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Grand Banks
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GEM UNDISCOVERED
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LowLow12
Elite |
29-Aug-2025 14:03
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After Covid, this strong yacht company finally turned around
Long time never get to see them earn such money. Hope it can substain in next few years to come. |
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Joelton
Supreme |
29-Aug-2025 12:25
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Grand Banks Yachts FY2025 earnings down 14.8% y-o-y to $18.2 mil final divided of 1 cent declared
Grand Banks Yachts has reported a 14.8% y-o-y lower earnings of $18.2 million for the full year 2025 ended June 30. For the 2HFY2025, earnings declined 26.3% y-o-y to $10.7 million.
The group&rsquo s revenue for the FY2025 came in 21.4% y-o-y higher at $162.3 million, and up 38.6% y-o-y for the 2HFY2025 to $96.1 million.
Earnings per share came in at 9.77 cents for the full year, down 15.6% y-o-y.
The board of directors have proposed a final dividend of 1 cents per ordinary share, maintaining the total dividend at 1.5 cents per share for the year
The group says that its increase in revenue was largely driven by the sale of nine trade-in boats in FY2025, of which seven were sold in 2HFY2025 compared to none in FY2024. The growth in revenue was also driven by the sale of two pre-owned boats and two stock boats sold in 2HFY2025.
Grand Banks Yachts says that due to the large number of trade-in boat sales which typically have lower margins, higher production hours, higher material costs and weakening of the US dollar, gross profit for 2HFY2025 and FY2025 declined.
Meanwhile, total operating expenses increased 10.9% y-o-y to $23.9 million in line with higher revenue.
Net cash from operating activities rose to $31.2 million in FY2025 as inventories and contract assets declined while contract liabilities, payables and provisions rose, partially offset by higher prepayments. Cash and fixed deposits grew to $51.5 million as at June 30.
The group reported a net order book of $156.6 million as at end June 30, lifted by orders for 33 new boats and 13 trade-in/stock boat orders.
The group says that no material effects are expected from the revised tariffs announced by the US government on Aug 1, and demand for luxury boats remains healthy despite short-term headwinds.
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Joelton
Supreme |
20-May-2025 11:34
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Grand Banks Yachts reports higher revenue for 3QFY2025, but quarterly earnings down y-o-y
SGX Mainboard-listed Grand Bank Yachts (GBY) has reported a y-o-y increase in its 3Q FY2025 revenue but earnings in the same period, no thanks to lower margins, dropped 42.8% y-o-y.
The group also saw earnings decline on the back of a lower margin sales mix and higher costs associated with product enhancements.
For 3Q FY2025, seven build-to-order boats, two trade-in boats, one pre-owned boat and one stock boat were sold, which lifts the number of boats sold by GBY for 9M FY2025 to 26 boats.
This helped bring 3QFY2025 revenue to $40.1 million from $29.1 million in 3Q FY2024.
However, due to a higher proportion of sales of lower-margin trade-in boats along with higher costs from product enhancements as mentioned above, GBY&rsquo s margins dropped to 24.8% from 41.9%, leading to earnings of $2.3 million from $3.9 million a year ago.
GBY remains confident about its longer-term outlook as it remains well-positioned for future growth.
Along with the unveiling of its new composite manufacturing facility in Pasir Gudang, Johor, the group also announced back in March its intention to acquire two properties in Newport, Rhode Island &ndash a premier boating destination in the United States of America, its largest market &ndash subject to shareholder approval in June.
The acquisition will help enhance customer experience and strengthen its sales and after-sales capabilities in the Northeastern side of the US.
&ldquo Notwithstanding current geo-political and economic challenges, the group continues to implement growth initiatives and invest for the longer term,&rdquo says GBY chairman Basil Chan.
&ldquo The expansion of our Malaysian facility and proposed acquisition of the Newport properties will strengthen our global positioning and branding. Despite global uncertainty, the Group remains confident that it can deliver long-term shareholder value,&rdquo he adds.
