Julia Heita
Oryx Properties Limited has received an upgraded national scale credit rating from Global Credit Ratings (GCR), moving to BBB+(NA)/A2(NA) with a stable outlook.
The new rating reflects the company’s financial position and growth strategy.
Chief Executive Officer Ben Jooste welcomed the news, saying the upgrade confirms the company’s efforts in expanding its portfolio and maintaining solid financial controls.
“This ratings upgrade reflects our successful expansion strategy, improved portfolio quality and sound financial management,” said Jooste.
Jooste said Oryx Properties has grown its property portfolio to N$4.2 billion while maintaining conservative gearing and strengthening its performance metrics.
“The vacancy rate has fallen to just 2.0%, with rental reversions improving to 9.1% in the first half of FY2025.”
Oryx Properties increased the value of its property portfolio from N$2.8 billion in 2022 to N$4.2 billion by December 2024.
The company also reported a 26.4% increase in operating income, reaching N$451.2 million.
It has kept its Loan-to-Value (LTV) ratio below 40% despite rapid growth.
The vacancy rate has dropped from 4.2% to 2.0%.
Jooste said the improved credit rating has direct benefits for the company and its investors.
He added that lenders and investors often use credit ratings when making funding decisions.
“For investors, the upgrade signifies enhanced stability and financial management, making Oryx a more attractive investment option. The improved rating will also benefit the company’s corporate bond issuances, potentially securing better pricing for unsecured debt listed on the stock exchange,” he said.
He added that the GCR’s assessment improved the portfolio quality and the execution of the growth plans of Oryx Properties.
He also said that the upgrade reflects Oryx Properties’ ability to manage its balance sheet while pursuing new opportunities in the Namibian market.
“This achievement demonstrates our commitment to creating sustainable value for stakeholders while pursuing strategic growth in the Namibian property market,” said Jooste.
