Grand Banks profit surge 91.7% in H1

The rise in production activity in the Malaysia facility increased total revenue by 29.5%

Grand Banks reported a 91.7% increase in profit after tax to $6.9m in H1 FY2024 from $3.6m during the same period last year amidst higher revenue and gross profit margin as it accelerated construction and sales of luxury boats.

Revenue also increased by 29.5% to $65m from $50.2m due to increased production activity in Pasir Gudang, Johor, Malaysia.

The company also recorded a 67.1% increase in gross profit to $23.6m from $14.1m a year ago.

Meanwhile, the gross profit margin improved to 36.3% in the first half of 2024 compared to 28.1% in the same period last year due to improved production efficiencies and revised boat prices.

Higher costs relating to boat shows, marketing, professional services, and commission expenses brought the company’s total operating expenses to $12.7m.

In addition, the group commenced the building of a new factory at its Pasir Gudang yard which will increase total shop floor space by over 25% upon completion.