Strong sales this quarter also brought GBY&rsquo s net order book value up by 8.8% to $119.5 million as of Mar 31 compared to $109.8 million as of Dec 31, 2024.
&ldquo The higher net order book demonstrates the strong customer confidence in our ability to deliver premium craftsmanship, customer service, and innovative products. We continue to invest in new product development at our state-of-the-art manufacturing facilities, whilst strengthening our market presence in the US,&rdquo says Mark Richards, CEO of GBY.
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Joelton
Supreme |
26-Mar-2025 09:10
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Grand Banks Yachts to acquire marina and facilities in Newport, Rhode Island for US$21 mil
Luxury yacht builder Grand Banks Yachts (GBY) announced that it will be acquiring two properties in Newport, Rhode Island in the US for a total purchase consideration of US$21.0 million ($28.1 million).
The properties boast a full-service marina, a covered workshop, boat storage space, guest accommodation, supporting amenities and parking areas. It is capable of berthing up to 20 boats in the water and more on the land.
This acquisition will provide strategic expansion in its main geographical market in the US and enhance long-term sales of Grand Banks and Palm Beach Motor Yachts. The group had previously expressed interest to expand its footprint into the East Coast of the US, saying that it was the " final piece of the puzzle" in its expansion plans into the US.
With a rich heritage and historic waterfront including the most famous yacht club in the world, Newport, Rhode Island is highly regarded as one of the premier boating destinations in the US. This acquisition will provide Grand Banks and Palm Beach Motor Yachts with the opportunity to strengthen its sales and further enhance customer experience. This is timely after the group unveiled its newly expanded composite manufacturing facility in Johor this month.
Thus far, the group' s subsidiary, Stuart Yacht Corporation, has paid a total deposit of US$1.0 million in escrow after entering into the sales and purchase agreement.
The proposed acquisition remains subject to due diligence and the group will be convening an extraordinary general meeting (EGM) to obtain shareholders&rsquo approval. Upon completion, the group will pay a further US$5.0 million in cash, totalling US$6.0 million. These payments will be funded from internal sources.
The remaining US$15.0 million will be paid over four annual instalments of US$1.875 million plus interest with a balloon payment on the fifth instalment of US$7.5 million plus interest. The group intends to fund the instalment payments and final payment using internal cash resources of the group, external funding or a combination of both.
Ahead of the EGM, the group will issue a circular setting out further information.
GBY' s CEO, Mark Richards, says, &ldquo I am very excited with this opportunity for the group. This acquisition will have immense strategic value to enhance our future sales and customer experience. The group will be able to build a stronger presence and attract new customers within the prestigious North East region of the US.&rdquo
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Joelton
Supreme |
05-Mar-2025 14:42
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Grand Banks Yachts completes expansion of Pasir Gudang manufacturing plant, total facility now 700,000 sq ft
Grand Banks Yachts has completed the expansion of its Pasir Gudang, Malaysia composite manufacturing plant after 18 months of work.
The facility is now nearly 700,000 sq ft, after undergoing a 25% expansion in space. The yard is in one of the nine flagship zones in the Johor-Singapore Special Economic Zone.
The expanded facility now allows Grand Banks to have greater control over every stage of production including composite manufacturing. It is equipped with onsite 8-axis rotor robotics, a testing pool and engineering labs.
The group says that this will allow it to build bigger yachts with greater precision, craftsmanship and efficiency while shortening delivery times.
Grand Banks Yachts had a net order book of $109.8 million as at Dec 31, 2024.
&ldquo The expansion is a critical part of our strategy to improve quality, internal efficiencies and generate economies of scale. The enhancements in technology and processes will further strengthen our business foundation to better serve customers and add long-term value to our shareholders,&rdquo says chairman Basil Chan.
