Advtech delivered its strongest financial performance on record in 2025, reporting revenue of R9.33 billion (KSh 70.44 billion) and operating profit of R2.04 billion (KSh 15.39 billion) for the year ended 31 December, the first time the Johannesburg-listed education group has crossed the two-billion-rand profit threshold.
Revenue grew 9.5% while operating profit climbed 13.8%, according to audited results released on 23 March 2026. The numbers reflect a business that has moved well beyond its South African roots, with Kenya now standing as its most significant international market.
Education Drives the Numbers
The Education division, which contributes 84% of group revenue, led the performance. Revenue rose 12.9% to R7.87 billion (KSh 59.39 billion) and operating margin widened to 21.8% from 21.0% as scale offset the group’s ongoing investments in AI-powered learning tools and global benchmarking systems.
Rest of Africa schools produced the sharpest results of any division. Revenue surged 28% to R574.1 million (KSh 4.33 billion), operating profit jumped 33% to R193.6 million (KSh 1.46 billion), and the segment posted a 33.7% operating margin, the highest across the group.
Kenya: Three Campuses, One Direction
Advtech expanded its Kenyan footprint on three fronts during the year. In September 2025, the group acquired Regis Runda Academy in Nairobi from Peter and Mary Burugu for R171.2 million (KSh 1.29 billion), rebranding it as Makini School Runda. Enrolments have since risen 17% to nearly 1,400, against a built capacity of 2,000 and an ultimate capacity of 3,000.
Crawford International Kenya expanded from 900 to 1,300 students. Meanwhile, Makini Statehouse — previously scheduled to close in December 2026, secured a new long-term lease alongside a R39 million (KSh 294.5 million) expansion that more than doubles its capacity to 575 students.
Parents are increasingly choosing Makini’s Cambridge International curriculum over the Kenyan national syllabus, a shift the group expects to continue.
Tertiary Growth and a New Brand
The Tertiary division grew revenue 13% to R3.85 billion (KSh 29.06 billion), with operating margin rising to 26.8% and full qualification enrolments up 19% to 71,467. The group consolidated Varsity College, Vega and MSA under a new brand, Emeris, and opened a R420 million (KSh 3.17 billion) mega-campus in Sandton with initial capacity for 9,000 students.
Outside South Africa, Rosebank International University College in Accra, Ghana, Advtech’s first tertiary institution on the continent, welcomed its inaugural cohort in January 2026 with enrolments running ahead of expectations, according to CEO Geoff Whyte.
Resourcing Under Pressure
The Resourcing division was the one weak spot. Revenue fell 6% to R1.46 billion (KSh 11.05 billion) after the closure of USAID in February 2025 stripped roughly 10% of the Rest of Africa client base as NGOs lost their funding. South African Resourcing returned to profitability with an operating profit of R0.5 million, recovering from a R8.1 million loss in 2024.
Cash, Capital and Shareholder Returns
Free operating cash flow before capital expenditure grew 24.7% to R1.89 billion (KSh 14.28 billion). Credit losses fell 18.4% to R159 million on tighter debtor management, with gross trade receivables growing just 5% against 10% revenue growth.
Normalised earnings rose 17% to R1.30 billion (KSh 9.79 billion). Normalised earnings per share advanced 16.6% to 236.1 cents. The board declared a final dividend of 73.0 cents, bringing the full-year payout to 118.0 cents — up 16.8% — while maintaining dividend cover at 2.0 times.
Capital commitments more than doubled to R2.78 billion (KSh 21.01 billion), signalling the scale of expansion the group intends to pursue. The effective tax rate edged up to 27.7% from 27.2% as more profit shifted to higher-tax jurisdictions outside South Africa.
Total enrolments reached 119,197 for the 2026 academic year, up 12.8%.
A Stock That Trails Its Own Earnings
Advtech’s share price touched an all-time high of R36.72 in October 2025 but gained only 7% over the past twelve months despite consistent double-digit earnings growth. For investors watching a business that keeps delivering, the gap between price performance and profit growth remains the most interesting number on the page.
