Legend Internet Plc, a well-known internet provider in Nigeria, has reported a difficult six months. The company lost money because its sales fell, and the cost of running the business went up sharply.
Between August 2025 and January 2026, the company made a loss after tax of ₦199.34 million. This is a big change from the same period the year before, when they made a profit of ₦239.85 million.
Why Did the Profits Drop?
Two major things caused this financial squeeze:
• Lower Sales: The money the company brought in (revenue) dropped by nearly 19% (exactly 18.8%). It went down from ₦622.64 million to ₦505.36 million. This happened mostly because sales for their main service, Legend Fiber, slowed down.
• Massive Cost Increases: While sales were dropping, the cost of running the company exploded. Office and administrative expenses jumped by a huge 174%, rising from ₦166.78 million to ₦457.62 million.
On top of that, Legend Internet borrowed a lot of money to expand its business. Because of these new loans, the interest payments they had to pay back (finance costs) jumped from just ₦4.69 million to ₦64.71 million.
Even though the numbers look bad right now, the leaders of Legend Internet are not panicking. The Chief Executive Officer (CEO), Aisha Abdulaziz, explained that the company is spending heavily on purpose.
The company is putting money into building better fiber optic cables and expanding its network across Nigeria.
“We are building for the future,” Abdulaziz said. “While short-term earnings may reflect the weight of our expansion strategy, the underlying fundamentals of the business remain strong.”
It is not all bad news for the company. Legend Internet actually has more physical cash in the bank now ₦269.13 million compared to a much lower amount last year. This extra cash gives them some breathing room to handle daily operations.
Investors are also looking at the bigger picture. Legend Internet is planning a major merger with Spectranet, another big internet provider. If the government approves this deal, the two companies will combine to create a much larger and stronger internet giant, which could help them recover from these recent losses.
