Business
Ohmyhome Records over 60% Revenue Growth in 2022
Singapore, April 27, 2023 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH) today announces the following results for the year ended December 31, 2022, as
About this update from Ohmyhome Limited
[{"type":"text","content":"Singapore, April 27, 2023 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH) today announces the following results for the year ended December 31, 2022, as compared to the corresponding period of last fiscal year: ●Revenue increased by 60.3% y-o-y to USD 5.2 million from 2021, and more than double of the revenue in 2020. ●Total number of transactions on the platform increased 13.9% y-o-y to 3,395 from 2021. ●Gross Transaction Values reached USD 615.1 million, increased by 0.3% compared to 2021. ●Efficiency of Super Agents increased by 8.7% with the number of property transactions per Super Agent per year increasing from 69 to 75 in 2022. This is the result of our continuous improvement in our data matching technology. Rhonda Wong, CEO of Ohmyhome, expressed satisfaction with the results, saying “We are pleased with our business performance in 2022. Despite the industry wide decline in market transactions by more than 20% in Singapore, our technology continues to increase transaction efficiency within Ohmyhome. Our Emerging and Other Services has also shown significant growth primarily in providing renovation services to homeowners who transacted with us, increasing overall customer lifetime value with Ohmyhome. Race Wong, COO of Ohmyhome, further elaborated, “We have enhanced the user experience by ensuring the authenticity and freshness of our listings on the platform through the launch of our AI-powered MATCH tool and digital verification of homeownership by sellers using the government digital identity technology SingPass. We are committed to offering a trusted and comprehensive one-stop-shop experience for our customers in their home buying, selling and renting journey. We remain optimistic about the real estate market in Singapore and Southeast Asia, and are excited to continue to serve the millions of families in Southeast Asia.” Looking forward, Ohmyhome plans to expand its services and continue its growth trajectory in the Singapore and regional real estate markets. Business Highlights The following table summarizes Ohmyhome’s consolidated financial results for the year ended December 31, 2020, 2021, and 2022: For the years ended December 31, 2020 2021 2022 SGD SGD SGD Revenue 3,338,674 4,381,683 7,025,592 Change year over year - 31.2% 60.3% Operating Income (2,642,716) (2,344,073) (3,231,340)Operating Margin (79.2)% (53.5)...