FBS Global (FBGL) Registration Filing summary

Company overview and business model

• Operates as a holding company in the Cayman Islands with all operations conducted through a Singapore-based subsidiary focused on green building and interior fit-out services.

• Provides a full suite of construction and engineering services, including design, supply, and installation of ceilings, partitions, and green building materials.

• Emphasizes sustainable construction practices and has completed multiple award-winning green building projects in Singapore.

• Targets institutional, residential, commercial, and industrial projects, with a strong track record in hospital and large-scale developments.

• Growth strategy includes expanding green solutions, regional expansion in ASEAN, and vertical integration in supply chain.

Financial performance and metrics

• Revenue increased 29.6% to S$21.8M (US$16.1M) in 2023, driven by larger projects.

• Net income for 2023 was S$4,685 (US$3,467), down from S$68,627 in 2022 due to higher operating expenses and lower other income.

• Gross profit rose 21.2% to S$2.6M (US$1.9M) in 2023, with a gross margin of 12.1%.

• As of June 30, 2024, cash was S$4.6M (US$3.4M), with total assets of S$17.7M (US$13.1M) and total liabilities of S$12.6M (US$9.3M).

• Working capital was negative S$213K (US$158K) as of June 30, 2024, but management expects sufficient liquidity for the next 12 months.

Use of proceeds and capital allocation

• 30% for M&A, partnerships, and business development.

• 30% for expanding locations, hiring, and marketing.

• 30% for R&D and AI analytics for new green building materials.

• 10% for working capital and general corporate purposes.