Legend Internet Plc, one of Nigeria’s fastest-growing last-mile fiber broadband providers, made a low-key but significant entrance onto the Nigerian Exchange (NGX) on April 24, 2025. The company, now trading under the ticker “LEGENDINT,” listed 2 billion ordinary shares, inviting Nigerians to join its journey as shareholders and marking a new chapter in the country’s push for digital connectivity.
Legend’s CEO, Aisha Abdulaziz, called the listing “more than a corporate milestone – it’s a national moment.” The company’s ambition is clear: to deepen digital access and unlock new growth opportunities for Nigeria’s digital economy. But while the bell-ringing ceremony set an optimistic tone, the company’s freshly released 2024 audited financials tell a more nuanced story.
Legend Internet reported a 5.76% drop in revenue for the year ended July 31, 2024, bringing in N1.138 billion. This marks the second consecutive year of declining sales, with a three-year average annual revenue decrease of 3.27%. Despite the dip, there was a silver lining: cost of sales fell sharply by 21% year-on-year, which helped gross profit rise by 8.56% and pushed gross margins up to an impressive 59.5%.
Operating profit inched up by 2.39%, and profit before tax reached N285 million. However, profit after tax took a significant hit, dropping by more than 50% to N119 million, mainly due to increased tax liabilities.
On the balance sheet, Legend’s total assets grew slightly to N3.03 billion, while shareholders’ equity rose to N2.7 billion, buoyed by deposits for shares and retained earnings. The company carries relatively little debt – just 11% of total assets – giving it room to borrow or raise funds for future expansion.
Legend’s market debut was solid: shares closed at N6.20 on IPO day and jumped 10% to N6.82 on the second trading day, making it the 84th most valuable stock on the NGX with a market capitalization of about N13.6 billion.
Beyond Broadband: New Digital Products
Legend is positioning itself as more than just an internet provider. With offerings like LegendMail (an email service with integrated payments) and Legend Pay (a digital wallet), the company hopes to deliver a full digital lifestyle to its customers. However, these new products have yet to translate into meaningful sales growth, and revenue continues to slide.
Legend’s core broadband business is stable, and the company is doing a better job of keeping more of what it earns by controlling costs and offering value-added services. Now, as a publicly listed company, Legend will face greater scrutiny – a factor that could help build trust with both customers and investors. The listing also opens the door to easier fundraising for future expansion.
Still, investors should be cautious. While Legend’s cost management is commendable, declining revenue and shrinking net profits suggest the business is still in an early growth phase and not without risks. For those who believe in Nigeria’s digital future and are willing to play the long game, Legend Internet is one to watch – but it’s not a quick win.
Legend Internet’s NGX debut is a notable step for Nigeria’s tech sector. The company has strong ambitions and a solid operational base, but it must prove it can turn innovation into real, sustained growth. Investors looking for immediate returns may want to be patient, but long-term believers in the digital economy could find Legend’s story compelling.
