Oryx boasts bumper six months

Locally-listed Oryx Properties has maintained its positive momentum in financial and operational performance, the group said yesterday, announcing its interim results for the six months ended 31 December 2023.The results, released yesterday on the Namibian Stock Exchange (NSX), showed total comprehensive income of about N$71.1 million for the half-year under review – up 22.4% or about N$13 million than the same six months in 2022.Oryx recorded a year-on-year (y/y) increase in net property income of 41% to nearly N$154.3 million.Normalised rental operating income, excluding Dunes Mall, rose by 7% to N$187 million. Commercial vacancies decreased to 5.4% and tenant collections averaged 100%.Basic earnings per linked unit came in at 110.32c, an increase of 18.5% y/y. Headline earnings per linked unit amounted to 75.68c, down nearly 12% y/y.The group declared a distribution per linked unit (DPU) of 51.5c, about 5% lower y/y.“Oryx’s prudent financial and cash flow management strategies continue to position it well, notwithstanding the challenging environment of prolonged higher interest rates,” the group said.PortfolioThe directors valued Oryx’s portfolio at N$3.78 billion at the end of December last year, compared to N$3.1 billion at the end of June. The 22% growth in the portfolio is mainly due to the acquisition of Dunes Mall (Pty) Ltd on 1 August 2023, amounting to N$628.25 million, Oryx said.Capital expenditure amounting to N$20 million was incurred during the six months under review. This consisted of N$5.1 million incurred 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.OutlookDespite the challenging micro- and macroeconomic conditions, Oryx maintains its optimism regarding Namibia’s future and is unwaveringly advancing toward fulfilling its strategy to expand the property portfolio, the group said. “The group believes that this will lead to an increase in shareholder value over the medium to long term”, it added. “Rental demand within the portfolio has seen vacancies improve, showing that prospective tenants are similarly positive about the economy and thus prioritising leasing decisions,” Oryx said.

Oryx boasts bumper six months

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