SYLA Technologies Boosts Dividend, Highlights 2023 Outlook

SYLA Technologies Co Ltd SYT reiterated 2023 financial guidance and planned to boost dividends per share.

Outlook: SYT expects revenue to be within ¥24,700 million - ¥26,700 million ($183.7 million – $198.6 million), operating income (excluding income from the mining business) to be ¥850 million - ¥980 million ($6.3 million – $7.3 million) and EPS to be ¥1,359 to ¥1,637 ($10.11 – $12.18).

The company expects an operating loss for H1, primarily due to the completion of large-scale properties and fundraising, expected to be concentrated in H2 2023.

Dividend: SYT plans to double dividend per share to ¥140 ($1.04) from ¥70 ($0.52), expecting to continue increasing dividends yearly, with a mid-to-long-term target of a dividend payout of 30% of net income.

"Following the successful close of our IPO and Nasdaq listing, we're happy to provide the market guidance on our operations for the full year 2023, and announce the planned doubling of our dividend. These measures reflect our commitment to providing our team and shareholders not only a transparent view of our performance and financials, but also to delivering profit and lasting value," said Chairman, Founder, and CEO Hiroyuki Sugimoto. 

Price Action: SYT shares closed lower by 0.55% at $7.18 on Monday.