Grand Banks Reports Financials

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Grand Banks Yachts reported increases in revenue and net profit for the first half of the fiscal year that ended Dec. 31, a period marked by the absence of boat shows and the pandemic-related closure of its facilities.

Revenue increased 18.6 percent to SGD$53.4 million (about $40.2 million). The builder of Grand Banks and Palm Beach models said that 20 of the 35 orders for the fiscal year were sold in the second half of the year.

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Net profit rose 95 percent to SGD$4 million ($3 million). Gross profit rose 15.8 percent to SGD$13 million ($9.8 million).

With the Eastbay 60 slated to debut early next year, the group it is increasing digital efforts in lieu of in-person events.

“In view of travel restrictions and curtailed boat show activities due to the pandemic, we have

significantly stepped up digital marketing efforts, which have clearly yielded results,” chief business officer Roy Ditmarsch said in a statement. “As we prepare to debut the Eastbay 60, we will increase customer engagement and experience [to] drive commercial and business strategies for the Grand Banks, Eastbay and Palm Beach brands.”

The group’s manufacturing plant in Pasir Gudang, Malaysia was shuttered for about two weeks following detected Covid-19 cases.

The group’s manufacturing plant in Pasir Gudang, Malaysia was shuttered for about two weeks following detected Covid-19 cases.

The group’s primary production facility at Pasir Gudang was shuttered as its initial Covid-19 case was detected. Operations resumed Feb. 1 after a closure of about two weeks.

“The health and safety of staff are of paramount importance, and we are implementing strict measures to ensure their well-being in the face of the pandemic,” chairman Heine Askaer-Jensen said. “Despite the challenges, Grand Banks has returned a good performance in the period under review, reflecting the capability of management and the hard work of the entire team.”

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