Grand Banks Yachts (G50) H1 2025 earnings summary

Executive summary

• 1H FY2025 revenue rose 3.4% YoY to S$67.2m and PAT increased 9.2% to S$7.6m; gross profit fell 8.0% to S$21.7m as lower-margin trade-ins pressured margins.

• Net order book was S$109.8m at 31 Dec 2024, down from S$120.0m at 30 Jun 2024; 11 new orders matched the prior-year period.

Financial highlights

• Profit before tax rose 8.9% to S$11.4m; operating profit increased 11.2% to S$11.7m.

• Operating expenses decreased 15.0% to S$10.8m, mainly on lower goodwill warranty costs and sales commissions; administrative expenses rose 24.6% to S$4.7m.

• Cost of sales increased 9.8% to S$45.5m from S$41.4m.

• Total comprehensive income rose 54.0% to S$9.3m, including S$1.8m of foreign-currency translation gains versus a S$0.9m loss a year earlier.

Outlook and guidance

• Healthy sales pipeline and order book expected to buffer macroeconomic challenges, higher operating costs and potential supply-chain disruptions.

• Malaysian factory extension nearing completion, adding ~25% usable floor space to increase capacity, accelerate production and support larger, more fuel-efficient yacht models.

• Composite manufacturing facility supports greater production control and the delivery of stronger, lighter, more fuel-efficient hulls.

• Plans include expanding the Pasir Gudang yard for larger boats and strengthening the US sales and service presence.