Oryx Properties swung back into profit in the 2026 financial year, with higher rental income and revenue from recent acquisitions helping the property group recover from a loss recorded the previous year.
The company reported a profit after tax of N$227.7 million for the year ended 30 June 2026, compared with a loss of N$193.7 million in 2025.
According to an analysis by IJG Securities, revenue from recent property acquisitions started contributing to the results during the year, while a more normal tax charge also supported the improvement in profitability.
Oryx’s distributable earnings per linked unit increased by 8.9% to 157 cents, from 144.2 cents in 2025.
The company declared a final distribution of 59 cents per unit, taking the total distribution for the year to 117.5 cents, an 8.8% increase from 108 cents in 2025.
“The company declared a final distribution of 59.0cpu, bringing the total distribution for the year to 117.5cpu, an 8.8% year-on-year increase from 108.0cpu in 2025,” IJG says.
The increase in rental income was the main driver of the higher revenue.
Total revenue increased 17.8% to N$579.8 million, from N$492.2 million in 2025, while net rental income rose 14.3% to N$382.5 million.
IJG says Oryx continued to benefit from rental income generated by its commercial properties.
“Recurring rental income stemming from numerous quality commercial assets provide a sound income stream for Oryx,” the analysts say.
However, the company also faced higher property-related costs during the year.
Property expenses increased by 25.1% to N$197.3 million, outpacing the growth in revenue. As a result, Oryx’s cost-to-income ratio increased from 32% to 34%.
The underlying performance of existing properties was more moderate once acquisitions and changes to the portfolio were excluded.
IJG says management reported 5.2% growth in like-for-like net rental income, excluding the impact of the Platz Am Meer acquisition at Swakopmund and portfolio reallocations.
The retail portfolio was the biggest contributor to the increase in rental income.
Rental operating income from retail properties rose 28% to N$447.6 million, accounting for 76.6% of Oryx’s total rental operating income.
The office portfolio recorded more modest growth of 1%, with rental operating income reaching N$42.2 million.
The residential and industrial portfolios, however, recorded declines of 8% and 8.3%, respectively.
HIGHER VACANCIES
Residential properties were particularly affected by higher vacancies. The residential vacancy rate increased from 0.8% in 2025 to 9.7% in 2026, meaning nearly one in every 10 residential units was vacant at the end of the financial year.
Meanwhile, the value of Oryx’s property portfolio increased to N$4.97 billion, from N$4.61 billion a year earlier.
The portfolio recorded N$165 million in fair-value gains during the year.
Oryx is continuing to invest in new developments, including a shopping centre at Lüderitz being developed through a joint venture with Safland Group.
The Shoprite-anchored development is expected to have approximately 7 970 square metres of gross lettable area.
IJG says the project could provide Oryx with an opportunity to expand its property interests at Lüderitz and potentially develop additional residential, hospitality and office projects in future.
The group is also progressing with plans for Maerua Crossing, a mixed-use development comprising office, retail, residential and hospitality space.
The development is planned to complement Maerua Mall and increase activity around the existing shopping centre.
Oryx’s newly completed Goreangab Mall in Windhoek started operating towards the end of May 2026, meaning its full contribution to rental income will only be reflected in the 2027 financial year.
“Looking ahead, we expect further synergies to materialize in financial year 2027 following the completion of Goreangab Mall in Windhoek, which commenced operations at the end of May 2026 and is expected to contribute meaningfully to Oryx’s rental income stream,” IJG says.
The 2026 results therefore reflect a significant recovery in Oryx’s reported profit, while the company continues to expand its property portfolio.
At the same time, rising property expenses and the increase in residential vacancies remain areas to watch as the group enters the new financial year.
