Net profit after tax saw a 9.2% rise, reaching S$7.6 million, reflecting steady demand for the company’s Grand Banks, Palm Beach, and Eastbay brands.
While the company reported a healthy backlog of orders, its gross profit margin dipped slightly to 32.4%, largely due to an increase in lower-margin trade-in boats. Nonetheless, Grand Banks continues to see strong global demand, with eight new yachts booked and three trade-ins processed during the reporting period. In response to its solid performance, the Board has proposed an interim dividend of S$0.005 per share.
Regional Performance & Market Trends
Grand Banks maintains a strong foothold in key yachting markets, with demand split across:
- North America – The company’s largest sales market, bolstered by its strong dealer network and Florida-based support hub in Stuart, FL. The Palm Beach and Eastbay series continue to attract long-range cruisers and performance-conscious owners.
- Europe – The Mediterranean and Northern European markets remain critical expansion areas, with increased sales interest in hybrid and fuel-efficient models, including the latest Grand Banks 54 and Palm Beach GT60.
- Asia-Pacific – As the company’s production hub is located in Pasir Gudang, Malaysia, the APAC region remains a growing focus, with increasing deliveries to Singapore, Australia, and Hong Kong. The GB85 and GB60 are gaining traction among long-range cruising enthusiasts in the region.
New Models: Palm Beach 70 Extended Sedan Steals the Spotlight
One of the major highlights for H1 2024/25 was the introduction of the Palm Beach 70 Extended Sedan, a fresh take on the Palm Beach 70, featuring an extended hardtop for greater weather protection and versatility. Designed by CEO Mark Richards, the new model enhances the classic Palm Beach DNA, prioritizing high-performance hull efficiency, elegant design, and lightweight construction.
The Grand Banks 54, which remains one of the shipyard’s best-selling models, also received refinements, integrating advanced carbon fiber technology in the deck and superstructure to enhance fuel efficiency and performance. Meanwhile, the Eastbay 60, a reimagined take on the classic downeast-style motor yacht, continues to generate strong interest, particularly among experienced boaters looking for a balance of speed, style, and seaworthiness.
The new flagship model, the Grand Banks GB85 combines luxury, efficiency, and long-range capability. At 85 feet, it features a 2,500-gallon fuel capacity, ideal for extended voyages. Its lightweight carbon fiber construction enhances fuel efficiency and performance, while customizable layouts offer expansive social spaces and modern luxury. The GB85 cements Grand Banks’ reputation for timeless design and high-performance cruising.
Most Popular Models Driving Sales Growth
Grand Banks has seen continued demand for its flagship models, with key sales contributors including:
- Grand Banks 60 – A long-range cruiser optimized for efficiency and performance, consistently ranking among the company’s most sought-after yachts.
- Grand Banks 54 – A versatile model blending classic craftsmanship with modern carbon fiber enhancements, making it a favorite among serious passagemakers.
- Palm Beach GT60 – A luxury performance yacht combining lightweight construction, exceptional efficiency, and high cruising speeds, popular among owners seeking a sleek, driver-focused experience.
What’s Next for Grand Banks?
With a strong order book valued at S$109.8 million as of December 31, 2024, Grand Banks is positioned for continued growth as it refines its production capabilities and expands its footprint in the U.S. and European luxury yacht markets.
While the brand is known for its high-quality, semi-custom builds, it continues to embrace technological advancements, such as hybrid propulsion options, improved hull efficiency, and lightweight materials, to cater to the evolving demands of discerning yacht owners.
As the company moves into the second half of the fiscal year, all eyes will be on how Grand Banks balances its tradition of timeless craftsmanship with modern innovation.
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