Grand Banks Yachts Limited reported net profit after tax of S$2.9 million for the six months ended 31 December 2025, down 61.2% year-on-year, as a larger proportion of lower-margin trade-in and pre-owned boats weighed on profitability despite firmer sales.

Revenue rose 6.2% year-on-year to S$71.4 million, lifting earnings per share to 1.57 Singapore cents. The board proposed an interim dividend of 0.5 Singapore cent per ordinary share; no payment date was disclosed.

Revenue growth was driven by the delivery of trade-in/pre-owned boats and increased boat-building activity at the Pasir Gudang yard. This mix shift, together with less favourable foreign-exchange rates, pulled gross profit down 19.3% to S$17.5 million and compressed the gross margin to 24.6% from 32.4% a year earlier.

Operating expenses rose 15.7% to S$12.4 million, reflecting higher boat-show, event and payroll costs, while finance charges increased following recent investments. Cash and fixed deposits fell to S$24.2 million from S$41.4 million as the group built more inventory boats and acquired trade-in vessels that are scheduled for sale in subsequent periods.

During the half-year, the yacht builder completed the purchase of two land parcels at Newport Marina in Rhode Island to enhance brand presence and service capability in the Northeastern United States. It also expanded its composite manufacturing facility in Pasir Gudang and acquired the 100-foot Supermaxi Wild Oats XI—now Palm Beach XI—to test technologies earmarked for future models. These moves lifted the order book to S$144.7 million as at 31 December 2025.

Chairman Basil Chan said the company had taken “bold steps” to grow its footprint and branding and expressed confidence that returns on recent investments would materialise over the long term. Chief executive Mark Richards noted that new orders, an enlarged sales pipeline and expanded facilities in Malaysia and the United States position the group to capture future opportunities in the global luxury-yacht market.