For the end of the financial year ended 30 June 2024, Oryx Properties reported a total comprehensive profit of N$384.8 million, which is a significant increase from N$190.9 million in 2023. 

Oryx’s total portfolio value increased by N$1.072 billion or 35% to N$ 4.167 billion – up from N$3.095 billion in 2023.

These figures financially place Oryx well in the way to achieve its 2025 target of a fund size of N$4.5 billion, and an annual revenue of N$450 million. The property group’s increase in value was driven by the acquisition of Dunes Mall and strategic investments across various segments. The latest results have enabled the group to continue its growth trajectory, simultaneously providing a total return of 18.64% to unitholders.

These results also indicate that net property income rose to N$303.1 million from N$235.4 million, while basic earnings per linked unit surged to 461 cents, compared to 287.82 cents in 2023. 

“Oryx’s performance highlights our strategic focus on growth, and delivering sustainable value to our unitholders. Our efforts to diversify our asset base geographically, enhance operational efficiency, manage costs and maintain strong and pro-active stakeholder as well as tenant relationships have been key in achieving these results,” stated Oryx’s CEO Ben Jooste.  Notably, the Dunes Mall acquisition, concluded in August 2023, has outperformed the group’s expectations, delivering an income return of 9.54%, and a total return of 21.82%. 

Meanwhile, commercial vacancy rates improved across the portfolio, decreasing from 6.8% in 2023 to 4.2% in 2024.

This reflects robust tenant retention and proactive engagement strategies.

Moreover, the group’s Croatian investment contributed significantly to distributable income, achieving a cash yield of 9.8% before finance cost. 

This contributes 17% of distributable income, demonstrating the success of Oryx’s international diversification.

Despite macroeconomic challenges, Oryx achieved a 27% increase in rental operating income, reaching N$455 million, with tenant collections averaging 99%. The group’s financial management ensured a distribution of 103 cents per unit. While this is slightly lower than the previous year’s 105.25 cents, the discrepancy was attributed to a one-month delay in the Dunes’ acquisition. “We are committed to sustaining long-term growth, and enhancing shareholder value. While our distribution per unit saw a minor decline, our total distributions increased by 28% year-on-year. Looking ahead, we are focused on improving the quality of our earnings, and maintaining a sustainable distribution payout ratio,” Jooste remarked. 

“We are well on track to meet our long-term goals. With a solid foundation in place and favourable market sentiment, we are confident in our ability to drive future growth and deliver value to our unitholders,” he added.