Oryx Properties nearly doubles profit for six months ended 31 December
In its unaudited results for the 6-month period ended 31 December 2023, Oryx Properties has increased its asset base to N$3.78 billion following the acquisition of Dunes Mall in Walvis Bay. The property group also posted a staggering 98% increase in profits, reaching a whisker shy of N$67 million.
“Despite the challenging micro- and macroeconomic conditions, we maintain our optimism regarding Namibia’s future and are unwaveringly advancing to fulfil our strategy to expand the Oryx property portfolio” said Chief Executive Ben Jooste.
“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,” he said.
The group has maintained its positive momentum in financial and operational performance, resulting in the normalised rental operating income (excluding Dunes Mall) increasing by 7% (June 2023: 6%) 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%).
Capital expenditure of N$20 million consisted of N$5.1 million on the Maerua Mall development, and N$12.5 million and N$2.2 for the Retail and Office segments. A fair value adjustment of N$7 million was recorded for the Dunes Mall property.
Other income amounting to N$33 million was recorded during the period for capital gain realised on the settlement of a headlease agreement.
Jooste thanked the board, management team, employees and service providers for their commitment and dedication during the year. “We also extend our gratitude to our tenants, financiers and unitholders for their continued support. We look forward to many more mutually benefitting years.”