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Joelton
Supreme |
13-Feb-2025 12:08
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Grand Banks Yachts proposes interim dividend of 0.5 cents on back of higher earnings of $7.6 mil for 1HFY2025
Grand Banks Yachts has reported earnings of $7.6 million for the 1HFY2025 ended Dec 31, 2024, a marginal 9.2% increase from the $6.9 million in the same period a year before.
Earnings per ordinary share for 1HFY2025 rose to 4.05 cents, while net asset value per ordinary share increased to 51.07 cents as at Dec 31, 2024.
The mainboard listed builder of yachts has proposed an interim dividend of 0.5 cents per ordinary share as a result. It said that its higher earnings could be attributed to the high level of boat-building activity at its facility in Pasir Gudang, Johor, Malaysia.
The company booked eight new boats and three trade-in boats for the period under review, lifting revenue in the reporting period by 3.4% to $67.2 million from $65.0 million.
However, 1HFY2025 gross profit declined 8% to $21.7 million and gross profit margin declined to 32.4%, primarily due to a higher proportion of lower-margin trade-in boats.
Total operating expenses for 1HFY2025 decreased to $10.8 million from $12.7 million in 1HFY2024, mainly due to lower goodwill warranty and sales commissions, partially offset by higher payroll and depreciation expenses.
Net cash stood at $5.2 million, lower than the $8.9 million in the corresponding reporting period due to lower trade receivables and contract assets and higher trade payables. This was partially offset by lower contract liabilities and higher inventories, prepayments and taxes paid.
Cash and cash equivalents declined to $35.3 million as at Dec 31, 2024, and net order book declined to $109.8 million.
The group opened a new office within Kona Mai Marina in San Diego California in November, and says it continues to be on the look out for opportunities in the US.
&ldquo The 1H FY2025 performance results reflect our combined focus on boat design, service quality and internal efficiencies. We will build on this foundation by expanding our Pasir Gudang yard so as to meet growing demand for bigger boats while strengthening our market presence within the USA,&rdquo says CEO Mark Richards.
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LP2020
Senior |
26-Nov-2024 10:42
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definitely a stock to keep in your watchlist, as there is some good potential in here
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Joelton
Supreme |
26-Nov-2024 10:07
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Lim & Tan Securities maintains &lsquo buy&rsquo on Grand Banks Yachts almost doubles TP to $1.05
Lim & Tan Securities has maintained its &ldquo buy&rdquo call on Grand Banks Yachts, with an upgraded target price of $1.05, from 54 cents previously.
The report dated Nov 25 comes after Grand Banks Yachts&rsquo &ldquo stellar&rdquo 1QFY2025 ended Sept 30 results.
During the quarter, Grand Banks Yachts reported a revenue of $40 million and net profit of $5.4 million, a 29% and 95% y-o-y increase, respectively.
This was mainly attributed to a previously cancelled boat contract in 3QFY2024 that was resold in 1QFY2025.
This comes on the back of a stellar FY2024, where Grand Banks Yachts surpassed all expectations with a record-high revenue of $133.7 million and net profit of $21.4 million, representing a 17% and 112% y-o-y growth.
The company&rsquo s balance sheet remains healthy with net cash at $35.8 million, while its orderbook currently stands at $116 million. Grand Banks Yachts recorded seven new boat orders and two trade-in boat sales in 1QFY2025.
Lim & Tan Securities analysts Nicholas Yon and Chan En Jie note that the gradual decline in orderbook is not &ldquo particularly alarming&rdquo given that the company is more efficient in fulfilling its order book post-covid and at the same time, taking in new orders.
However, Yon and Chan recognise that the boat market typically softens during an election year in the US.
Yon and Chan note that Grand Banks Yachts has successfully built a strong brand by producing superior boats at competitive prices. With this advantage, the company aims to capture more market share in the US through its new range of boat models designed to appeal to previously untapped customer segments.
Grand Banks Yachts is completing the construction of its facility expansion at Pasir Gudang, Malaysia, and will increase usable floor space by 25%.
