WorldStage– Legend Internet Plc, a Nigerian internet service provider listed on the Nigerian Exchange (NGX), has reported a loss after tax of ₦99.34 million for the six months ended 31 January 2026, reversing a profit of ₦239.85 million recorded in the corresponding period of the previous year.
According to the company’s unaudited management financial statements signed by Board Chairman Dr. Oladimeji Mobolaji Bada and Chief Executive Officer Ms. Aisha Abdulaziz and filed with the NGX, revenue declined 18.8% year-on-year to ₦505.36 million from ₦622.64 million.
Cost of sales fell to ₦182.37 million from ₦211.31 million, resulting in a gross profit of ₦322.99 million, down from ₦411.33 million.
Administrative expenses more than doubled to ₦457.62 million from ₦166.78 million in the prior-year period. This sharp rise, combined with the revenue drop, pushed the company into an operating loss before tax and interest of ₦134.63 million, compared with an operating profit of ₦244.55 million previously.
Finance costs jumped significantly to ₦64.71 million from ₦4.69 million.
After a tax credit of ₦100 million, the company posted a net loss of ₦99.34 million. Basic earnings per share swung to a loss of 11 kobo from a profit of 12 kobo.
Balance sheet highlights showed that total assets stood at ₦3.45 billion as at 31 January 2026 (up from ₦3.21 billion at 31 July 2025).
Shareholders’ funds declined to ₦2.55 billion from ₦2.80 billion, reflecting the period’s loss, a ₦120 million dividend payment, and a ₦70.7 million adjustment for prior-period overstatement.
Cash and cash equivalents improved markedly to ₦269.13 million from ₦21.02 million at the previous year-end.
Loans rose substantially to ₦564.88 million from ₦75.23 million.
