Legend Internet profit down 92% as admin costs rise, debt hits N1.14bn
Legend Internet Plc reported a pre-tax profit of ₦13.21 million for the year ended July 31 2026, down 92.35% from ₦172.66 million a year earlier, after administrative expenses nearly doubled and finance costs jumped more than tenfold, partially offset by a one-off ₦672 million gain on asset disposal.
Revenue fell 7.44% to ₦1.10 billion, gross profit slipped 6.23% to ₦714 million, and the company swung from an operating profit of ₦201.24 million to an operating loss of ₦344.05 million before other income. Borrowings ballooned to ₦1.14 billion (up 1,419%) mainly from a high‑interest bridge facility, while cash fell to ₦6.09 million, leaving a thin liquidity buffer.
Wholesale bandwidth revenue surged 331.4% and CPE sales rose about 402%, offering some relief, but investors will watch whether management can curb administrative spending and refinance the bridge facility before its December 2026 maturity. The stock closed at ₦4.05, up 1.2% day‑on‑day but down 23.4% year‑to‑date.