Legend Internet reports ₦13.2m annual profit amid rising costs

Legend Internet Plc reported a Profit After Tax of ₦13.2 million for the fiscal year ending July 31, 2026, marking a significant decrease from the ₦142.5 million profit recorded in FY 2025. The decline was driven by rising administrative expenses, which surged 88.9% to ₦1.06 billion, and a sharp increase in financing costs, which rose to ₦314.7 million from ₦28.6 million in the previous year.

Total revenue for the period fell 7.4% to ₦1.10 billion, down from ₦1.19 billion in FY 2025. Despite the lower revenue, the company maintained a gross profit of ₦714 million, representing a gross margin of approximately 65%. Legend Fiber remained the primary revenue driver, contributing ₦930.2 million, while the Wholesale Bandwidth segment saw growth, rising to ₦162.6 million.

The company’s total assets grew by 29% to ₦4.14 billion, up from ₦3.21 billion in the prior year, driven largely by increased current assets and infrastructure investment. Additionally, Legend Internet confirmed its free float reached 27.24% in value, bringing it into compliance with Nigerian Exchange (NGX) Main Board listing requirements.