Grand Banks Yachts (G50) H2 2024 earnings summary

Executive summary

• FY2024 revenue reached a record S$133.7 million, up 17.1% YoY; net profit hit a record S$21.4 million, up 111.5% YoY.

• FY2024 was the ninth consecutive full year of net profit; gross margin improved to 38.0% from 32.2% in FY2023.

Financial highlights

• FY2024 gross profit rose 37.9% to S$50.7 million, outpacing revenue growth; higher production efficiency and no trade-in boat sales supported the increase.

• FY2024 profit before tax increased 98.5% to S$29.2 million from S$14.7 million; total operating expenses fell to S$21.6 million from S$22.2 million.

• 2H FY2024 revenue rose 7.3% YoY to S$68.6 million; net profit increased 122.6% to S$14.5 million.

Outlook and guidance

• The S$120.0 million net order book at 30 June 2024 provides a buffer against short-term macroeconomic headwinds.

• Facility expansion and new machinery are expected to enhance capacity, shorten delivery times and support larger, sleeker, more energy-efficient yacht models.

• Manufacturing facility expansion is expected to be completed by early 2025; production capacity and fuel-efficient yacht development remain priorities.