Grand Banks Yachts

[¯|_(ツ)_/¯]

GB@28
Dividend 0.5cents for FY2021.
https://links.sgx.com/FileOpen/NOTICE_OF...eID=686364


https://drive.google.com/open?id=1FimyGJ...UNWSCqnQqZ

Stay home and stay safe, everyone.

[cyclone]

Business Update

Some of the text from the source :

As a result of the prolonged shutdown, the Group was unable to progress construction of pre-sold boats. As the Group records revenue on a Percentage-Of-Completion basis, this also affected revenue in the quarter under review. Accordingly, 1Q FY2022 revenue is expected to be S$11.5 million compared with S$24.6 million for 1Q FY2021, a decline of 53.3%.

As the factory was shutdown, fixed overhead costs were still accruing, resulting in unabsorbed manufacturing overhead costs ("unabsorbed variances"). Coupled with uncertainties in the shipping industry, the Group made additional accruals to freight costs that are expected to result in a negative gross profit for 1Q FY2022.

Consequently, the Group will record a loss for 1Q FY2022. With resumption of boat construction activities since mid-September 2021 and the backlog of orders on hand, the Group hopes to recover its financial performance in FY2022.

Source : https://links.sgx.com/1.0.0/corporate-an...Update.pdf

[dydx]

Finally, 2H shows a convincing profit turnaround together with a new record high net order backlog of $182.9m..
https://links.sgx.com/FileOpen/GBFY2022R...eID=730100

[weijian]

GBY is enjoying the operating leverage as its yards are filling up with orders, with a depreciating MYR adding icing on the cake. It has also declared an interim dividend for the first time in N years - a sign of good times to come.

Grand Banks Yachts’ 1H FY2024 PAT Rises 91.7% to S$6.9Million; Revenue and GP Margin Increase on Higher BoatBuilding Activities; Declares Interim Dividend of 0.5 Cent Per Ordinary Share

Earnings per ordinary share for 1H FY2024 rose to 3.75 cents from 1.96 cents a year ago, while net asset value per ordinary share increased to 39.77 cents as at 31 December 2023 from 37.44 cents as at 30 June 2023.

Mr. Heine Askaer-Jensen, Chairman of Grand Banks, said “Grand Banks has achieved a steady performance, from an alluring product program in combination with the strong execution ability of the management team. To recognise shareholders’ loyalty, we have declared an interim dividend of 0.5 cent per ordinary share.”

“The expansion at our Pasir Gudang yard will enhance our manufacturing capabilities and help us achieve faster delivery times. On the sales and marketing front, we are developing our service yard in Stuart, Florida, USA to provide even better after-sales services in order to cement our presence in the USA, our main market.”

https://links.sgx.com/1.0.0/corporate-an...2149e1c90e

[dydx]

I have extracted below the last 2 paras of the press release comprising CEO Mark Richards' words, which are most important..

Mr. Mark Richards, Chief Executive Officer of Grand Banks, said, “Our performance shows we
are reaping early successes in our efforts to ramp up production and reduce lead times. We
continue to see healthy demand and visitor volume at recent boat shows, reflected in 11 new
boat orders in the reporting period.

“The expansion at our Pasir Gudang yard will enhance our manufacturing capabilities and help
us achieve faster delivery times. On the sales and marketing front, we are developing our
service yard in Stuart, Florida, USA to provide even better after-sales services in order to
cement our presence in the USA, our main market.”

He has said clearly that the great financial numbers and performance in the 1H are "early successes". So it looks like the best is yet to be.

[donmihaihai]

Grand Banks is performing significantly better, especially in terms of margin, perhaps due to production of bigger, higher value yachts. something not seen for more than 10 years. Perhaps partly due to the current bullish stock market conditions, if Chinese market join in, then it would be even better.

How long does it take to build a yacht? A short summary of new orders and order book.

1HFY2024 New order: 11 Order book as at period end: 137.3M
FY2023 New order: 19 Order book as at period end: 159.4M
FY2022 New order: 31 Order book as at period end: 182.9M
FY2021 New order: 40 Order book as at period end: 116.9M
FY2020 New order: 35 Order book as at period end: 48.9M

[ksir]

Grand Banks is performing significantly better, especially in terms of margin, perhaps due to production of bigger, higher value yachts. something not seen for more than 10 years. Perhaps partly due to the current bullish stock market conditions, if Chinese market join in, then it would be even better.

How long does it take to build a yacht? A short summary of new orders and order book.

1HFY2024  New order: 11 Order book as at period end: 137.3M
FY2023      New order: 19 Order book as at period end: 159.4M
FY2022      New order: 31 Order book as at period end: 182.9M
FY2021      New order: 40 Order book as at period end: 116.9M
FY2020      New order: 35 Order book as at period end: 48.9M

And the few T virtual money currently still partying around! 
Some of those likely need to cash out somewhere and the easier way to show who has bigger ego is perhaps bigger yatch.

[dydx]

A beautiful 2019 GB 60 yacht "BLEEK" was put up for sale by top U.S. broker Steve Fithian/Grand Banks Specialist in Oct23 asking for $3,595,000...
https://www.youtube.com/watch?v=idErJKoqwSs

And according to the sales record in Grand Banks Specialist's website, the yacht "BLEEK" was sold soon in 2023... https://www.grandbanksspecialist.com/recently-sold

Such is the demand for GB 60..

[dydx]

A beautiful 2007 GB 59 Aleutian RP (raised pilothouse) yacht "FRIZZANTE" was put up for sale by top U.S. broker Steve Fithian/Grand Banks Specialist in Nov23 asking for USD1,550,000... https://www.youtube.com/watch?v=k7cqFqt4_aU

And according to the sales record in Grand Banks Specialist's website, the yacht "FRIZZANTE" was sold soon in 2023... https://www.grandbanksspecialist.com/recently-sold

Such is the demand for an even old GB yacht..

[dydx]

A beautiful 2022 Palm Beach (one of the 3 brands of Grand Banks Yachts) PB 55 yacht "ORIGIN 55" was put up for sale by top U.S. broker Steve Fithian/Grand Banks Specialist in Sep23 asking for USD2,995,000... https://www.youtube.com/watch?v=Rrm36mkHfuQ

And according to the sales record in Grand Banks Specialist's website, the yacht "ORIGIN 55" was sold soon in 2023... https://www.grandbanksspecialist.com/recently-sold

Such is the demand for PB 55..