The upcoming yard, which will be ready in December, will support this by enhancing efficiency, reducing lead times by 15% and allowing the company to strategically produce higher-margin stock boats.
Yon and Chan expect the full impact of this expansion and Grand Banks Yachts&rsquo efforts to capture additional US market share to be realised in FY2026.
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SmallSmall
Supreme |
25-Nov-2024 16:28
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$0.62 liao........ +$0.065
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SmallSmall
Supreme |
25-Nov-2024 15:46
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Will this be another Oiltek?
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SmallSmall
Supreme |
25-Nov-2024 15:15
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Lim & Tan Securities maintains &lsquo buy&rsquo on Grand Banks Yachts almost doubles TP to $1.05Cerlyn YeohMon, Nov 25, 2024 &bull 02:04 PM GMT+08 &bull &bull 2 min read
 The report dated Nov 25 comes after Grand Banks Yachts&rsquo &ldquo stellar&rdquo 1QFY2025 ended Sept 30 results.
im & Tan Securities has maintained its &ldquo buy&rdquo call on Grand Banks Yachts, with an upgraded target price of $1.05, from 54 cents previously.
The report dated Nov 25 comes after Grand Banks Yachts&rsquo &ldquo stellar&rdquo 1QFY2025 ended Sept 30 results. During the quarter, Grand Banks Yachts reported a revenue of $40 million and net profit of $5.4 million, a 29% and 95% y-o-y increase, respectively. This was mainly attributed to a previously cancelled boat contract in 3QFY2024 that was resold in 1QFY2025. This comes on the back of a stellar FY2024, where Grand Banks Yachts surpassed all expectations with a record-high revenue of $133.7 million and net profit of $21.4 million, representing a 17% and 112% y-o-y growth. The company&rsquo s balance sheet remains healthy with net cash at $35.8 million, while its orderbook currently stands at $116 million. Grand Banks Yachts recorded seven new boat orders and two trade-in boat sales in 1QFY2025. See also: RHB upgrades Singapore banks to &lsquo overweight&rsquo as it sees upside from capital management initiatives Lim & Tan Securities analysts Nicholas Yon and Chan En Jie note that the gradual decline in orderbook is not &ldquo particularly alarming&rdquo given that the company is more efficient in fulfilling its order book post-covid and at the same time, taking in new orders. However, Yon and Chan recognise that the boat market typically softens during an election year in the US. Yon and Chan note that Grand Banks Yachts has successfully built a strong brand by producing superior boats at competitive prices. With this advantage, the company aims to capture more market share in the US through its new range of boat models designed to appeal to previously untapped customer segments. See also: Phillip Securities &lsquo overweight&rsquo on S-REITs expects three rate cuts next year, not five Grand Banks Yachts is completing the construction of its facility expansion at Pasir Gudang, Malaysia, and will increase usable floor space by 25%. The upcoming yard, which will be ready in December, will support this by enhancing efficiency, reducing lead times by 15% and allowing the company to strategically produce higher-margin stock boats. Yon and Chan expect the full impact of this expansion and Grand Banks Yachts&rsquo efforts to capture additional US market share to be realised in FY2026. As at 2.03pm, shares in Grand Banks Yachts are trading flat at 55.5 cents. |
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spursfan
Supreme |
23-Oct-2024 08:22
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another good results .very quiet stock . price has risen from around 30c at start of the year. Grand Banks Yachts Unaudited 1Q FY2025 Net Profit Rises 95.0% to S$5.4 Million, Outpacing Revenue Growth Secures Order for A New Boat Model, First Over 100 Feet
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Joelton
Supreme |
23-Oct-2024 08:13
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Grand Banks Yachts reports 1QFY2025 earnings of $5.4 mil, up 95% y-o-y
Mainboard-listed Grand Banks Yachts has reported earnings of $5.4 million in 1QFY2025 ended Sept 30, up by 95% y-o-y from $2.8 million in the previous financial year.
