Oryx Properties’ profits increase by 98% to N$66.9 million

For the period ending 31 December 2023, Oryx Properties’ profit increased by 98% to N$66.9 million helped by improved rental demand showing that prospective tenants are similarly positive about the economy and thus prioritising leasing decisions.

The Group also maintained its positive momentum in financial and operational performance, resulting in the normalised rental operating income (excluding Dunes Mall) increasing by 7% to N$187 million (Dec 2022: N$175 million), while reducing commercial vacancies to 5.4% (Dec 2022: 6.1%) and tenant collections averaging 100% (Dec 2022: 104%).

“Despite the challenging micro- and macroeconomic conditions, we maintain our optimism regarding Namibia’s future and are unwaveringly advancing toward fulfilling our strategy to expand the Oryx property portfolio,” says a buoyant Ben Jooste, CEO of Oryx Properties Limited. He adds that the Group believes that the strategy and expansion of the Oryx portfolio will lead to increased shareholder value and distributions over the medium to long term.

Following the successful capital raise in July 2023 and the completion of the Dunes Mall acquisition, the Group’s total asset base increased to N$3.78 billion.

“We are pleased, that Oryx’s prudent financial and cash flow management strategies continue to position us well, notwithstanding the challenging environment of prolonged higher interest rates that we have been facing for a while now.”

Capital expenditure amounting to N$20 million was incurred during the period (Dec 2022: N$53 million), which consisted of N$5.1 million sustained on the Maerua Mall development, with capital expenditure in the Retail and Office segments amounting to N$12.5 million and N$2.2 million, respectively. A fair value adjustment amounting to N$7 million was recorded during the period under review, relating to the Dunes Mall property.

“We also extend our gratitude to our tenants, financiers and unitholders for their continued support. We look forward to many more mutually benefitting years,” Jooste concluded.