CHAMWE KAIRA
Oryx Properties says it remains focused on disciplined capital allocation and resilient operating performance as it continues to optimise its property portfolio and selectively pursue new development opportunities.
The group’s portfolio strategy includes the ongoing development of Goreangab Mall, as well as newly secured sites in Walvis Bay and Lüderitz.
It said its loan-to-value (LTV) ratio remained well contained at 41%, while continued access to capital markets supported its funding position.
During the financial year ended June, the group successfully issued new notes under an enlarged N$1 billion Domestic Medium Term Note Programme.
The group said the combination of disciplined capital allocation, portfolio optimisation and access to funding positions it to continue delivering sustainable value to unitholders.
The Namibian economy is projected to grow by 2.1% in 2026 and 2.8% in 2027, recovering from 1.7% in 2025 and against a backdrop of projected economic growth, Oryx Properties says it remains focused on disciplined capital allocation, resilient operating performance and portfolio optimisation, while selectively advancing developments in Goreangab Mall, Walvis Bay and Lüderitz.
The comments were made as the group reported a resilient financial performance for the year ended 30 June 2026, with total revenue increasing 17.8% to N$579.8 million from N$492.2 million in 2025.
Net rental income rose 14.3% to N$382.5 million from N$334.5 million, despite property expenses increasing to N$197.3 million from N$157.7 million.
The group said Platz am Meer Waterfront Shopping Centre, which recorded its first full financial year in the portfolio following its acquisition in the previous year, was a key contributor to the growth.
Commercial vacancy, excluding residential properties and measured on lettable area, increased to 3.4% from 2.4%.
Oryx’s total portfolio value increased 7.5% to N$5.05 billion, surpassing N$5 billion for the first time.
Goreangab Mall, which commenced trading on 29 May 2026, was a key contributor. Its value increased to N$281.1 million from N$100.2 million, following capital expenditure of N$161.4 million during the year.
The group also acquired vacant land in Walvis Bay measuring 19 530 square metres and a 50% interest in a joint venture holding 23,978 square metres of vacant land in Lüderitz.
Oryx said the acquisitions form part of a measured development pipeline in selected coastal locations.
Capital expenditure on acquisitions and developments, net of disposals, declined to N$190.6 million from N$436 million. The previous year’s expenditure included N$290.5 million for the acquisition of Platz am Meer Waterfront Shopping Centre.
The largest investment during the year was the continued development of Goreangab Mall, which accounted for N$161.4 million in capital expenditure, compared with N$57.1 million in 2025.
The board approved an interim distribution of 58.50 cents per unit and a final distribution of 59.00 cents per unit, bringing total distributions to 117.50 cents per linked unit, up 8.8% from 108.00 cents.
Total distributions payable to unitholders increased to N$134.3 million from N$123.5 million.
The board said it remains committed to the 75% minimum payout ratio approved by unitholders for the 2025 to 2027 financial years, while retaining capital to fund the group’s development pipeline.