This came on the back of reduced operating expenses in 1QFY2025, which fell marginally to $5.1 million.
The group&rsquo s revenue for 1QFY2025 saw a 29.1% y-o-y increase to $40 million from $31 million in 1QFY2024 previously, following the recognition of a previously cancelled boat contract that was resold in 1QFY2025.
Similarly, the group&rsquo s gross profit for 1QFY2025 was up 29.2% y-o-y to $13.1 million, due to improved operational efficiency at the group&rsquo s manufacturing yard in Pasir Gudang, Johor, Malaysia.
Accordingly, gross profit margin in 1QFY2025 remained stable at 32.6%.
The group&rsquo s 1QFY2025 profit before tax stood at $7.7 million, a 63.0% increase from $4.7 million in the same period last year.
Additionally, the group recorded seven new built-to-order and two trade-in boat sales in 1QFY2025 and has maintained a &ldquo healthy&rdquo net order book of $116.0 million as at Sept 30. This marks an increase from $120 million as at June 30.
The group says this will &ldquo buffer against any short-term macroeconomic headwinds such as elevated interest rates, increased operating costs as well as potential supply chain disruptions arising due to geopolitical tensions&rdquo .
The group has also launched two new boat models, the Palm Beach 107 and the Palm Beach GT50 RS Outboard model, under its Palm Beach Motor Yachts brand.
The Palm Beach 107 represents the group&rsquo s first model over 100 ft in its portfolio. The group has since received its first order for the model.
Meanwhile, the group adds that the Palm Beach GT50 RS Outboard features outboard propulsion, which offers faster speeds and greater ease of maintenance as compared to its original GT50 model.
Basil Chan, chairman of Grand Banks, says: &ldquo It is an encouraging first quarter, and I look forward to the new models contributing to the results in the years to come, in particular the PB107, which will be the Group&rsquo s largest yacht to date.&rdquo
Mark Richards, CEO of Grand Banks, adds: &ldquo All of our efficiency improvements are now flowing to our bottom line which is extremely satisfying for all involved. We have some very exciting new innovations that we are working on to make Grand Banks one of the industry&rsquo s pioneers entering the next generation of boat design and performance.&rdquo
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Joelton
Supreme |
29-Aug-2024 09:05
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Grand Banks Yachts reports record-high FY2024 earnings of $21.4 mil
Mainboard-listed Grand Banks Yachts has reported earnings of $21.4 million for FY2024 ended June 30, up 111.5% y-o-y from $10.1 million in the previous financial year.
The group&rsquo s earnings for 2HFY2024 also saw an increase of 122.6% y-o-y at $14.45 million.
Earnings per share stood at 11.58 cents, up from a share of 5.47 cents in FY2023.
The group&rsquo s revenue saw a 17.1% increase y-o-y to $133.65 million in FY2024, which was largely due to higher boat-building activities in the group&rsquo s Malaysian yard.
Similarly, the group' s gross profit for FY2024 was up 37.9% to $50.7 million, outpacing revenue growth. This came on the back of higher production efficiency and the absence of trade-in boat sales.
Accordingly, gross profit margin rose to 38.0% in FY2024, from 32.2% in the same period last year.
As such, the group has proposed a final dividend of one cent per ordinary share for FY2024, as at Aug 28. Once approved by shareholders, this will bring the group&rsquo s total dividend for FY2024 to 1.5 cents per ordinary share for the year.
As at FY2024, the group has since recorded 20 new boat orders, as compared to 19 new boats and one trade-in order in FY2023.
The group says that its net order book remains robust at $120 million in FY2024, up from $1599.4 million in the previous financial year.
Moving forward, the group is completing its new single-storey facility at Pasir Gudang yard which will increase usable floor space by over 25%.
The group has also invested in new machinery which will enhance capacity, reduce delivery times and allow the group to build larger, sleeker and more energy-efficient yacht models.
