Legend Internet Plc recorded a N99.34 million loss in the six months ended January 2026, reversing a N239.85 million profit recorded in the corresponding period of 2025, as revenue declined and operating costs increased.
According to the company’s unaudited financial statements, revenue fell 18.8 per cent to N505.36 million, from N622.64 million a year earlier. Gross profit also declined to N322.99 million from N411.33 million.
The company attributed the weaker result to a sharp increase in its cost base. Administrative expenses rose to N457.62 million, from N166.78 million a year earlier, while finance costs increased to N64.71 million from N4.69 million.
The higher expenses pushed Legend into an operating loss of N134.63 million, compared with an operating profit of N244.55 million in the previous corresponding period.
Beyond the reported loss, the company’s cash flow position also weakened during the period.
Legend recorded N237.48 million in net cash used in operating activities, compared with N18.43 million generated from operations in the same period of the previous year.
The company, however, recorded a positive net change in cash of N194.07 million, supported largely by financing activities.
Financing activities generated N382.04 million, while investing activities provided N49.51 million, including N100 million from the disposal of available-for-sale assets.
Short-term interest-bearing borrowings rose to N564.88 million at January 31, from N75.23 million at July 31, 2025.
Commercial Paper accounted for N537.95 million of the borrowings, while bank loans stood at N26.93 million.
The company also continued investing in its infrastructure. Property, plant and equipment stood at N2.46 billion, with fibre infrastructure accounting for the largest portion of the assets.
The figures highlight the challenge facing the broadband operator as it seeks to expand: Legend is investing in infrastructure and taking on funding while revenue and operating cash generation remain under pressure.
Legends’ proposed expansion and strategic plans therefore face an important test not only of subscriber or network growth but also of whether that growth can ultimately produce sustainable earnings and cash flow.
