Legend Internet posts N14.78m loss

Legend Internet Plc has reported a loss after tax of N14.78m for the period ended 31 October 2025, reversing the N94.52m profit posted in the corresponding period of 2024. The decline was driven by lower revenue and a sharp rise in administrative costs.

The company’s revenue fell by 17 per cent to N258.27m from N309.74m recorded in the same period last year. Cost of sales stood at N110.37m, leaving a gross profit of N147.90m, compared to N201.16m posted in 2024.

Administrative expenses surged by 60 per cent to N168.78m from N105.79m, pushing the company into an operating loss of N20.88m, compared with an operating profit of N95.37m last year. After accounting for finance costs, Legend Internet recorded a pre-tax loss of N21.73m for the period.

Despite the performance, the company received a tax credit of N6.95m, which slightly reduced the net loss to N14.78m.

The company’s retained earnings fell to N566.01m from N700.78m as at 31 July 2025, following the loss and a dividend liability of N120m declared during the period. Shareholders’ funds also declined to N2.70bn from N2.84bn in July.

Total assets dipped marginally to N3.09bn from N3.21bn, driven largely by a drop in property, plant, and equipment, which fell to N2.47bn from N2.60bn. Cash and cash equivalents also reduced to N11.52m from N21.02m in the previous quarter.

Current liabilities rose to N382.58m due to an increase in other payables and the recognition of a dividend liability, while non-current liabilities stood at N52.36m, stemming from deferred tax obligations.

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