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Solid 2022 for Oryx Properties – listed bond in November

Solid 2022 for Oryx Properties – listed bond in November

Namibian Stock Exchange-listed property company, Oryx Properties has managed to grow rental income by nearly 11% for the year ended December 2022. A year earlier, at the end of 2021, the company had to contend with impaired growth of only 2.9%.

As a result, rental income increased to N$175 million in 2022 from N$158 million in 2021. Vacancies were contained at a satisfactory 6.1%, marginally higher than the 5.9% at the end of 2021.

Oryx Chief Executive, Ben Jooste commented “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% (Dec 2021: 91%). Improved tenant collections resulted in reversals to provision for bad debts amounting to N$12.5 million, which contributed to 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% (Dec 2021: 38.1%).”

“We were pleased with the successful bookbuild 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 stems from capital expenditure of N$53 million (June 2022: N$32 million), mainly in the retail and industrial portfolios.

Jooste confirmed that Oryx is in the process of acquiring the Dunes Mall in Walvis Bay as part of its expansion strategy up to 2025.

“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,” he concluded.

Oryx Properties Board members and management at the recent 20th anniversary celebrations. From the left, Mr M Muller, Ms R Gomachas, Ben Jooste (Chief Executive), Francis Heunis (Chief Financial Officer, Oryx), Vetumbuavi Mungunda – Chairman, the Deputy Minister of International Relations and Cooperation Hon Jennely Matundu, Jennifer Comalie and Conrad van der Westhuizen (Chief Asset Manager).


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