9%
Gross profit 474.648m vs. 679.273m -30.1%
Other operating income 2.662m vs. 5.539m -51.9%
Selling and distribution costs [92.357m] vs. [209.580m] -55.9%
Net foreign exchange losses [7.789m] vs. [21.097m] -63.1%
Profit from operations 96.916m vs. 147.226m -34.2%
Profit after tax 71.726m vs. 94.933m -24.4%
Other comprehensive income [8.668m] vs. 0.321m
Total comprehensive income for the year 63.058m vs. 95.254m -33.8%
Earnings per share 0.7 vs 0.93 -24.7%
Dividend 0.15 per share

Company Commentary

Low performance Uganda and Tanzania subsidiaries


Softer earnings but profitable.

Full Year Earnings through 31st March 2014
Full Year Turnover 802.173m versus 758.549m
FY Cost of Sales [349.194m] versus [337.547m]
FY Gross Profit 452.979m versus 421.002m
FY Selling and Distribution Expenses [174.697m] versus [83.739m]
FY Administrative Expenses [156.473m] versus 130.259m]
Provision for receivables and Inventories [33.499m] versus [119.061m]
FY Profit Before Tax 90.373m versus 90.678m
FY Profit after Tax 63.261m versus 63.474m


Practically unchanged versus the Previous Full Year.

H1 Earnings through Dec 2013 versus through Dec 2012
H1 Total Income 560.187m versus 527.972m
H1 Direct Expenses 276.848m versus 237.619m
H1 Employee Costs 84.783m 60.032m
H1 Operational and administrative expenses 103.443m versus 54.279m
H1 Provisions for Trading Gains/Losses 33.499m versus 134.142m
H1 Total Expenses 517.109m versus 503.799m
H1 PBT 43.078m versus 24.174m +78.199%
H1 PAT 30.155m versus 16.922m

Company Commentary

The Companys growth resilience has been fuelled by bold ventures in the export market where we competitively won various government tenders to supply school books in Malawi, Rwanda, Tanzania and Uganda.

No Interim Dividend

Half Year Results through Dec 2012 versus 6 Months through June 2012
Inventories 85.669m versus 275.038m
Trade and other Receivables 272.043m versus 156.662m
Sales 525.624m versus 775.943m
Cost of Sales [237.619m] versus [358.722m]
Gross Profit 287.645m versus 417.221m
Administrative Expenses [78.302m] versus [274.004m]
Provisions for Inventories and Receivables [134.142m] versus [79.990m]
Operating Profit 24.174m versus [25.949m]
H1 PBT 24.174m versus [22.465m]
H1 PAT 16.922m versus [22.465m]

52wk Range: 15.00 21.00
FY Earnings Swot Analysis
Turnover 0.775943b versus 1.100947b
Cost of Sales 438.712m versus 552.687m
Selling and Distribution Expenses 87.499m versus 152.478m
Admin Expenses 274.004m versus 183.793m
Profit Before Tax -25.949m versus 213.075m
Profit After Tax -22.465m versus 127.746m
Earnings Per Share -0.38 versus +2.18
No Dividend

Company Commentary

High inflation and sharp depreciation in the shilling last year had forced the Kenyan government to re direct funds to other priorities, the company said in a statement On Tuesday. Longhorn, Kenyas first listed book publisher, began trading on Kenyas Alternative Investment Market Segment in May. Governments generally accounted for 80 percent of textbook purchases, Longhorn said.


Its at a Post Introduction Low and evidently soft Results were expected. Nothing compelling here, for now.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 15 Nov 2018
  26-FEB-2018 ::  Half Year Results
  Unaudited Results for the Six Months Period Ended 31st December

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  13-DEC-2017 ::  Results from Voting at the Annual General Meeting 2017.
  Results from Voting at the Annual General Meeting 2017.

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  16-NOV-2017 ::  Cautionary Announcement
  Cautionary Announcement

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  16-NOV-2017 ::  AGM Notice
  Notice of Annual General Meeting 2017

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