Nigeria’s first publicly listed internet service provider, Legend Internet Plc, has reported a profit after tax of N32.89 million for the financial period ended 30 April 2025, underscoring its ability to translate robust revenue streams into positive earnings despite prevailing economic headwinds.
During this quarter, Legend Internet generated turnover of N319.91 million, led by subscription revenues of N300.15 million, installation fees of N7.19 million and wholesale bandwidth sales totalling N12.58 million.
Cost of goods sold amounted to N105.74 million, comprising bandwidth acquisition costs of N41.93 million and infrastructure expenditures of N58.08 million (among other direct outlays), against which the company achieved a gross profit of N214.18 million.
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Operating expenses for the period stood at N112.41 million, broken down into administrative expenses of N37.46 million, selling and distribution costs of N28.06 million, personnel expenses of N35.81 million and other operating charges of N11.07 million.
Depreciation charges further reduced operating profit by N38.51 million, leaving Legend Internet with an operating profit of N101.77 million for the quarter.
Other income contributed N0.55 million, while other expenses of N10.77 million and interest charges of N0.82 million resulted in a profit before tax of N52.21 million. A tax provision of N19.32 million, calculated at prevailing rates, yielded the final profit after tax of N32.89 million.
This quarterly performance highlights Legend Internet’s resilience amid Nigeria’s elevated inflationary environment, which stood at over 33 percent year-on-year as of April 2025.
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Despite cost pressures, the company maintained stable subscription pricing to preserve customer retention and support growth. At period end, share capital remained at N2.14 billion, with a market price of N8.25 per share, equating to a market capitalisation of approximately N16.5 billion.
As Legend Internet works towards satisfying free-float requirements and enhancing its corporate governance, the board emphasises continued investment in network expansion to bolster capacity and service quality in the months ahead.
In the same quarter, Legend Internet listed 2 billion ordinary shares by introduction on the Main Board of the Nigerian Exchange Limited (NGX). The shares were floated at N5.64 each, adding approximately N11.28 billion to NGX’s market capitalisation.
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