Makini Schools owner ADvTECH posted profit after tax of R726.2 million (KSh 5.81 billion) for the six months ended June 2026, up 13.3% from the prior year. Revenue climbed 8.0% to R5.06 billion (KSh 40.48 billion), driven by higher enrolment, moderate fee increases and stronger fee collections across the group.
Operating profit rose 13.5% to R1.11 billion (KSh 8.92 billion), lifting the group’s operating margin to 22.0% from 21.0%. Headline earnings grew 15.9% to R716.5 million (KSh 5.73 billion), while headline earnings per share increased 16.1% to 130.8 South African cents.
“Healthy enrolment growth, moderate fee increases and a further improvement in debtor management” drove the results, said ADvTECH CEO Geoff Whyte. Enrolment, measured in February, grew 12.8% to 119,197 students across the group. Tertiary enrolment rose 19.0% to 71,467 students, while enrolment at the Rest of Africa schools division climbed 13.9% to 13,161.
Half Year Results at a Glance
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | R5.06B (KSh 40.48B) | R4.68B | +8.0% |
| Operating profit | R1.11B (KSh 8.92B) | R982M | +13.5% |
| Operating margin | 22.0% | 21.0% | +1.0 point |
| Profit after tax | R726.2M (KSh 5.81B) | — | +13.3% |
| Headline earnings | R716.5M (KSh 5.73B) | — | +15.9% |
| Headline earnings per share | 130.8c | 113.0c | +16.1% |
| Interim dividend | 53c (KSh 4.24) | 45c | +17.8% |
Rest of Africa Schools Lift Kenya Business
The Rest of Africa schools division, spanning Kenya, Botswana and Ethiopia, reported an 8.0% rise in revenue to R303.1 million (KSh 2.42 billion). Operating profit increased 10.7% to R91.3 million (KSh 730.4 million), and the division’s margin improved to 30.1% from 29.4%. These figures cover the combined division and do not represent standalone Makini results.
Every school in the division delivered strong growth in local currency terms, ADvTECH said, though a stronger rand softened the reported figures once converted. Rising student numbers helped, as did the addition of Regis Runda. ADvTECH acquired the school in September 2025 and folded it into the Makini brand.
Nairobi Campuses Get Fresh Investment
ADvTECH is upgrading Makini Runda’s facilities, ICT infrastructure and academic support systems, including access to the group’s AI powered Advlearn platform. The campus will introduce the Cambridge International curriculum in September 2026, after receiving regulatory approval.
Elsewhere in Nairobi, the group secured a new lease for Makini State House and is redeveloping the campus. The project will upgrade facilities and double student capacity, with completion scheduled for December 2026.
Tertiary Leads Growth, Resourcing Lags
ADvTECH’s tertiary division posted the strongest gains in the group. Revenue rose 17.3% to R2.24 billion (KSh 17.94 billion), while operating profit increased 19.4% to R591.7 million (KSh 4.73 billion).
The resourcing division moved in the opposite direction. Revenue there fell 14.7% to R655.8 million (KSh 5.25 billion), a decline that partly reflects the continuing impact of USAID’s closure on the division’s African recruitment operations.
Debtor Management Improves, Cash Flow Strengthens
Gross trade receivables grew 5.0%, trailing revenue growth, while credit losses fell 3.3% to R115.4 million (KSh 923.2 million). ADvTECH credited improved collection processes for the stronger debtor book.
Free operating cash flow before capital expenditure rose 17.8% to R2.26 billion (KSh 18.05 billion). Capital expenditure increased to R404.0 million (KSh 3.23 billion), and capital commitments more than doubled to R3.27 billion (KSh 26.17 billion), reflecting planned investment in campus capacity.
The group repurchased shares worth R326.3 million (KSh 2.61 billion) during the period and declared an interim dividend of 53 South African cents, equivalent to KSh 4.24 per share, up 17.8% from the prior year.
Post Period Acquisition
After the reporting date closed, ADvTECH acquired a 25% stake in education technology company MathU Teaching Emporium for R15.8 million (KSh 126.4 million). The transaction sits outside the unaudited H1 accounts and will reflect in the group’s next reporting period.
Between rising enrolment, expanding Nairobi campuses and a tertiary division now growing faster than the group average, ADvTECH’s first half points to a business leaning further into education across the continent, with Kenya positioned as one of its more active growth markets.
