Oryx maintains positive interim momentum

Staff Reporter – Locally-listed Oryx Properties maintained its positive momentum in financial and operational performance for the six months ending 31 December 2022, resulting in rental income increasing by 10.8% to N$175 million, compared to 2.9% reported in the same half-year in 2021.Vacancies were contained to a minimum of 6.1%, against the 5.9% in same six months in 2021.“We are encouraged by the strong first six months’ performance during which rental reversions amounted to 7% (June 2022: -7.3%), following tenant collections averaging 104% (December 2021: 91%),” said Oryx CEO Ben Jooste. Improved tenant collections resulted in reversals to provision for bad debts amounting to N$12.5 million, which contributed towards the decrease in other expenses to N$10.2 million (Dec 2021: N$18.5 million). “Oryx’s prudent financial and cash flow management strategies have positioned it well, resulting in gearing decreasing to 36.5% (December 2021: 38.1%) at period end,” Jooste said. He continued: “We were pleased with the successful book-build for the ORYJ25 bond auctioned on 16 November 2022. The issuance was oversubscribed by a ratio of 1.4 times for a nominal value of N$248.5 million, which further boosted liquidity.”The directors valued the portfolio at N$2.96 billion (June 2022: N$2.91 billion inclusive of investment property classified as held for sale) at period end. Based on this analysis, the value of the property portfolio as at 31 December 2022 is N$53 million higher than at 30 June 2022. The increase in property values relates to capital expenditure incurred amounting to N$53 million (June 2022: N$32 million), which was mainly incurred in the retail and industrial portfolios.OutlookAccording to the International Monetary Fund World Economic Outlook (October 2022), global economic activity is anticipated to slow down, largely affected by persistent inflationary pressures and subsequent measures aimed at combatting inflation. In its December 2022 Economic Outlook, the Bank of Namibia (BoN) revised its real GDP to 3.9% from the 3.2% published in August 2022. The positive revision was attributed to the mining sector. Going forward, however, the BoN expects growth to slow down to 2.7% and 2.4% in 2023 and 2024 respectively. “We remain concerned about the broader macroeconomic conditions expected for the six months ahead, including the outlook on interest rates,” Jooste said.“Against this backdrop, Oryx continues to perform well throughout all portfolios. With the board’s approval of the 2025 strategy, where the aim is to grow the total asset base significantly, Oryx is in the process of acquiring Dunes Mall in Walvis Bay, Namibia,” he continued. While regulatory approval has been obtained, the acquisition is subject to a capital raise. The acquisition of Dunes Mall would materially increase the property portfolio and diversify Oryx from the concentration risk in Maerua Mall.“As we celebrate 20 years in business, we take the opportunity to thank our board, management team, employees and service providers for their ongoing commitment and dedication. We also thank our tenants, financiers and unitholders for their continued support,” Jooste said.

Oryx maintains positive interim momentum

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Republikein 2026-05-04

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Oryx maintains positive interim momentum

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