Ohmyhome Reports Stellar Business Growth in the Third Quarter of 2024
-- Continued business growth across three segments in Q3, with brokerage GTV
grew 51% Y-o-Y, renovation contracts grew 403% Y-o-Y and hit USD 1.46
million, and property management units increased 23% from 7,560 to 9,283.
-- Company remains focused on operational efficiency, cash flow optimization
and driving profitability as it continues to grow across key business
segments.
Singapore, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH , " Ohmyhome ", "the Company "), a one-stop-shop property technology platform providing end-to-end property solutions and services including brokerage, renovation and condominium property management services in Singapore, is pleased to announce our latest updates on the Company's business growth in the Third Quarter of 2024, after Ohmyhome Reports Results of 106% Growth in the First Half of 2024.
Key Highlights
-- Agent Brokerage SegmentThe agent brokerage business has achieved
impressive growth, with GTV (Gross Transaction Value) reaching USD 84
million in Q3 2024. This marks a 48.7% increase compared to USD 56.5
million in Q3 2023. This strong performance is a testament to our
expanding client base and the growing demand for our brokerage services.
-- Renovation SegmentThe renovation segment has seen significant momentum,
with contracts signed totaling SGD 1.93 million (approximately USD 1.46
million) for the three months ended September 30, 2024. This is a
substantial increase compared to the SGD 1.3 million (USD 0.9 million)
for six months ended June 30, 2024, reflecting the robust growth of this
segment and increasing customer interest in our renovation solutions.
-- Property ManagementOur property management arm continues to expand, with
the number of units under management growing to 9,283 units, up from
7,560 units as of June 30, 2024. Most of the newly appointed projects
will contribute to revenue growth from October 2024 onwards. This growth
in units managed underscores our strengthened presence in the market and
the increasing value of our property management services.
Continuous Commitment to Profitability
Ohmyhome remains committed to achieving profitability and optimizing cash flow. The Company is pleased to report that losses narrowed significantly in Q3 2024 due to enhanced operational efficiencies and revenue growth across key business segments.
As of September 30, 2024, Ohmyhome's cash and cash equivalents grew to SGD 2.7 million (USD 2.1 million), up from SGD 2.4 million (USD 1.8 million) as of June 30, 2024. The increase reflects our focus on cash flow optimization, even as we continue investing in strategic growth areas.
Rhonda Wong, CEO and Co-founder of Ohmyhome, remarked, "We are thrilled to report stronger business performance in the third quarter of 2024. Our ongoing efforts toward profitability, combined with sustained revenue growth, cost management, and improved cash flow, place us in a strong position to achieve breakeven and profitability in the near future."
About Ohmyhome
Ohmyhome is a one-stop-shop property technology platform providing end-to-end property solutions and services including brokerage, renovation and condominium property management services in Singapore. Since its launch in 2016, Ohmyhome has transacted over 15,500 properties as of Sept 30, 2024, and has approximately 9,283 units under management as of Oct 29, 2024. It is also the highest-rated property transaction platform, with more than 8,000 genuine reviews, and an average rating of 4.9 out of 5 stars.
Ohmyhome is dedicated to bringing speed, ease, and reliability to property-related services and to becoming the most trusted and comprehensive property solution for everyone.
For more information, visit: https://ohmyhome.com/en-sg/
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.
Forward-looking statements are only predictions. The reader is cautioned not to rely on these forward-looking statements. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
For more information
Investor Relations: ir@ohmyhome.com
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(END) Dow Jones Newswires
October 29, 2024 09:15 ET (13:15 GMT)
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