Accelerated construction of new boats contributed to record revenue of S$173.2 million, up 6%, for Grand Banks Yachts for its year ended 30 June 2026.
Gross profit margin improved to 30% for the second half of the 2026 year, up from 28.1% in the same period the prior year, driven by a larger proportion of higher-margin new build-to-order boat sales for the Grand Banks, Eastbay, and Palm Beach boat brands.
The company’s net profit after tax was S$13.4 million, down from S$18.2 million in the prior year, reflecting the shipyard’s higher investments to expand manufacturing, sales, marketing and customer experience.
Net profit before tax was S$18 million for the 2026 year, down from S$25.5 million in 2025, with net profit after tax standing at S$13.4 million, down from S$18.2 million.
Gross profit margin improved to 30% from 28.1% in the second half of the year, mainly due to a higher proportion of higher-margin build-to-order boat sales.
New boat orders
For the full 2026 year, gross profit stood at S$48.1 million compared to S$48.5 million in 2025, mainly due to the sale of several trade-in and pre-owned boats, along with unfavourable foreign exchange movements experienced during the year.
During the year the company introduced several new models and received 18 new boat orders and nine trade-in and pre-owned boat orders, with its net order book standing at S$136.4 million as at 30 June 2026, down from S$156.6 million in 2025.
Total operating expenses for FY2026 increased to S$29.7 million from S$23.9 million in FY2025.
During the year Grand Banks continued its transformation plans started in 2025, including a major upgrade of its main manufacturing facility in Pasir Gudang, Malaysia, introduction of three new boat models, acquisition of a marina in Newport, USA, and increased global marketing activities.
The company’s Stuart, Florida, facility has also been enhanced, and a new sales and service office has been opened in California.
Pre-orders have already been secured for the new models, and the Group is moving into production.
The Group is also adding innovations and improvements to its recently acquired Palm Beach XI, 100-foot Supermaxi.
Resilient demand
The Group says looking forward, demand for luxury boats remains resilient in the USA, the Group’s primary market, while encouraging early signs of recovery are evident in Europe, despite challenges such as geopolitical uncertainty, higher fuel costs, inflation, supply chain disruption, and the evolving USA tariff environment.
Sales enquiry and new order activity has been strong into Q1 FY2027 with six contracts signed and several under negotiation.
“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,” explained Basil Chan, chairman of Grand Banks.
“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.”
