{
  "id": 7750296,
  "title": "Legend Internet’s FY2026 profit falls 91% as N672 million asset-gain masks operating loss",
  "url": "https://urgent.news/2026/09/16/legend-internets-fy2026-profit-falls-91-as-n672-million-asset-gain",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-16T09:14:07.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/09/16/legend-internets-fy2026-profit-falls-91-as-n672-million-asset-gain-masks-operating-loss/"
  },
  "original_language": "en",
  "account": "Legend Internet Plc reported a pre-tax profit of N13.21 million for the year 2026, a staggering 92.35% decrease from N172.66 million in the previous year. The decline was mainly due to administrative expenses skyrocketing nearly nine times and finance costs more than doubling. Despite a one-off N672 million asset disposal gain, the company would have experienced a significant operating loss. The top line, representing revenue, faced pressure throughout the review period, causing a 7.44% year-on-year decline to N1.10 billion. Gross profit followed suit, dropping 6.23% to N714.00 million. Profit before tax plummeted 92.35%, reaching N13.21 million. Total assets grew by 28.94% to N4.14 billion, mainly due to increased receivables and prepayments. Total equity, however, declined by 2.73% to N2.76 billion. Earnings per share fell to 1 kobo, down from 7 kobo. Borrowings surged by 1,419.10%, reaching N1.14 billion. Cash and cash equivalents decreased by 71.02%, ending at N6.09 million. The company's stock traded at N4.05 per share, having lost 23.4% of its value since the beginning of the year, ranking it 113th among NGX companies by year-to-date performance.",
  "summary": "Legend Internet Plc reported a pre-tax profit of N13.21 million for the 12 months ended July 31, 2026, down 92.35% from N172.66 million in the prior year, largely driven by nearly nine-fold growth in administrative expenses and a more than tenfold surge in finance costs. The post Legend Internet’s FY2026 profit falls 91% as N672 million asset-gain masks operating loss appeared first on…",
  "key_points": [
    "Legend Internet's FY2026 profit falls 91% to N13.21 million",
    "One-off N672 million asset disposal gain masks operating loss",
    "Total assets grew 28.94% to N4.14 billion, equity declined 2.73%"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "BusinessDay Nigeria",
        "title": "Cost pressures weigh on Legend Internet profit despite N4.14bn asset base",
        "url": "https://urgent.news/2026/09/16/cost-pressures-weigh-on-legend-internet-profit-despite-n4-14bn-asset",
        "published": "2026-09-16T04:10:38.000Z"
      }
    ]
  },
  "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."
}