Legend Internet Plc has reported a loss for the six months ended January 31, 2026, as rising operating costs and finance charges weighed on earnings, according to its latest management financial statements filed on the NGX platform.

The company posted revenue of N505.36 million for the period, down from N622.64 million recorded in the corresponding period of 2025, reflecting a contraction in topline performance.

Despite generating a gross profit of N322.99 million, Legend Internet’s profitability was eroded by elevated administrative expenses, which surged significantly to N457.62 million from N166.78 million in the prior year.

This drove the company to an operating loss of N134.63 million, compared to an operating profit of N244.55 million a year earlier.

Finance costs further pressured the bottom line, rising to N64.71 million, while interest income provided only a limited offset.

Consequently, the company recorded a loss after tax of N99.34 million, a sharp reversal from the N239.85 million profit posted in the same period of 2025.

Earnings per share also declined into negative territory, closing at a loss of 11 kobo compared with earnings of 12 kobo in the prior period.

A review of the company’s financial position showed total assets increased to N3.45 billion as of January 2026, up from N3.21 billion in July 2025, driven largely by growth in cash and cash equivalents and receivables.

However, shareholders’ funds weakened to N2.55 billion from N2.80 billion, reflecting the impact of the reported loss and dividend payments.

Cash flow analysis indicates that net cash used in operating activities stood at N237.48 million, highlighting liquidity pressure in the core business.

This was partially offset by financing inflows, including loans, which helped lift cash balances during the period.

Further breakdown showed personnel costs rose markedly to N153.50 million, underscoring increased staff-related expenses, while depreciation and amortisation charges remained significant due to ongoing investments in network infrastructure.

The results underlined the pressure on smaller telecom and internet service providers navigating high operating costs, currency volatility, and infrastructure demands within Nigeria’s competitive digital services market.

Airtel Africa has emerged as the standout large-cap performer on the Nigerian Exchange (NGX), recording a 10 per cent gain in a single trading week and reinforcing its position as one of Africa’s most resilient and valuable telecommunications companies.

The telecoms giant closed the week at ₦3,655.70 per share, up from ₦3,323.40, making it one of the strongest contributors to market performance during a period characterised by selective investor activity and sector rotation.

The strong performance reflects growing investor confidence in Airtel Africa’s business fundamentals, diversified revenue streams, and long-term growth strategy. Analysts note that the company continues to attract attention from investors seeking stable, high-quality stocks capable of delivering sustainable value despite ongoing macroeconomic uncertainties.

Unlike many of the week’s gainers, whose performance was largely driven by speculative trading and short-term market positioning, Airtel Africa’s rise was underpinned by confidence in its operational strength and strategic importance within the telecommunications sector.

Market watchers have identified Airtel Africa as a preferred investment destination due to its strong earnings profile, extensive regional footprint, and exposure to foreign currency-linked revenue streams. These factors have helped position the company as a key stabiliser within the NGX, particularly at a time when investors are increasingly selective in deploying capital.

The company’s performance also highlights the growing importance of telecommunications firms in driving economic growth and digital transformation across Africa. Through continued investments in network expansion, digital services, enterprise solutions, and financial inclusion initiatives, Airtel Africa remains at the forefront of enabling connectivity and economic opportunity for millions of people across the continent.

Beyond its stock market performance, Airtel Africa continues to strengthen its position through investments in digital infrastructure, mobile financial services, and technology-driven solutions that support businesses, governments, and communities. These initiatives have become increasingly important as demand for connectivity and digital services continues to accelerate across Africa.

Airtel Africa’s latest performance underscores confidence in the company’s long-term prospects and its ability to create sustainable value for shareholders. The milestone also reflects the market’s recognition of Airtel Africa’s role in shaping Africa’s digital future through innovation, connectivity, and inclusive growth.

With telecommunications remaining a critical enabler of economic development, Airtel Africa’s strong showing on the NGX serves as another indicator of the company’s continued momentum and leadership within the sector.