Legend Internet Plc, Nigeria’s fast-growing last-mile fiber broadband provider, made its debut on the Nigerian Exchange (NGX) yesterday, April 24, 2025, by introducing a quiet entry that marks a big milestone in its quest to deepen digital access in Nigeria.
“Legend’s listing on the NGX is more than a corporate milestone — it’s a national moment,” said Aisha Abdulaziz, CEO of Legend Internet.
“We are unlocking new growth opportunities — not just for Legend, but for Nigeria’s digital economy at large.”
But alongside the bellringing came the company’s audited financials for the year ended July 31, 2024, and for investors watching closely, the numbers told a more measured story.
What the financials show
Legend reported a 5.76% drop in revenue to N1.138 billion, marking its second consecutive year of top-line contraction.
Over the past three years, revenue has declined at an average rate (CAGR) of 3.27% per year.
- While the cost of sales fell sharply by 21% YoY in 2024, helping gross profit to rise 8.56% and improving gross margin to 59.5%, the overall trend suggests the company has struggled to consistently grow its sales.
- Despite this, operating profit rose slightly by 2.39%, and profit before tax (PBT) grew to N285 million. However, at the bottom line, profit after tax plunged by over 50% to N119 million, dragged down by tax liabilities.
On the balance sheet side, Legend’s total assets grew slightly to N3.03 billion, while shareholders’ equity rose to N2.7 billion. A lot of this growth came from deposits for shares and retained earnings.
Importantly, Legend carries little debt, about 11% of its total assets, meaning it has plenty of headroom to borrow or raise funds if needed for future expansion.
What’s under the hood?
Legend is trying to be more than just an internet company. With products like LegendMail (an email with built-in payments) and Legend Pay (a digital wallet), it wants to offer customers a full digital lifestyle, not just broadband.
However, even though the idea sounds exciting, it has not yet shown up in strong sales growth. Revenue has been falling slightly over the past few years.
Investors will be hoping that now, with the company listed, it can turn that vision into real growth.
Investor takeaways
Legend’s core business looks solid the company is running its day-to-day operations without any major problems.
It’s also doing a better job of keeping more of the money it makes from sales, either by cutting costs smartly or offering services people are willing to pay extra for.
- Now that Legend is officially listed on the stock market, it will face more public scrutiny. This should help build trust with customers and investors. Also, being listed makes it easier for the company to raise more money later to fund expansion.
- Legend Internet has big ambitions and the tools to back them up. It is investing in digital infrastructure and pushing new products, and now, it’s inviting Nigerians to be part of that journey as shareholders.
However, investors should watch carefully. Even though Legend is managing its costs well, revenue has been falling, and net profits have also taken a hit. This shows the business is still in an early growth stage and not without its risks.
Overall, if you believe in Nigeria’s digital future and you’re investing for the long term, Legend could be worth watching. But be patient it is not a “get-rich-quick” stock just yet.
Market performance
Legend Internet is listed on the NGX under the ticker symbol “LEGENDINT.” It closed its IPO day (April 24, 2025) at N6.20 per share.
On its second trading day (Friday, April 25, 2025), LEGENDINT closed at N6.82 per share, recording a 10% gain over its previous closing price. This performance ranks it 51st on the NGX in terms of year-to-date gains.
Legend Internet is currently the 84th most valuable stock on the NGX, with a market capitalization of approximately N13.6 billion.
