Legend Internet Plc reported a pre-tax profit of N13.21 million for the 12 months ended July 31, 2026, down 92.35% from N172.66 million in the prior year, largely driven by nearly nine-fold growth in administrative expenses and a more than tenfold surge in finance costs.
According to the company’s financial results filed on the Nigerian Exchange (NGX) on Tuesday, September 15, 2026, profit for the period fell 90.73% year-on-year to N13.21 million from N142.46 million, even as the top line came under pressure across the review period.
A one-off N672 million gain on asset disposal provided support, offsetting what could have been a significant operating loss in the financial performance of the broadband and digital services provider.
An analysis of Legend Internet’s FY2026 performance reveals that the sharp decline in profitability was driven by the convergence of three pressure points: a shrinking core revenue base, a near-doubling of administrative overhead, and a dramatic escalation in financing costs — offset only by a large non-recurring gain.
Without the N672 million gain on disposal of assets recorded as other income, the company would have posted a substantial pre-tax loss rather than a marginal profit.
Total assets rose 28.94% to N4.14 billion, driven largely by higher receivables, prepayments and other current assets, while total liabilities held roughly flat at N371.48 million.
On a brighter note, wholesale bandwidth revenue surged 331.4% to N162.58 million from N37.68 million, and CPE sales grew roughly 402% to N7.20 million from N1.44 million, improving the revenue mix.
The filing shows a marked shift in ownership between May 19, 2025, and July 31, 2026, with issued share capital unchanged at 2 billion shares.
The company disclosed that it is now compliant with the Exchange’s Main Board free-float requirement as a result.
Legend Internet (LEGENDINT) closed its last trading day, Tuesday, September 15, 2026, at N4.05 per share, up 1.2% from the previous close of N4.00.
The stock began the year at N5.29 and has since lost 23.4% of its value, ranking it 113th on the NGX by year-to-date performance.
Shares have fallen from a year-high of N7.98 on March 6, 2026, to Tuesday’s close of N4.05, and have shed a further 7% since August 17.
Investors will likely be watching closely to see whether management can rein in administrative costs and refinance the high-interest bridge facility before its December 2026 maturity, particularly given how thin the cash buffer has become relative to the scale of outstanding borrowings.
