Malaysia-based yacht builder Grand Banks reported an increase in revenues and significant uplift in profitability for its third quarter ending 31 March.
With a preliminary report on the first nine months of its fiscal 2021 year, Grand Banks announced a 12-year high for the company’s order book with 10 new custom yachts sold in the third quarter, along with two trade-in boats.
“Reflecting good market response to new designs such as the Grand Banks 54 and Palm Beach 55, the net order book rose to S$87.9m from S$50.4m a year ago,” stated the company. The Group manufactures yachts ranging from 42ft-85ft under the Grand Banks, Eastbay and Palm Beach brands out of its facilities at Pasir Gudang, Johor, Malaysia, with service yards in Stuart, Florida, USA and Newport, New South Wales, Australia.
Despite Covid-19 challenges which have caused the builder to temporarily halt production two times already, Grand Banks said fiscal year revenue to date is up 4.4% to S$75.6m from S$72.4m for the same period last year. At the same time, Net Income (before tax) jumped 42.4% to S$5.8m from S$4.0m a year ago – a record since the global financial crisis.
In 2020, group revenues totalled S$103.2m, with 84% generated in the United States and the remainder in Australia. Grand Banks was publicly listed in 1987 on the Singapore Exchange Limited and upgraded to the Main Board in 1993.
Scource – IBI Daily News