Prime Business AfricaLegend Internet, an internet service provider (ISP), saw its revenue decline marginally by 5.76 percent to N1.13 billion for the year ended July 31, 2024, compared to the N1.20 billion generated during the same period in 2023.
However, a 21.14 percent decrease in its cost of sales offset the decline in turnover, as the latter was reduced from N584.60 million reported in 2023 to N461.01 million last year.
Join our WhatsApp ChannelThis enabled Legend Internet to squeeze out an 8.66 percent year-on-year increase in gross profit, rising from N623.42 million to N677.42 million.
But after accounting for administrative expenses, which gulped N367.60 million during the reviewed period in 2024 – up from N320.89 billion the year before – the internet service provider was left with an operating profit of N309.75 million, slightly up by 2.38 percent from N302.53 million within the same period.
However, the ISP’s finance cost further depleted its profit as the latter rose to N24.83 million in the reviewed period in 2024, up by 12.11 percent from N22.14 million recorded in the previous year.
Consequently, Legend Internet reported profit before tax (PBT) of N284.95 million for the year ended July 31, 2024, slightly above the N280.41 million recorded in the corresponding period in 2023.
This was further reduced by a 388.39 percent year-on-year increase in income tax, which grew significantly from N33.89 million in 2023 to N165.55 million during the period under review.
The increase in tax income affected Legend Internet’s bottom line, as the internet service provider reported a 51.56 percent decrease in profit after tax (PAT), which dropped from N246.51 million declared in the reviewed period in 2023 to N119.40 million recorded in 2024.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
