Grand Banks Yachts (G50) AGM 2025 presentation summary

Financial performance review

• FY2025 revenue rose 21.4% to S$162.3m; gross profit fell 4.5% to S$48.5m and gross margin declined 8.1 percentage points to 29.9%.

• Net profit after tax fell 14.8% to S$18.2m; EPS declined to 9.79 Singapore cents from 11.58 cents in FY2024.

• Revenue growth reflected sales of nine trade-in boats, two pre-owned boats and two stock boats, versus none in FY2024; lower gross profit reflected sales mix, higher production hours and material costs, and US dollar weakness against the Singapore dollar.

• At 30 June 2025, the net order book was S$156.6m versus S$120.0m a year earlier; cash and fixed deposits were S$51.5m and borrowings S$28.1m.

Dividend announcements

• Proposed final dividend of 1.0 Singapore cent per ordinary share, subject to AGM approval; total FY2025 dividends would be 1.5 Singapore cents per share.

Strategic initiatives and plans

• Completed a Pasir Gudang composite manufacturing facility in March 2025, expanding usable yard floor space by 25%; acquired a Newport, Rhode Island marina in June 2025 to build Northeastern US reach and create boat-show, berthing and service-fee opportunities.

• Marketing efforts will target new geographies; solar PV supplies up to 40% of Pasir Gudang electricity, while solar panels and lithium batteries on certain yacht models aim to reduce noise and emissions.

• Boat-building activity is expected to rise, supported by 33 new boat orders in FY2025 versus 20 in FY2024; the order book is expected to provide revenue visibility in the year ahead and buffer near-term headwinds.

• Expanded Pasir Gudang capacity and enhanced manufacturing capabilities are intended to meet demand, shorten delivery times and enable larger, sleeker yachts; Newport marina and global marketing are intended to support market-share gains.