FBS Global Ltd (NASDAQ: FBGL)

FBS Global Limited is a Singapore based green building contractor and interior fit out specialist with over 20 years of experience in institutional residential commercial and industrial projects. The company focuses on sustainable construction methods uses environmentally responsible materials and seeks to obtain green building certifications such as the BCA Green Mark Award. It has completed 132 projects of which 29 have received BCA Green Mark Awards including Platinum Gold Plus and Gold levels. Recent projects include a retrofit contract valued at approximately SGD 26 million and an addition and alteration project valued at approximately SGD 14.7 million. The firm also undertakes thermal insulation installation false ceiling works and related ancillary works for a diverse range of clients.

FBS Global Limited generates revenue primarily from construction contracts interior fit out works and addition and alteration projects. Revenue is recognised as work progresses based on the stage of completion of each project and the company receives progress payments from clients. The firm’s service portfolio includes green building construction drywall partition and ceiling installation thermal insulation false ceiling works and related ancillary works. In recent months the company has been awarded eight separate contracts and sub contracts for various construction related works in Singapore with an aggregate value of S$104,831,270. Of these awards four are government related sub contracts with a combined value of S$46,253,096 involving specialised public infrastructure works such as thermal insulation to slab soffits lead lined drywall partitions and false ceilings. The company’s revenue fluctuates from year to year depending on the size and number of projects completed and the stage of completion basis used for revenue recognition.

The Singapore construction sector particularly interior fit out and main contractor works is highly competitive and fragmented. FBS Global Limited competes with firms such as Dong Jian (Singapore) Pte Ltd, Top Plasterceil Pte Ltd and Lincotrade & Associates Pte Ltd in the interior fit out space. The company differentiates itself through its long standing track record in hospital and public sector projects its expertise in green building technologies and its ISO 45001 and ISO 14001 certifications. It also holds the BCA Green and Gracious Builder Award in the Certified category which is valid until May 2027 and subject to yearly surveillance audits. These qualifications enhance its eligibility for government tenders and help secure repeat business from major contractors. Additionally the firm maintains rigorous workplace safety and environmental management systems including ISO 45001 for occupational health and safety and ISO 14001 for environmental management which are viewed favorably by clients seeking compliant contractors.

The company’s customer base includes major construction firms and government linked contractors such as SDK Consortium Hyundai Engineering & Construction Co Ltd Uniglory Construction Pte Ltd GS Engineering Lian Seng Hin Trading Co Ltd Hexacon Construction Pte Ltd Seales Air Singapore Pte Ltd Sintex Nylon & Cotton Products Pte Ltd and Penta Ocean Construction Co Ltd. These clients accounted for five percent or more of the group’s total revenue in the fiscal years 2024 and 2025. They engage FBS Global Limited for drywall works partition and ceiling installation addition and alteration projects and other fit out services. Revenue contribution varies by project with larger contracts or multiple works from a single customer increasing their share of total sales. The firm also undertakes work for public sector agencies through subcontractor arrangements on projects such as thermal insulation to slab soffits and large scale retrofitting of government buildings.