Legend Internet PLC has released its audited financial statements for the year ended 31 July 2025, revealing a challenging year marked by declining profitability despite revenue growth, according to the company’s four-year financial summary.
In a comprehensive financial statement sent to the Nigerian Exchange Limited (NGX) on Thursday, the telecommunications company reported revenue of ₦1.19 billion for 2025, representing a 4.6% increase from the previous year’s ₦1.14 billion. However, this growth came at a significant cost to profitability.
Profit after taxation was ₦142.5 million in 2025, up 23% from ₦115.9 million in 2024. This follows a sharp decline from ₦246.5 million in 2023.
The company’s balance sheet expanded substantially, with total assets reaching ₦2.84 billion in 2025, up from ₦2.70 billion the previous year. This 5.3% increase occurred even as non-current assets fell to ₦2.61 billion from ₦2.74 billion.
Net current assets surged to ₦278.7 million in 2025, compared with just ₦56.7 million in 2024 — a nearly fivefold increase that suggests improved working capital management.
Despite the revenue growth, returns to shareholders remained modest. Basic earnings per share rose to 7 kobo in 2025 from 6 kobo in 2024, though both figures remain well below the 2,465 kobo achieved in 2023 — a year that appears to have been exceptional for the company.
Net asset value per share increased modestly to 142 kobo from 135 kobo, reflecting the company’s growing asset base. However, this pales in comparison to the 25,810 kobo per share recorded in 2023.
Notably, Legend Internet moved from a tax credit position of ₦165.6 million in 2024 to a tax charge of ₦4.1 million in 2025. This swing of approximately ₦169.7 million significantly impacted bottom-line results and may indicate changing fiscal circumstances or the utilisation of previous tax benefits.
Looking at the broader trend, the company has experienced considerable volatility. From a modest profit of ₦195.9 million in 2022, earnings surged to ₦246.5 million in 2023 before collapsing to ₦115.9 million in 2024 and recovering slightly to ₦142.5 million in 2025.
Total equity has grown steadily from ₦2.33 billion in 2022 to ₦2.84 billion in 2025, suggesting underlying business resilience despite profit fluctuations.
The financial results paint a picture of a company navigating challenging market conditions while attempting to grow its top line. Management will likely face questions about the sustainability of profit margins and the significant year-over-year volatility in earnings.
News.ng reports that investors will be watching closely to see whether Legend Internet can translate its revenue growth and asset expansion into more consistent profitability in the coming fiscal year.
