Legend Internet PLC has reported a loss of ₦14.8 million for the period ended October 31, 2025, marking a significant reversal from the ₦94.5 million profit recorded in the corresponding period of 2024.
According to the company’s unaudited financial statements made available on the Nigerian Exchange Limited (NGX) on Tuesday, revenue declined by 16.6% to ₦258.3 million from ₦309.7 million in October 2024, while administrative expenses surged by 59.5% to ₦168.8 million from ₦105.8 million.
The internet service provider’s gross profit fell to ₦147.9 million from ₦201.2 million year-over-year, representing a 26.5% decline.
The combination of reduced revenue and increased operating expenses resulted in an operating loss of ₦20.9 million before tax and interest, compared to an operating profit of ₦95.4 million in the prior-year period.
News.ng reports that despite the operational challenges, the company’s statement of financial position shows total assets of ₦3.09 billion as of October 31, 2025, down slightly from ₦3.21 billion in July 2025. Total equity stood at ₦2.70 billion, with retained earnings of ₦566 million.
The company maintained its share capital at ₦1 billion, with deposits for shares remaining at ₦1.14 billion.
Current liabilities increased to ₦382.6 million from ₦319.1 million in July, driven partly by a declared dividend liability of ₦120 million. The company’s loan obligations decreased to ₦49.4 million from ₦75.2 million.
Receivables from clients fell sharply to ₦166.5 million from ₦173.2 million, while inventory decreased to ₦30.5 million from ₦74.4 million, suggesting reduced business activity during the period.
The financial statements were signed by Bada Oladimeji Mobolaji, Chairman of the Board of Directors, and Aisha Abdulaziz, Chief Executive Officer.
The company did not provide commentary on the factors behind the revenue decline or the substantial increase in administrative expenses, which appear to be the primary drivers of the loss.
