Revenues achieved S$4.5 million (US$3.3 million), representing a 106% growth compared to the first half of 2023.
Revenue growth was driven by increased performance across all three primary business units.
EBITDA loss margin narrowed from -107% to -44%.
Net income loss reduced to S$2.3 million (US$1.7 million), or US$0.07 per diluted share.
Cash and Cash Equivalents stood at S$2.4 million (US$1.8 million).
SINGAPORE, Sept. 25, 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 report its financial results for the six months ended June 30, 2024.
Significant Revenue Growth and Margin Improvement
For the first half of 2024 (1H 2024), Ohmyhome reported revenues of S$4.5 million (US$3.3 million), a 106% increase compared to S$2.2 million in the same period of 2023 (1H 2023). This growth was driven by a 13.9% year-over-year (YoY) increase in brokerage services revenue, despite high mortgage interest rates and a slowdown in market transactions compared to 1H 2023.
New revenue contribution from Property Management services reached S$2.0 million (US$1.5 million). Revenue from emerging and other services also grew by 16%, with independent third-party revenue rising by 206%, primarily due to higher demand for renovation services.
Gross profit saw a 108% increase compared to 1H 2023, with margin improvements across all three business units. Brokerage services' gross margin rose from 46% to 49%, property management services was at 33%, and emerging and other services grew from 23% to 28%.
EBITDA loss improved by 15%, narrowing from S$2.3 million to S$2.0 million, while the EBITDA loss margin decreased from -107% to -44%. These improvements were primarily driven by higher gross margins and optimized operating expenses.
Net loss decreased from S$2.5 million to S$2.3 million (US$1.7 million), with the loss per diluted share improving from US$(0.10) to US$(0.07).
The Company anticipates a further reduction in EBITDA loss for the second half of 2024, supported by higher total contract values signed in Q3 2024 and the continued realization of cost optimization initiatives.
Strengthened Balance Sheet
As of June 30, 2024, cash and cash equivalents stood at S$2.4 million (US$1.8 million), an increase of S$2.2 million as compared to December 31, 2023. Current assets increased by 237% to S$3.3 million (US$2.5 million), while current liabilities were reduced by 22% to S$2.1 million (US$1.6 million).
Total assets grew by 24% to S$12.7 million (US$9.4 million), while total liabilities decreased by 6.9% to S$5.9 million (US$4.3 million) compared to December 31, 2023.
Looking Ahead
In response to the company's financial performance, Rhonda Wong, CEO and co-founder of Ohmyhome, stated, "We have been focusing on improving the operations and the fundamentals of the Company, and we are proud of the strong growth and improved margins we have achieved in the first half of 2024. Our strategic focus on achieving higher growth and optimizing our operational efficiency is yielding positive results, and we are confident that our efforts will continue to drive better financial outcomes in the second half of the year. The commitment and resilience of our team, alongside the strong demand for our end-to-end property services, have positioned Ohmyhome for sustained growth."
The Company is excited to share additional updates on its growth trajectory and will provide further details on business growth following the conclusion of the third quarter of 2024.
Appendix for Condensed Version of Unaudited Interim Consolidated Statement of Operations and Comprehensive Loss
For the six months ended June 30,
2023
2024
2024
SGD
SGD
USD
Total operating revenues
2,167,021
4,470,089
3,298,472
Gross profit
803,645
1,670,149
1,232,400
Total operating expenses
(3,430,676
)
(4,398,845
)
(3,245,900
)
Total other income, net
130,145
449,311
331,546
NET LOSS
(2,496,886
)
(2,279,385
)
(1,681,954
)
