Ohmyhome Reports Results of 106% Growth in the First Half of 2024
Rhea-AI Summary
Ohmyhome (NASDAQ: OMH) reported strong financial results for the first half of 2024, with revenues reaching S$4.5 million (US$3.3 million), representing a 106% growth compared to the same period in 2023. This growth was driven by increased performance across all three primary business units. The company's EBITDA loss margin narrowed from -107% to -44%, while net income loss reduced to S$2.3 million (US$1.7 million), or US$0.07 per diluted share.
Key highlights include:
- 13.9% year-over-year increase in brokerage services revenue
- New revenue contribution of S$2.0 million from Property Management services
- 16% growth in emerging and other services revenue
- Gross profit increase of 108% compared to 1H 2023
- Improved gross margins across all business units
- Cash and cash equivalents of S$2.4 million as of June 30, 2024
Positive
- Revenue growth of 106% year-over-year to S$4.5 million (US$3.3 million)
- Gross profit increase of 108% compared to 1H 2023
- EBITDA loss margin improvement from -107% to -44%
- Net loss per diluted share reduced from US$0.10 to US$0.07
- New revenue contribution of S$2.0 million from Property Management services
- Cash and cash equivalents increased by S$2.2 million to S$2.4 million
- Current assets increased by 237% to S$3.3 million
- Total assets grew by 24% to S$12.7 million
Negative
- Net loss of S$2.3 million (US$1.7 million) for the first half of 2024
- EBITDA loss of S$2.0 million, despite 15% improvement
- Total operating expenses increased from S$3.4 million to S$4.4 million
News Market Reaction 1 Alert
On the day this news was published, OMH gained 9.17%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Revenues achieved S
$4.5 million (US$3.3 million ), representing a106% 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
New revenue contribution from Property Management services reached S
Gross profit saw a
EBITDA loss improved by
Net loss decreased from S
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
Total assets grew by
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 | ) | |||
| LOSS PER BASIC SHARE | (0.13 | ) | (0.11 | ) | (0.07 | ) | |||
| LOSS PER DILUTED SHARE | (0.13 | ) | (0.10 | ) | (0.07 | ) | |||
| Net Loss | (2,496,886 | ) | (2,279,385 | ) | (1,681,954 | ) | |||
| Interest Income (expenses), net | 7,733 | 121,775 | 89,857 | ||||||
| Depreciation and Amortization | (182,531 | ) | (437,287 | ) | (322,673 | ) | |||
| EBITDA | (2,015,204 | ) | (1,963,873 | ) | (1,449,138 | ) | |||
Appendix for Condensed Version of Unaudited Interim Consolidated Balance Sheets
| December 31, | June 30, | June 30, | |||||||
| 2023 | 2024 | 2024 | |||||||
| SGD | SGD | USD | |||||||
| ASSETS | |||||||||
| Current assets | 993,089 | 3,347,892 | 2,470,403 | ||||||
| Property and equipment, net | 78,721 | 87,195 | 64,341 | ||||||
| Non-current assets | 9,230,130 | 9,311,093 | 6,870,642 | ||||||
| Total assets | 10,301,940 | 12,746,180 | 9,405,386 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Current liabilities | 2,721,237 | 2,135,248 | 1,575,598 | ||||||
| Non-current liabilities | 3,578,128 | 3,728,961 | 2,751,594 | ||||||
| Total liabilities | 6,299,365 | 5,864,209 | 4,327,192 | ||||||
| SHAREHOLDERS’ EQUITY | 4,002,575 | 6,881,971 | 5,078,194 | ||||||
Appendix for Condensed Version of Unaudited Interim Consolidated Statements of Cash Flows
| For the six months ended June 30, | |||||||||
| 2023 | 2024 | 2024 | |||||||
| SGD | SGD | USD | |||||||
| Net loss | (2,496,886 | ) | (2,279,385 | ) | (1,681,954 | ) | |||
| Net cash used in operating activities | (2,546,400 | ) | (2,033,164 | ) | (1,500,269 | ) | |||
| Net cash used in investing activities | (287,430 | ) | (643,579 | ) | (474,896 | ) | |||
| Net cash provided by financing activities | 8,848,175 | 4,992,380 | 3,683,869 | ||||||
| Foreign currency effect | 32,408 | (63,098 | ) | (46,559 | ) | ||||
| Net change in cash and cash equivalents | 6,046,753 | 2,252,539 | 1,662,145 | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | 301,433 | 191,807 | 141,534 | ||||||
| Cash, cash equivalents and restricted cash at period end | 6,348,186 | 2,444,346 | 1,803,679 | ||||||
About Ohmyhome
Ohmyhome is a one-stop-shop property technology platform in Singapore that provides end-to-end property solutions and services to buy, sell, rent, and renovate homes, as well as property management services for condominiums in Singapore. Since its launch in 2016, Ohmyhome has transacted over 15,500 properties as of June 30, 2024, and has approximately 7,560 units under management as of June 30, 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 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.
Contact
Investor Relations: ir@ohmyhome.com
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FAQ
What was Ohmyhome's (OMH) revenue growth in the first half of 2024?
How did Ohmyhome's (OMH) EBITDA loss margin change in 1H 2024?
What was Ohmyhome's (OMH) net loss per diluted share in the first half of 2024?
How much revenue did Ohmyhome's (OMH) Property Management services contribute in 1H 2024?
