Despite the challenging micro- and macroeconomic conditions, Oryx Properties maintains its optimism regarding Namibia’s future and unwaveringly advancing toward fulfilling their strategy to expand the Oryx property portfolio.
Ben Jooste, CEO of Oryx Properties Limited said this.
Commenting on the group’s latest financial results for the 2023/24 financial year, Jooste added the group believes the strategy and expansion of the Oryx portfolio will lead to increased shareholder value and distributions over the medium to long-term.
Following the successful capital raise in July 2023 and the completion of the Dunes Mall acquisition, the Oryx Group’s total asset base increased to N$3.78 billion.
Profit for the period increased with 98% to N$66.9 million helped by improved rental demand showing that prospective tenants are similarly positive about the domestic economy and are thus prioritising leasing decisions.
For the period ending 31 December 2023, the Oryx Group 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%).
“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,” Jooste added.
The group’s capital expenditure amounting to N$20 million was incurred during the period (Dec 2022: N$53 million), which consisted of N$5.1 million sustained 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.