Singaporean Tech-Enabled Brokerage Ohmyhome Doubled Revenue in 2024

The Nasdaq-listed Singaporean tech-enabled brokerage, Ohmyhome, increased its revenues by 118% in 2024, according to its latest filing.

The company, which operates as a brokerage, renovation service, and condominium property management provider, saw net loss narrow significantly to S$4.4M from S$5.5M in 2023 while gross profit jumped from S$1.7M to S$4.4M. Ohmyhome's EBITDA loss reduced from S$5.1M to S$3.4M, with the margin improving from -103% to -31%.

In its annual reporting, the firm noted that its brokerage revenue increased 39% over the year helped by the successful deployment of its HomerAI property valuations platform and enhanced online-to-offline marketing initiatives. Meanwhile, revenue from property management soared 394% to S$4.2 million, up from S$0.8 million in 2023, driven by increasing demand for Ohmyhome’s tech-enabled estate management solutions following its acquisition of Simply Sakal.

The increase in revenue came at a heavy price however as operating expenses continued to grow. The company cited "higher general and administrative costs from the acquired property management business, along with increased depreciation, amortization, and impairment charges" as reasons for the rise in costs.

Describing itself as a "one-stop property technology platform" Ohmyhome operates in its native Singapore as well as Malaysia, the Philippines and the U.S. It was launched in 2016 by sisters Rhonda and Race Wong and was listed on the Nasdaq in 2023.