The group says that its strong order book will provide a strong buffer against short-term macroeconomic headwinds, such as elevated interest rates, higher operating costs, and potential disruptions to the supply chain due to the ongoing Russia-Ukraine war and conflicts in the Middle East.
Mark Richards, CEO of Grand Banks Yachts: &ldquo FY2024 has been a strong year for the Group the improvements implemented by the management team have begun to bear fruit, and I am particularly excited about the expansion of our manufacturing facility by early next year, which will further streamline our operations.&rdquo
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Joelton
Supreme |
14-May-2024 11:11
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Grand Banks Yachts&rsquo net profit for 9MFY2024 at multi-year high of $10.9 mil
Grand Banks Yachts has reported a net profit of $10.9 million for the 9MFY2024 ended March 31, 92.8% higher y-o-y and the highest in over 10 years.
Revenue for the period rose by 20.7% y-o-y to $94.2 million.
Gross profit grew by 62.3% y-o-y to $35.8 million while gross profit margin rose to 38.0% from 28.3% in the corresponding period the year before.
According to Grand Banks Yachts, the higher gross profit was thanks to accelerated boat construction activities which helped to clear backlog and saw greater revenue recognition.
For the 3QFY2024, the group reported three new boat orders, bringing the total for the nine-month period to 14 new orders.
Its net order book stood at $122.2 million as at March 31, down from $137.3 million as at Dec 31, 2023.
Looking ahead, the group says it is confident in the long-term growth of the luxury yacht market but it is watching out for potential headwinds such as softer short-term customer demand, rising economic uncertainty from geopolitical tensions, higher-for-longer interest rates and higher operating costs.
&ldquo In response, the group will continue to focus on its sales and marketing efforts to maintain a healthy orderbook,&rdquo it says in its May 13 statement.
&ldquo Despite the challenging environment, the group has continued to deliver improvements in performance. We will continue to focus on improving efficiencies in our boat production to shorten delivery times, while investing heavily in our marketing efforts to further support our sales requirement,&rdquo says Grand Banks&rsquo CEO Mark Richards.
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Joelton
Supreme |
08-Apr-2024 08:54
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Grand Banks Yachts
Willimbury, a private company incorporated in Australia, increased its substantial shareholding in Grand Banks Yachts : G50 +2.86% above the 15 per cent threshold on Mar 28.
The married deal involved 1,709,500 shares being acquired at S$0.31 apiece, boosting the company&rsquo s direct interest to 15.79 per cent from 14.86 per cent. It had raised its direct interest above the 14 per cent threshold in June 2022, with that acquisition also transacted at an average price of S$0.31 per share.
On Feb 13, Grand Banks Yachts reported that its first-half profit after tax for the financial year 2024 ended Dec 31, 2023, increased 91.7 per cent to S$6.9 million year on year. This was amid higher revenue and gross profit margin as it accelerated the construction and sales of luxury boats.
The luxury recreational motor yachts manufacturer also declared an interim dividend of S$0.005 per share, its first interim dividend since 2008.
While ranking just outside the top 200 stocks by trading turnover in the 2024 year to date, the stock has ranked just outside the top 40 stocks by net institutional inflow. It also maintains a return-on-equity ratio of 19.5 per cent, with a 0.9 time price-to-book ratio and 4.9 times price-to-earnings ratio as at Apr 4.
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Joelton
Supreme |
03-Apr-2024 10:17
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Substantial shareholder Willimbury purchases 1.7 mil units in Grand Banks Yachts
Willimbury, a substantial shareholder of Grand Banks Yachts G50 0.00% G50 0.00% , has purchased 1,709,500 units in Grand Bank Yachts for $529,945 or 31 cents apiece.
The off-market transaction took place on March 28. The sale was completed on April 2, after the Good Friday and Easter Monday public holidays in Australia.
Willimbury now has a 15.79% stake, or 29.15 million units, in Grand Banks, up from 14.864% previously.
