Malaysian boatbuilder Grand Banks Yachts has reported revenue of S$173.2m (US$136.8m) for the financial year ended 30 June 2026 (FY2026), up 6.7 per cent from S$162.3m in FY2025.
Revenue for the six months ended 30 June 2026 rose 7.1 per cent to S$101.8m, compared with S$95.1m in the corresponding period of FY2025. The yacht builder has attributed the increase to its accelerated construction of new boats.
Gross profit for the second half of FY2026 increased to S$30.6m from S$26.7m, while gross profit margin rose to 30.0 per cent from 28.1 per cent. The company attributed this to a higher proportion of build-to-order boat sales.
For the full year, gross profit was S$48.1m, compared with S$48.5m in FY2025. The company attributed the decrease mainly to sales of several trade-in and pre-owned boats and unfavourable foreign exchange movements. Full-year gross profit margin fell to 27.8 per cent from 29.9 per cent.
Operating expenses increased 24.1 per cent to S$29.7m, primarily due to higher headcount and payroll costs, depreciation, financing costs, brokers’ commissions and marketing expenditure. Grand Banks also increased its participation in boat shows, including four in Europe compared with one in FY2025.
Profit before tax fell to S$18m from S$25.5m, while net profit after tax decreased to S$13.4m from S$18.2m. Earnings per ordinary share fell to 7.18 Singapore cents from 9.79 Singapore cents. Net asset value per ordinary share increased to 62.38 Singapore cents as at 30 June 2026, compared with 54.75 Singapore cents a year earlier.
Investment in manufacturing and facilities
FY2026 marked the second year of a transformation programme that began in FY2025. This included an upgrade of the main manufacturing facility in Pasir Gudang, Malaysia, new boat models, and the acquisition of a marina in Newport, Rhode Island, USA.
At the Newport marina, 11 waterfront apartments have been completed and the facility is being reconfigured for larger vessels, with a new owners’ club also being established. The Stuart, Florida, facility has received additional berth capacity and expanded service capabilities, while a new sales and service office has opened in California.
Grand Banks established a marketing office in Sanremo, Italy, with three demonstration boats, while new equipment and machinery have been installed at the Pasir Gudang factory in Malaysia.
Three new models launched in FY2026 – the Palm Beach 107, Grand Banks 73 and Palm Beach GT70 – have secured pre-orders and are progressing into production. The GT50RS Outboard and Palm Beach 85 Skylounge have also been updated.
Development work is continuing on Palm Beach XI, the 100ft Supermaxi. Further modifications include carbon fibre keel technology, which Grand Banks describes as a world-first in offshore racing.
Orders and outlook
Cash and fixed deposits stood at S$19.8m at 30 June 2026, down from S$51.5m a year earlier. Non-current assets increased to S$110.6m from S$81.8m, mainly due to property acquisitions and improvements in the USA and Malaysia, enhancements to Palm Beach XI, new product development and higher inventories.
Grand Banks says demand for luxury boats remains resilient in the US, its primary market, while early signs of recovery are emerging in Europe.
Earlier this year, Grand Banks announced it was expanding its US footprint with a new sales and service office in Newport Beach, California.
Sales enquiries and new order activity remained strong into Q1 FY2027, with six contracts signed and several others under negotiation.
The net order book stood at S$136.4m as at 30 June 2026, compared with S$156.6m a year earlier. During FY2026, Grand Banks secured 18 new boat orders, with a higher average order value than in FY2025, along with nine trade-in and pre-owned boat orders.
Basil Chan, chairman of Grand Banks, says: “In FY2025 and FY2026, we took bold decisions to expand our manufacturing in Malaysia and build our presence in the USA, our biggest market, with the acquisition and upgrade of the Newport marina. We also elevated our global branding with the acquisition of Palm Beach XI, which will also provide the platform for technology enhancements. These are long-term strategic investments that will take us to the next level of our global ambitions.”
Mark Richards, chief executive officer of Grand Banks, adds: “Our focus in FY2026 was to build on the transformational foundation established in FY2025 and complete a deliberate, two-year asset growth and investment strategy designed to position the group at the forefront of the global luxury yacht manufacturing market. The strategic decisions we have made, from investment in new products and manufacturing capabilities to elevated brand, marketing, and technology platforms, have all been designed to further build brand value and prestige and elevate our clients’ ownership experience.
“In FY2026, we launched 3 exciting new models, all of which secured pre-orders, with several additional models progressing through the development pipeline. With the major phase of this investment program now largely complete, we look forward to the next stage of our growth strategy, with a continued focus on refining our upper management team structure, strengthening sales and marketing processes and data flow throughout our production facility, and driving greater integration across the business as a whole.
“These investments also position the group to focus more strongly on expanding in Europe, the world’s largest luxury yacht market, and to drive further sales growth and realise greater returns in the years ahead.”
Grand Banks Yachts Limited manufactures motor yachts under the Grand Banks, Eastbay and Palm Beach brands at its facility in Pasir Gudang, Johor, Malaysia. It provides new boat sales, brokerage and support services through waterfront facilities in the USA, Europe and Australia.
The firm has proposed a final dividend of 1.0 Singapore cent per ordinary share, taking the total dividend for the year to 1.5 Singapore cents, unchanged from FY2025.
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