Legend Internet Plc has reported a profit after tax of ₦32.9 million for the first quarter ended April 30, 2025, representing a 54.3 per cent decline compared to the ₦72.1 million recorded in the same period of 2024.
The drop in profit was attributed to a significant increase in operating expenses, which more than doubled year on year. According to the unaudited financial results filed with the Nigerian Exchange Limited, operating expenses rose by 164 per cent to ₦122.6 million in the first quarter of 2025 from ₦46.4 million reported in the corresponding period of 2024.
Despite the decline in profit, the company recorded a slight increase in revenue. Total revenue stood at ₦319.9 million in the period under review, representing a 2.2 per cent increase from ₦313.0 million reported in the same quarter of 2024. The bulk of the revenue was derived from wholesale bandwidth services and subscription income, which contributed ₦312.7 million.
The cost of sales dropped by 22 per cent to ₦105.7 million in the first quarter of 2025 from ₦135.7 million in the same period of 2024. As a result, gross profit rose by 20.8 per cent to ₦214.2 million in 2025, up from ₦177.3 million in the first quarter of the previous year.
Depreciation and amortisation expenses saw a marginal increase of 2.4 per cent to ₦38.5 million, compared to ₦37.6 million in 2024, while finance costs declined by 65.8 per cent to ₦821,917.81 from ₦2.4 million recorded a year earlier.
Profit before tax declined by 42.6 per cent to ₦52.2 million in the period under review, down from ₦90.9 million posted in the first quarter of 2024.
As of April 30, 2025, the company’s total assets stood at ₦3.28 trillion, while total equity amounted to ₦2.95 trillion. Legend Internet’s market capitalisation closed the quarter at ₦16.5 billion, with its share price standing at ₦8.25 per unit.
The PUNCH reported that Legend Internet Plc will be listed on the Main Board of the Nigerian Exchange Limited by introduction on April 24, 2024.
The PUNCH