Ohmyhome Reports Stellar Business Growth in the Third Quarter of 2024

Rhea-AI Summary

Ohmyhome (NASDAQ: OMH) reports significant growth across all business segments in Q3 2024. The agent brokerage segment achieved a GTV of USD 84 million, up 48.7% from Q3 2023. The renovation segment secured contracts worth USD 1.46 million, marking a 403% year-over-year increase. Property management expanded to 9,283 units, up from 7,560 units in June 2024. The company's cash position improved to USD 2.1 million from USD 1.8 million in June 2024, with narrowed losses due to enhanced operational efficiencies.

Positive

• Brokerage GTV increased 48.7% YoY to USD 84 million
• Renovation contracts grew 403% YoY to USD 1.46 million
• Property management units increased 23% to 9,283 units
• Cash position improved to USD 2.1 million from USD 1.8 million
• Losses narrowed significantly in Q3 2024

Negative

• Company still operating at a loss despite improvements

Insights

Financial Analyst

The Q3 2024 results demonstrate robust growth across Ohmyhome's core business segments. The 48.7% YoY increase in brokerage GTV to $84 million shows strong market penetration, while renovation contracts surged by 403% YoY to $1.46 million. Property management's 23% unit growth to 9,283 units creates a stable recurring revenue base.

Most encouraging is the improved financial health, with narrowing losses and strengthened cash position of $2.1 million, up from $1.8 million in Q2. The company's focus on operational efficiency while maintaining growth momentum suggests a viable path to profitability. However, absolute revenue figures and specific loss reduction metrics would provide better insight into the sustainability of this trajectory.

Market Research Analyst

The multi-segment growth indicates strong market demand for integrated property services in Singapore. The substantial increase in renovation contracts is particularly noteworthy, suggesting successful cross-selling to the existing customer base. The expansion in property management units creates a defensive revenue stream that could help weather market cycles.

The company's improving cash position while funding growth demonstrates effective capital management. However, investors should monitor the conversion rate from GTV to actual revenue and the cost structure supporting this rapid expansion. The absence of complete P&L metrics makes it challenging to fully assess the sustainability of the growth trajectory.

• 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 Segment
  The 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 Segment
  The 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 Management
  Our 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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FAQ

What was Ohmyhome's (OMH) brokerage GTV in Q3 2024?

Ohmyhome's brokerage GTV reached USD 84 million in Q3 2024, representing a 48.7% increase from USD 56.5 million in Q3 2023.

How many property management units did Ohmyhome (OMH) manage as of Q3 2024?

Ohmyhome managed 9,283 property units as of Q3 2024, up from 7,560 units as of June 30, 2024.

What was Ohmyhome's (OMH) cash position at the end of Q3 2024?

Ohmyhome's cash and cash equivalents were USD 2.1 million as of September 30, 2024, up from USD 1.8 million as of June 30, 2024.