{
  "id": 1393825,
  "title": "Legend Internet Declares N416.15M Loss in Nine Months",
  "url": "https://urgent.news/2026/08/17/legend-internet-declares-n416-15m-loss-in-nine-months",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-17T01:20:00.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/08/17/legend-internet-declares-n416-15m-loss-in-nine-months/"
  },
  "original_language": "en",
  "account": "Legend Internet Plc, a leading Nigerian internet service provider, disclosed a significant loss of N416.15 million for the nine months ended April 30, 2026, compared to a profit of N221.1 million in the previous nine months. The company's revenue dropped to N817.07 million, a decline of 15.09 percent from N962.23 million in the same period last year. Administrative expenses surged by 142.1 percent, rising to N881.4 million compared to N364.13 million in the previous period. However, the gross profit remained strong at N531.1 million, a decrease of nearly 18 percent from N645.1 million in the previous nine months. Legend Internet made substantial investments, acquiring a subsidiary for N1.3 billion and placing N5.52 billion in escrow, alongside securing N6.88 billion in loan financing. These transactions reflect the company's expansion strategy, despite the increased financial obligations, which resulted in higher finance costs rising to N65.9 million. The company boasts a significant infrastructure base, with total property, plant, and equipment valued at approximately N2.54 billion, primarily comprising fibre infrastructure. This infrastructure is seen as a platform for expanding customer base, increasing service capacity, and potentially achieving greater economies of scale. Despite the comprehensive loss, the company's total equity remained substantial at N2.44 billion. The CEO, Aisha Abdulaziz, expressed optimism about the company's potential to translate its expansion investments into stronger financial performance, emphasizing the robust gross margin, substantial infrastructure base, and ongoing expansion programme as a solid foundation for recovery.",
  "summary": "Kayode Tokede Legend Internet Plc has declared N416.15 million loss for the nine months ended April 30, 2026 as against N221.1 million profit after tax declared in nine months ended April 30,",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}