Oryx Properties Limited releases results

ORYX Properties Limited, the property investment company listed on the NSX, has released its results for the year ended June 30 2004.

The announcement reported a final dividend of 34 cents per linked unit, payable on September… Bennie Joseph, a director of the company, said that the net asset value of the company increased to 570 cents per linked unit, up from the 497 cents of last year. This, he added, reflected a discount to net asset value of 6,7 per cent based on the current price of 532 cents.Joseph said taking into account the 34 cents distribution declared, the discount increases to 12,6 per cent and the current price per unit on the NSX presents an attractive opportunity to investors.He added that the property portfolio continued to perform in line with expectations and that the company was pursuing exciting investment opportunities.Oryx’s earnings attributable to linked unitholders for the year amounted to to N$56,6 million compared to last year’s N$22,6 million.Capital profit of N$4,2 million was achieved during the year, predominantly from the listed property portfolio.During the period under review, Oryx invested N$25,7 million in direct property including developing an office block, and extending a supermarket at Maerua Mall and extending a warehouse in the Northern Industrial area among others.This, he added, reflected a discount to net asset value of 6,7 per cent based on the current price of 532 cents.Joseph said taking into account the 34 cents distribution declared, the discount increases to 12,6 per cent and the current price per unit on the NSX presents an attractive opportunity to investors.He added that the property portfolio continued to perform in line with expectations and that the company was pursuing exciting investment opportunities.Oryx’s earnings attributable to linked unitholders for the year amounted to to N$56,6 million compared to last year’s N$22,6 million.Capital profit of N$4,2 million was achieved during the year, predominantly from the listed property portfolio.During the period under review, Oryx invested N$25,7 million in direct property including developing an office block, and extending a supermarket at Maerua Mall and extending a warehouse in the Northern Industrial area among others.