Legend Internet's Profit Plummets 92% Amid Rising Costs

Legend Internet Plc reported a pre-tax profit of N13.21 million for the 12 months ended July 31, 2026, representing a 92.35% decrease from N172.66 million in the prior year. This decline was largely attributed to a nearly nine-fold increase in administrative expenses and a more than tenfold rise in finance costs.

The company's financial results, filed on the Nigerian Exchange (NGX) on September 15, 2026, indicated that profit fell 90.73% year-on-year from N142.46 million, despite pressure on top-line revenue. A significant one-off gain of N672 million from asset disposal provided support, preventing a substantial operating loss.

Total assets increased by 28.94% to N4.14 billion, while total liabilities remained stable at N371.48 million. Notably, wholesale bandwidth revenue surged 331.4% to N162.58 million, and CPE sales grew approximately 402% to N7.20 million.

The company is now compliant with the NGX Main Board free-float requirement. Legend Internet's shares closed at N4.05 on September 15, 2026, down 23.4% year-to-date.