Malibu nods to its far-flung Australian manufacturing base

In a report handed to investors last week, Malibu – which also owns brands including Pursuit, Maverick and Cobalt – said its two Albury, NSW-based factories were helping to defray the high cost of doing business in US dollars outside North America.

According to the report, the Albury boat-building business that builds a range of Malibu and Axis models with a road-legal 2.5-metre beam “partially mitigates the impact of a strengthening US dollar in that country”. 

“A portion of our selling, general and administrative costs are transacted in Australian dollars as a result,” Malibu said.

Malibu leases its Australian factories, with the documents revealing it has a current lease through to October 2024, with two five-year options to extend it.

The US parent company bought out Malubu Boats Australia, its Australian licensee that first started building Malibu-branded ski boats in 1995, in 2014. 

The brand builds and sells around 300 boats a year into Australia and New Zealand, with the Antepodian base also stepping up its importance as the US bickered over trade sanctions that crippled Malibu’s US-led exports to Europe and Asia.

Over the last 12 months, the US dollar has appreciated on the global currency market by more than 20 per cent, hitting two-decade highs as the US Federal Reserve hiked interest rates to curb inflation and the North American economy remains strong.

Despite the strengthened US dollar, Malibu reported a 14.0 per cent jump in sales in the 2022-23 financial year to earn $US1.39 billion ($A2.16 billion) from its various boat brands.

The average price of a boat it sold jumped 7.0 per cent compared with the previous year to almost $US140,800 as buyers stacked on customisations and accessories. 

The year included a number of new-product roll-outs including the Malibu 22 LSV and 26 LSV, the Axis A225 and the T235, Pursuit’s flagship OS 445 and the S 248. Meanwhile, Cobalt introduced the R35 Stern using its Monsoon inboard engine and R35 Outboard models.

Pursuit will introduce three new models in the coming financial year including a “lower 30-foot” centre console model, while Cobia and Pathfinder will add four new models between them.

Last year, Pathfinder added 2400 TRS and 2400 Open Bow models, the first two models produced since Malibu bought out the saltwater fishing brand in 2021.