Oryx Properties’ total property portfolio has exceeded N$5 billion for the first time, while distribution to unit holders increased by 8.8% to 117.50 cents per linked unit for the financial year ended 30 June.
The listed property group’s portfolio value increased by 7.5% to N$5.05 billion from N$4.7 billion in the previous financial year.
Revenue rose 17.8% to N$579.8 million, while net property income increased by 14.3% to N$382.5 million.
The group also reported total comprehensive income of N$198.5 million, compared with a loss of N$175.9 million in 2025.
One of the main contributors to the increase in the portfolio was Goreangab Mall, which opened on 29 May this year.
The mall’s value increased to N$281.1 million from N$100.2 million a year earlier, following an investment of N$161.4 million during the financial year.
Overall capital expenditure on acquisitions and developments increased to N$233.1 million from N$146.8 million.
Oryx chief executive Ben Jooste says the year marked several milestones for the company.
“Breaking through N$5 billion in portfolio value, opening Goreangab Mall, expanding into Walvis Bay and Lüderitz, and securing the Government Institutions Pension Fund (GIPF) mandate all show the strength of our strategy,” he says.
The group’s commercial vacancy rate, however, increased to 3.4% from 2.4%, based on lettable area and excluding residential properties.
Its loan-to-value ratio remained relatively stable at 41%, compared with 40.8% in 2025.
Oryx expanded its property pipeline to the coast during the year, securing 19 530 square metres of vacant land at Walvis Bay.
It also acquired a 50% stake in a joint venture that owns 23 978 square metres of vacant land at Lüderitz.
The company has not provided details on the specific developments planned for the two sites, but says the acquisitions would form part of its future development pipeline.
Oryx also secured an N$800 million unlisted investment mandate from the GIPF.
Meanwhile, its Croatian associate, TPF International Limited, contributed N$16.7 million to group profit, compared to a N$25.5-million loss in the previous year.
The board declared an interim distribution of 58.50 cents per unit and a final distribution of 59 cents per unit.
This brings the total distribution to 117.50 cents per linked unit, up from 108 cents in 2025.
The total distribution payable to unit holders increased to N$134.3 million from N$123.5 million.
Oryx’s net asset value per linked unit also increased to 2.422 cents from 2.260 cents.
Basic earnings per linked unit rose to 317.40 cents from a loss of 61.71 cents, while headline earnings per linked unit increased to 163.62 cents from a loss of 124.17 cents.
The company says the distribution is in line with the 75% minimum payout ratio approved by unit holders for the 2025 to 2027 financial years.
The final distribution of 59 cents per unit is scheduled to be paid on 14 October.
