Legend Internet Plc reassured investors after it posted a ₦199.34 million pre-tax loss for the six months ended 31 January 2026.
This result reversed the ₦239.85 million profit it achieved in the same period of 2025 and marked its first interim loss since listing on the Nigerian Exchange (NGX).
Legend Internet Revenue Decline Pressure
The company attributed the downturn to aggressive network expansion, rising operating costs, and higher financing expenses.
As a result, administrative costs surged to ₦457.62 million and exceeded gross profit of ₦322.99 million, which pushed the firm into an operating loss.
Meanwhile, revenue fell by 18.84% to ₦505.36 million, while gross profit dropped by 21.48% to ₦322.99 million.
In addition, finance costs jumped 1,278.78% to ₦64.71 million due to increased borrowing.
Consequently, earnings per share declined to -11 kobo from +12 kobo.
Balance Sheet Expansion Strain
On the balance sheet, total assets rose by 7.55% to ₦3.45 billion.
However, liabilities climbed 143.33% to ₦903.91 million, while borrowings surged 650.84% to ₦564.88 million.
Equity and retained earnings also declined over the period.
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Investment-Led Strategy Outlook
Furthermore, management linked the performance pressure to four key factors: falling revenue, rising overheads, shrinking margins, and higher financing costs.
It emphasised that these outcomes resulted from planned expansion rather than operational weakness.
Chief Executive Officer Aisha Abdulaziz stated that the company is actively investing in fibre infrastructure, technology, and capacity upgrades.
She added that the firm is building for long-term growth, even as short-term pressure persists.
Ultimately, Legend Internet maintained confidence in its future earnings and market position.