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Joelton
Supreme |
14-Feb-2024 10:15
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Grand Banks Yachts H1 profit jumps 91.7% to S$6.9 million declares interim dividend of S$0.005 a share
LUXURY yacht builder Grand Banks Yachts : G50 +1.69% on Tuesday (Feb 13) posted a net profit of S$6.9 million for the first half ended Dec 31, 2023, climbing 91.7 per cent from S$3.6 million in the corresponding year-ago period.
This was driven by increased boat-building activities at the group&rsquo s Pasir Gudung manufacturing yard in Johor, Malaysia, as well as higher sales.
The increased profit translated to H1 FY2024 earnings per share of S$0.0375, up from S$0.0196 in H1 FY2023.
Revenue for the period came in at S$65 million, 29.5 per cent higher year on year from S$50.2 million.
The group has declared an interim dividend of S$0.005 per share for the period, its first interim dividend since 2008.
Grand Banks Yachts secured 11 new boat orders during this period, similar to H1 FY2023.
In its financial results, the group said its net order book of S$137.3 million as at Dec 31 and &ldquo robust&rdquo balance sheet will also serve as a &ldquo strong buffer&rdquo against near-term economic and business uncertainties.
It has cash and cash equivalents of S$42.8 million as at Dec 31.
The group remains confident of the long-term growth prospects of the luxury motor yacht market, due to healthy visitor volumes at roadshows and a bigger customer base.
The yacht maker is currently expanding its manufacturing yard to meet anticipated demand, with the expansion projected to lift production capacity by 25 per cent.
Chief executive Mark Richards said: &ldquo The expansion at our Pasir Gudang yard will enhance our manufacturing capabilities and help us achieve faster delivery times.&rdquo
&ldquo On the sales and marketing front, we are developing our service yard in Stuart, Florida, United States to provide better after-sales services, in order to cement our presence in the US, our main market,&rdquo he added.
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Joelton
Supreme |
29-Aug-2023 09:44
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Grand Bank announces 2.5x surge in net profit but orderbook drops
Yacht builder Grand Banks Yachts announced that its FY2023 net profit after tax rose more than 2.5 times to $10.1 million on revenue of $114.2 million, up 51.9% y-o-y on the back of higher production. Both revenue and net profit are at a 10-year high. As a result, the company announced a 1 cent dividend.
For the six months ended June 30, 2023 (2HFY2023), Grand Banks recorded net profit after tax of $6.5 million, up 37.9% y-o-y, underpinned by higher 2HFY2023 revenue of $64 million, up 55.7% y-o-y.
Gross profit margin rose to 35.4% and 32.2% in 2HFY2023 and FY2023, respectively (vs 26.6% in FY2022).
Grand Banks secured 19 new boats and one trade-in, compared to 31 new orders for FY2022. Its net order book fell to $159.4 million as of June 30, compared to $182.9 million a year ago.
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Joelton
Supreme |
10-Jul-2023 10:33
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Grand Banks Yachts pushes full steam ahead to capture wave of demand
After taking advantage of the pandemic to retool its processes, the shipbuilder is ready to handle a flood of new customers
WHEN Covid-19 caused the shipyard in Pasir Gudang in Johor Bahru to close for 12 weeks in 2021, it might have sounded like a death knell for bespoke ship builder Grand Banks Yachts.
Without the yard, there was no way for the mainboard-listed company to continue work on its current orders &ndash let alone take on new ones.
But it turned out to be a blessing in disguise for Grand Banks, chief executive officer Mark Richards said. With the shipyard closed, the company had time to take a closer look at its processes, and retool itself for better efficiency.
&ldquo We&rsquo ve improved our quality-control process enormously, (and) restructured our whole production management,&rdquo he said.
Some of these improvements are reflected in Grand Banks&rsquo latest results.
For the nine months ended Mar 31 (9M FY2023), the revenue of the luxury recreational motor yachts manufacturer rose 42.1 per cent to S$78 million, from S$54.9 million in the corresponding period the year before.
