Legend Internet Plc has reported a profit after tax of N32.9m for the first quarter ended April 30, 2025, representing a 54.3 per cent decline compared to the N72.1m 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 N122.6m in the first quarter of 2025 from N46.4m reported in the corresponding period of 2024.
Despite the decline in profit, the company recorded a slight increase in revenue. Total revenue stood at N319.9m in the period under review, representing a 2.2 per cent increase from N313.0m reported in the same quarter of 2024. The bulk of the revenue was derived from wholesale bandwidth services and subscription income, which contributed N312.7m.
The cost of sales dropped by 22 per cent to N105.7m in the first quarter of 2025 from N135.7m in the same period of 2024. As a result, gross profit rose by 20.8 per cent to N214.2m in 2025, up from N177.3m in the first quarter of the previous year.
Depreciation and amortisation expenses saw a marginal increase of 2.4 per cent to N38.5m, compared to N37.6m in 2024, while finance costs declined by 65.8 per cent to N821,917.81 from N2.4m recorded a year earlier.
Profit before tax declined by 42.6 per cent to N52.2m in the period under review, down from N90.9m posted in the first quarter of 2024.
As of April 30, 2025, the company’s total assets stood at N3.28 tn, while total equity amounted to N2.95 tn. Legend Internet’s market capitalisation closed the quarter at N16.5bn, with its share price standing at N8.25 per unit.
The Legend Internet Plc will be listed on the Main Board of the Nigerian Exchange Limited by introduction on April 24, 2024.
