Grand Banks reported third quarter 2025 results yesterday. The company announced strong sales, which lifted its net order book and revenue for the quarter and nine months ended March 31.
Revenue for third quarter increased 37.8% to SGD$40.1 million ($29.7 million) from SGD$29.1 million ($21.5 million) in fiscal year 2024. The net order book at the end of March stood at SGD$119.5 million ($88 million), an increase of 8.8% compared with SGD$109.8 million ($81.4 million) at end of December 2024.
Due to the sales mix, with a higher proportion of lower-margin, trade-in boats and higher costs associated with product enhancements, gross profit margin declined in the quarter. As a result, Grand Banks recorded quarterly net profit after tax of SGD$2.3 million ($1.7 million) compared with SGD$4 million ($3 million) year-over-year.
The company opened a new manufacturing facility in Pasir Gudang, Johor, Malaysia, in March, and has proposed the acquisition of two properties in Newport, R.I., to enhance customer experience and after-sales capabilities. A shareholder meeting will be held in June to obtain approval for the acquisitions, a company statement said.
“Notwithstanding current geopolitical and economic challenges, the group continues to implement growth initiatives and invest for the longer term,” Grand Banks chairman Basil Chan said in the statement. “The expansion of our Malaysian facility and proposed acquisition of the Newport properties will strengthen our global positioning and branding. Despite global uncertainty, the group remains confident that it can deliver long-term shareholder value.”
