Prime Business Africa
On April 25, Legend Internet successfully listed on the Nigerian Exchange Limited (NGX), however, a month later, the company has not successfully convinced the stock market investors that it is a profitable asset.
Legend Internet listed 2,000,000,000 shares at N5.64 kobo, with a market valuation of N11.28 billion, but at the end of trading on the same day, the company’s share appreciated by 9.92 per cent to N6.20 kobo and the valuation closed at N12.40 billion.
Join our WhatsApp ChannelHowever, a month after listing, Legend Internet’s share has declined by 11.71 per cent to N5.55 kobo as of June 2, falling below its listing price and first day closing price, according to analysis by Prime Business Africa.
In comparison, during the same period, the shares of its market rivals, Airtel Africa and MTN Nigeria, have increased by 9.99 percent and 17.95 percent, respectively.
As Legend Internet continues to struggle to attract stock market investors, the company’s market valuation has also depreciated by N1.3 billion to N11 billion, from N12.40 billion.
Legend Internet’s inability to unlock value for its shareholders comes at a time when the company posted unimpressive financial performance.
The company recorded a 5.76 percent decline in its revenue for the year ended July 31, 2024, after generating N1.13 billion, which is below the N1.20 billion turnover reported for the corresponding period in 2023.
Similarly, Legend Internet’s profit after tax (PAT) dropped by 51.56 per cent during the same period from N246.51 million to N119.40 million.
Also, in its unaudited financial statement for the period ending April 30, 2025, Legend Internet reported N319.91 million revenue, operating profit of N101.76 million and profit after tax (PAT) of N32.89 million.
However, unlike other publicly-listed companies, Legend Internet failed to reveal financial reports for the corresponding period of 2024, leaving stock market investors in the dark as regards its financial stability.
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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.