Earnings surged to S$5.7 million &ndash the highest in more than a decade &ndash from S$0.1 million in the prior year.
In the third quarter alone, the group secured five new boat orders and a trade-in boat order. As at end-March, its net order book stood at S$178 million.
&ldquo All our hard work over the last nine years since I took over is starting to come together, and a true sign of that is in the balance sheet,&rdquo said Richards.
Through the streamlining of its current shipyard production processes, Grand Banks is looking to improve on its profit margins. Already, gross profit margin for 9M FY2023 had increased to 28.3 per cent, from 24.1 per cent the previous year.
To further its goals, the shipbuilder is eyeing an expansion of its Pasir Gudang yard plans have been drawn up for a new single-storey facility. The expansion will increase the usable floor space at the 550,000-square-foot yard by about a quarter.
The new facility will enable Grand Banks to ramp up production capacity and improve boat-delivery timings, as well as increase its man-hours and reduce overall overhead costs, the company said. It expects production capacity to increase by between 10 per cent and 15 per cent.
&ldquo I think it&rsquo ll end up being a very good thing for the company, so it&rsquo s more about improving our efficiencies with what we have today,&rdquo said Richards.
Richards reckons that Covid-19 increased the global boating customer base by 50 per cent, as boat orders soared on the back of people turning to the water to escape from the pandemic.
From super yachts to pleasure boats, the increase in demand meant a large backlog of orders for boat builders. But, while demand grew, the number of boat builders did not.
This, Grand Banks said, has provided an opportunity for the group to soak up the flood of new customers.
&ldquo It&rsquo s increased our clientele base quite significantly,&rdquo Richards said. &ldquo That&rsquo s a real benefit to the whole industry.&rdquo
In the United States, Grand Banks is also expanding its operations with an acquisition of a property directly opposite its headquarters. The property comes with berthing for about seven to nine boats, which will expand the number of boats that can be docked at its US site at any time.
Grand Banks said the US facility is key to building its sales pipeline customer service and experience will be paramount.
&ldquo We&rsquo re turning that facility into a very powerful selling tool. When you look after customers, get their confidence and trust &ndash that&rsquo s when they keep buying more boats from you,&rdquo Richards said.
The company&rsquo s bespoke boats are traditionally built to order. This translates into a longer waiting time before the boats can be delivered to their new owners. But this also means that some less-patient customers will simply look elsewhere for a new boat that they can sail off the lot sooner.
In an effort to cater to these potential customers who prefer instant gratification, Grand Banks has now also started producing stock boats that customers can buy off the shelf.
Richards noted that keeping an inventory of stock boats is a big investment, as the company will have to foot the bill for building costs upfront. Thankfully, the shipbuilder&rsquo s cash levels are high enough, he said. Grand Banks&rsquo cash position was at S$40 million on Dec 31, 2022.
&ldquo It&rsquo s a great way to build boats and get results. We lose sales due to our long lead times of two to two-and-a-half years,&rdquo said Richard. &ldquo It&rsquo s quite frustrating knowing you have a buyer there, but you can&rsquo t get him because he wants to buy it now.&rdquo
Grand Banks&rsquo stock boats, which will also help smoothen out lumpy earnings from boat deliveries, are projected to come through its production line in Pasir Gudang within a year to 18 months.
The way Richards sees it, Grand Banks is not a high-volume company as it currently only builds 25 units a year.
But as focus shifts to environmental, social and corporate governance within listed companies, Grand Bank is also looking at sustainable fuels and engines for its future boats.
To this end, he will visit Volvo Penta, the marine and industrial-engine provider, to test out hybrid engines. Grand Banks&rsquo new products will be driven by hybrid engines rather than fully electric ones.
&ldquo Sustainability is a big deal, (but) electric propulsion for mainstream boating is a long way away,&rdquo Richards said.
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