Legend Internet Declares N416.15M Loss in Nine Months

Nigerian internet service provider Legend Internet Plc has announced a substantial loss of N416.15 million for the nine months concluding April 30, 2026. This marks a significant downturn from the N221.1 million profit after tax recorded during the same period in 2025.

The company's financial report indicates a decline in revenue, which fell by 15.09% to N817.07 million from N962.23 million in the prior year. Concurrently, administrative expenses saw a dramatic increase of 142.1%, rising from N364.13 million to N881.4 million. Despite these challenges, gross profit remained considerable at N531.1 million, though it represented an 18% decrease from the N645.1 million reported in 2025.

Legend Internet is actively pursuing a significant expansion strategy. The company invested N1.3 billion in acquiring a subsidiary, placed N5.52 billion in escrow, and secured N6.88 billion in loan financing. These financial maneuvers, while contributing to increased finance costs that rose to N65.9 million from N5.8 million, are intended to bolster its infrastructure, which is valued at approximately N2.54 billion and primarily consists of fiber networks. The company aims to leverage this infrastructure to expand its customer base and service capacity.

CEO Aisha Abdulaziz expressed confidence in the company's future, stating, “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.” Despite a comprehensive loss, total equity remains strong at N2.44 billion.

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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.