Online travel platform HalalBooking has fully recovered to pre-pandemic levels in 2021 as it sets a record year in sales.
It reported sales at S$36 million (US$26.3 million), significantly higher than 2019’s S$31 million and 2020’s S$8 million. The overall profit margin on sales, equating to the company’s commission level, was 17 per cent.
HalalBooking also made over S$1 million net profit for the first time in its history.
HalalBooking’s growth accelerated even further in 1Q2022 – a high S$9.3 million of sales – representing almost 200 per cent year-on-year growth in comparison to the same period in 2021.
The company now expects a huge growth in 2Q2022 and 3Q2022, the peak sales quarters for the business.
For 2022, the annual total of the company’s conservative forecast had been estimated at 67 per cent organic year-on-year growth, but the firm is now investing more in its lead acquisition activities in the hopes that sales growth will exceed 100 per cent and the company may even reach S$100 million sales for the first time in its history.
HalalBooking hopes to complete a S$20 million Series B investment round in 2Q2022, of which S$5 million has already been secured. The Series B round aims to accelerate the company’s exponential growth rate and achieve S$1 billion unicorn status by 2025.