MLG Oz Surges 73% in Profit, Declares Interim Dividend Amid Gold Boom
MLG Oz Limited reported a robust HY2026 with statutory net profit after tax soaring 73.2% to $7.1 million, driven by strong demand in the gold sector and operational resilience despite early weather setbacks and a safety fine.
- Statutory revenue up 5.2% to $287.2 million
- Statutory NPAT increased 73.2% to $7.1 million
- Pro-forma EBITDA margin improved to 12.8%
- Declared fully franked interim dividend of 1.25 cents per share
- Strong operational recovery post weather disruptions and safety fine
Robust Financial Performance Despite Early Challenges
MLG Oz Limited (ASX – MLG) has delivered a standout half-year result for HY2026, with statutory revenue climbing 5.2% to $287.2 million and net profit after tax surging 73.2% to $7.1 million. This performance reflects a resilient operational turnaround following weather disruptions in the first quarter and a one-off $750,000 safety fine related to a 2022 incident.
Pro-forma EBITDA rose 24.5% to $36.5 million, with margins expanding to 12.8%, underscoring improved cost control and fleet utilisation across the Group’s integrated mining services.
Operational Highlights and Sector Tailwinds
The company’s haulage and site services segments were key contributors to growth, buoyed by sustained demand from gold sector clients benefiting from historically high gold prices. Notably, the Western Turner Syncline project with Rio Tinto exceeded contracted volumes ahead of schedule, leading to an extension of the contract and reinforcing MLG’s reputation for delivering complex projects at scale.
Crushing and screening operations also gained momentum, with revenues increasing 4.1% to $22.8 million. Investments in additional crushing equipment during the period position MLG to capitalise on a growing pipeline of contracts and increased fleet deployment in the second half.
Safety and Workforce Management
The company faced regulatory scrutiny resulting in a safety fine, but has since implemented significant improvements in safety systems, culture, and training. Safety remains a core focus, with ongoing investments aimed at mitigating risks and fostering a safer workplace.
Labour market pressures, particularly for skilled operators and maintenance staff, continue to challenge the sector. MLG’s proactive approach to workforce development and recruitment has helped maintain operational capacity and support project delivery.
Outlook and Strategic Positioning
Looking ahead, MLG remains optimistic about the remainder of FY2026, expecting performance to be broadly in line with the strong first half. The company’s exposure to the gold sector, which continues to enjoy elevated prices and production levels, underpins this positive outlook.
Strategically, MLG is exploring opportunities to expand its value chain presence, including potential development of processing capabilities. Such initiatives could serve as medium-term growth catalysts, provided they meet the company’s disciplined capital allocation criteria.
Acting CEO Mark Hatfield emphasised the company’s commitment to sustainable, long-term value creation through disciplined capital deployment and maintaining a strong balance sheet.
Bottom Line?
MLG’s strong HY2026 results and strategic ambitions set the stage for sustained growth amid a buoyant gold market.
Questions in the middle?
- How will MLG’s potential processing capability development impact its competitive positioning?
- What are the long-term implications of the safety incident on operational risk and culture?
- How will labour market challenges affect MLG’s ability to scale operations in FY2027?
