Legend Internet Declares N416.15M Loss in Nine Months

Kayode Tokede Legend Internet Plc has declared N416.15 million loss for the nine months ended April 30, 2026 as against N221.1 million profit after tax declared in nine months ended April 30, 2025. The Nigerian internet service provider declared a drop in revenue and significant increase in administrative expenses that led to loss in the period under review. The company revenue closed nine months of 2026 at N817.07 million, about 15.09 per cent drop from N962.23 million in nine months of 2025, while administrative expenses moved from N364.13million in nine months of 2025, about 142.1 per cent increase over N881.4million reported in nine months of 2026. However, gross profit remained substantial at N531.1 million in nine months of 2026, a drop of nearly 18 per cent from N645.1million in nine months of 2025. The financial statements show that Legend Internet paid N1.3 billion for the acquisition of a subsidiary and placed N5.52 billion in escrow, while securing N6.88 billion in loan financing during the period. These transactions point to a significant expansion strategy, although the increased financing obligations have also contributed to higher finance costs, which rose to N65.9 million from N5.8 million. The company also retains a significant infrastructure base, with property, plant and equipment valued at approximately N2.54 billion as of April 30, 2026, largely comprising fibre infrastructure. This infrastructure provides a platform for expanding its customer base, increasing service capacity and potentially achieving greater economies of scale as the business grows. Net cash used in operating activities stood at N217.1 million, while cash and cash equivalents closed at only N33.2 million. Total equity, nevertheless, remained substantial at N2.44 billion, despite the comprehensive loss recorded during the period. Chief Executive Officer, Legend Internet, said Aisha Abdulaziz in a statement said, “Legend Internet has the potential to translate its expansion investments into stronger financial performance. Our robust gross margin, substantial infrastructure base and ongoing expansion programme provide a solid foundation for recovery. “We shall utilise the capital deployed to drive the scale, revenue growth and profitability needed to support our ongoing sustainable turnaround.”