Ohmyhome (OMH) GlobeNewswire News Room·2024-10-29 13:15Core Insights - Ohmyhome Ltd. reported significant business growth across its three segments in Q3 2024, with brokerage GTV increasing by 51% year-over-year, renovation contracts growing by 403% year-over-year, and property management units rising by 23% [1][2]. Group 1: Brokerage Segment - The agent brokerage business achieved a GTV of USD 84 million in Q3 2024, representing a 48.7% increase from USD 56.5 million in Q3 2023, indicating a growing client base and demand for services [3]. Group 2: Renovation Segment - The renovation segment signed contracts totaling SGD 1.93 million (approximately USD 1.46 million) for Q3 2024, a substantial increase from SGD 1.3 million (USD 0.9 million) for the first half of 2024, reflecting robust growth and customer interest [4]. Group 3: Property Management - The property management division expanded to 9,283 units under management, up from 7,560 units as of June 30, 2024, with new projects expected to contribute to revenue growth starting October 2024 [5]. Group 4: Profitability and Cash Flow - The company is focused on achieving profitability and optimizing cash flow, reporting a significant narrowing of losses in Q3 2024 due to improved operational efficiencies and revenue growth [6]. - As of September 30, 2024, cash and cash equivalents increased to SGD 2.7 million (USD 2.1 million) from SGD 2.4 million (USD 1.8 million) as of June 30, 2024, reflecting a commitment to cash flow optimization while investing in growth [7]. Group 5: Company Overview - Ohmyhome is a property technology platform providing end-to-end solutions including brokerage, renovation, and property management services in Singapore, having transacted over 15,500 properties since its launch in 2016 [8].