Oryx reports once-off profit of N$33 million
Oryx Properties has announced its interim financial results for the six months ended 31 December 2024. Francis Heunis, Chief Financial Officer shared: “The Group delivered strong
results in the first half of 2025 and remains well positioned to meet its 2025 corporate strategy. Positive rental reversions, a 63% improvement in commercial vacancies and
an average tenant collection of 101% contributed to this strong performance.”
She went on to say that operating rental income increased above inflation by 6.1% (December 2023: 6.9%), while vacancies improved to 2.0% (December 2023: 5.4%), and the interest cover ratio reduced marginally to 2.2 times (June 2024: 2.3 times) as expected, due to capital-intensive projects advanced during the period.
“While these projects do not immediately contribute towards rental income, they are expected to enhance long-term financial performance.” The Group reported a once-off income of N$33 million under other income in the prior period, following the conclusion of a head-lease settlement agreement.
“As expected, this did not recur in the current period which impacted the Group’s overall earnings.” Other expenses decreased by 31%, primarily due to a significantly lower purchase price adjustment recorded on the acquisition of Dunes Mall during the period, amounting to N$179,000 (December 2023: N$7.0 million).
Ben Jooste, CEO of Oryx Properties expressed his appreciation with the performance of the Group and announced a distribution of 52.50 cents per linked unit which has been declared for December 2024 (December 2023: 51.50 cents per linked unit). “This represents an increase of 2%. This distribution could have been higher at 53.25 cents per linked unit, if not for the income tax amendments enacted during the period,” added Jooste.
When looking at the Namibian property market Jooste advised that it continued to show improvements supported by a projected expansion of the Namibian economy by 4.0% in 2025. “This positive economic trajectory is driven by urban development and infrastructure projects, which continue to increase demand for both residential and commercial properties. Our strategic investments in high-growth areas, growth momentum in line with our strategy and our commitment to sustainable building practices positions us well to capitalise on these trends.”
Oryx Properties anticipated robust growth opportunities in the property sector despite compressed yields given the expected interest rate reductions. “The ongoing economic recovery and increased investor confidence are expected to drive higher demand for property investments. By leveraging technology and enhancing tenant services, we aim to maintain our competitive advantages and deliver long-term value to our unit-holders,” he concluded.
results in the first half of 2025 and remains well positioned to meet its 2025 corporate strategy. Positive rental reversions, a 63% improvement in commercial vacancies and
an average tenant collection of 101% contributed to this strong performance.”
She went on to say that operating rental income increased above inflation by 6.1% (December 2023: 6.9%), while vacancies improved to 2.0% (December 2023: 5.4%), and the interest cover ratio reduced marginally to 2.2 times (June 2024: 2.3 times) as expected, due to capital-intensive projects advanced during the period.
“While these projects do not immediately contribute towards rental income, they are expected to enhance long-term financial performance.” The Group reported a once-off income of N$33 million under other income in the prior period, following the conclusion of a head-lease settlement agreement.
“As expected, this did not recur in the current period which impacted the Group’s overall earnings.” Other expenses decreased by 31%, primarily due to a significantly lower purchase price adjustment recorded on the acquisition of Dunes Mall during the period, amounting to N$179,000 (December 2023: N$7.0 million).
Ben Jooste, CEO of Oryx Properties expressed his appreciation with the performance of the Group and announced a distribution of 52.50 cents per linked unit which has been declared for December 2024 (December 2023: 51.50 cents per linked unit). “This represents an increase of 2%. This distribution could have been higher at 53.25 cents per linked unit, if not for the income tax amendments enacted during the period,” added Jooste.
When looking at the Namibian property market Jooste advised that it continued to show improvements supported by a projected expansion of the Namibian economy by 4.0% in 2025. “This positive economic trajectory is driven by urban development and infrastructure projects, which continue to increase demand for both residential and commercial properties. Our strategic investments in high-growth areas, growth momentum in line with our strategy and our commitment to sustainable building practices positions us well to capitalise on these trends.”
Oryx Properties anticipated robust growth opportunities in the property sector despite compressed yields given the expected interest rate reductions. “The ongoing economic recovery and increased investor confidence are expected to drive higher demand for property investments. By leveraging technology and enhancing tenant services, we aim to maintain our competitive advantages and deliver long-term value to our unit-holders,” he concluded.
