SYLA Technologies Co., Ltd. American Depositary Shares - SYT STOCK NEWS

SYLA Technologies Co., (NASDAQ: SYT), operator of Japan's largest membership real estate crowd-funding platform, Rimawari-kun, reported its interim financial results for H1 2024. Key highlights include:

- 13% revenue increase to ¥10,564,041 thousand ($65.7 million)
- Gross profit decrease to ¥1,944,954 thousand ($12.1 million)
- Net loss of ¥67,257 thousand ($0.4 million)
- Cash and cash equivalents of ¥2,381,394 thousand ($14.8 million) as of June 30, 2024

The company saw increased real estate sales with 162 units sold, up from 110 in H1 2023. SYLA also announced a capital alliance with CUMICA , development of luxury residences, and expansion in the renewable energy sector. The company's crowdfunding platform, Rimawari-kun, surpassed ¥7.5 billion in GMV.

SYLA Technologies Co., (NASDAQ: SYT), Japan's largest membership real estate crowd-funding platform operator, has announced an interim dividend of ¥100 per common share. This is equivalent to $0.68 per share at the August 20 exchange rate. The record date for ADR holders is June 30, 2024, with an effective payment date of September 30, 2024. This represents a significant increase from the FY2023 interim dividend of ¥70 per share. The total dividend amount is ¥26,554,300. SYLA's Board of Directors has also forecasted a year-end dividend of ¥180 per share, subject to their sole discretion and company performance.

SYLA Technologies Co., (NASDAQ: SYT) has announced its decision to subscribe to a third-party allotment of shares in CUMICA The subscription involves 1,470,500 shares of CUMICA's common stock at 408 yen per share, totaling 599,964,000 yen. This move is part of a capital and business alliance agreement between SYLA and CUMICA, aiming to create synergies in real estate development.

The collaboration focuses on exploring new product concepts like Combined Residence and Senior Tech Mansion. SYLA's stake in CUMICA will increase from 20.98% to 30.63% after the subscription. The companies are already working on joint condominium development projects in Omiya and Kawasaki.

SYLA Technologies (NASDAQ: SYT), operator of Japan's largest membership real estate crowd-funding platform Rimawari-kun, has formed a business alliance with TSE Growth-listed Broad Enterprise (TSE: 4415). The partnership, announced on July 22, 2024, aims to boost profits through mutual cooperation, focusing on sales collaboration and client referrals. This strategic alliance is expected to enhance both companies' market positions and potentially increase their revenue streams by leveraging each other's strengths in the real estate and financial technology sectors.

SYLA Technologies Co., (NASDAQ: SYT) has announced that its subsidiary, SYLA Solar, has entered into a business alliance agreement with ABILITY The alliance aims to launch a joint demonstration experiment for clean energy supply, combining solar power generation and atmospheric pressure hydrogen cartridges.

The project will utilize solar-generated electricity to produce hydrogen, which will be stored in cartridges and used to operate a fuel cell (FC) generator. The experiment will also explore the utilization of produced oxygen, heat, and electricity from the FC generator. This initiative seeks to promote efficient use of renewable energy and expand hydrogen energy applications, contributing to the creation of a sustainable society.

SYLA Technologies (NASDAQ: SYT), operator of Japan's largest membership real estate crowdfunding platform, Rimawari-kun, released its FY24 2nd Quarter Investor Update on July 8, 2024. Key highlights include the sale of SYFORME SUMIYOSHI II, an Excellent Business Award for SYFORME MOTOMACHI-CHUKAGAI, and the completion of SYLA TOYOCHO office building. The company launched its first joint real estate project with CUMICA and saw membership for its online AI rental brokerage service, ietty, surpass 400,000.

In real estate, SYLA commenced fundraising for 7 projects and originated 10 projects during the quarter. Key metrics showed an increase in constructed buildings to 85, managed buildings to 78, and managed units to 3,420, with an occupancy rate of 99.8%. ietty membership grew to 408,555, while Rimawari-kun membership slightly increased to 279,838. The gross merchandise value (GMV) rose from 6,844 million JPY to 7,594 million JPY.

SYLA Technologies (NASDAQ: SYT) announced the successful launch of its second luxury condominium project, THE POOL VILLA, under its SYLA HOTEL ZUSHI-HAYAMA brand. Located in Yokosuka City, the villa sold out within days of release and is now available for public reservations. The villa offers a private pool, wooden deck with barbecue facilities, and stunning views of Sagami Bay. The property can be rented out by owners when not in use, providing a revenue-generating opportunity. It aims to offer a rejuvenating escape with a serene environment, ideal for special occasions.

SYLA Solar has announced the absorption and merger with SYLA Biotech , effective July 1, 2024. This move aims to enhance SYLA Solar's business strength by integrating renewable energy and data center operations. SYLA Solar is a subsidiary of SYLA Technologies, which operates Rimawari-kun, Japan's largest membership real estate crowdfunding platform. The merger is expected to leverage SYLA Solar's capabilities in the renewable energy sector and provide synergies with SYLA Biotech's technologies.

SYLA has completed its first office building, SYLA TOYOCHO, in Koto-ku, Tokyo. Responding to demand for office space in central Tokyo, the building features a design that integrates harmoniously with the cityscape using materials like autoclaved lightweight concrete panels and glass. Located at 3-5-4 Toyo, Koto-ku, the structure has 10 floors above ground with a total floor area of 568.92m2 and a site area of 86.73m2. The building comprises 10 units, including restaurants on the lower floors and offices on the upper floors. SYLA, engaged in the real estate sales and management business, aims to support corporate growth and deliver new value to the Tokyo business community with this project.

The company operates the largest membership real estate crowdfunding platform in Japan, Rimawari-kun, and develops investment condominiums under the SYFORME Series, targeting areas in Tokyo, Yokohama, and Kawasaki.