Legend Internet Profit Turns to ₦99.34M Loss as Costs Soar 174%

Legend Internet Plc, Nigeria's first listed ISP, reported ₦505.36 million revenue in first half 2026, down 18.8% from ₦622.64 million same period 2025, reversing growth momentum after its April 2025 NGX listing. The company swung from ₦239.85M profit to ₦99.34M loss as administrative costs surged 174.4% to ₦457.62M, personnel expenses doubled to ₦153.5M, and professional fees increased eightfold to ₦79.45M.

Legend Fibre, the company's core broadband business, saw revenue drop from ₦318.15M to ₦198.3M. Despite ₦269.13M cash position (up from ₦21.02M), the company recorded ₦237.48M negative operating cash flow, indicating heavy reliance on debt financing to sustain operations.

The financial decline reflects mounting pressures on smaller Nigerian ISPs facing competition from telecom operators and Starlink. The proposed March 2026 merger with Spectranet offers potential relief through combined infrastructure and customer base, though integration costs may weigh on earnings. Will you invest in Nigerian ISPs, monitor the Spectranet merger progress, or explore alternative broadband providers?

SOURCE: https://techcabal.com/2026/06/04/legend-internet-revenue-drops-19-as-costs-surge-sharply/