• Business & Economy
  • Companies
  • Agriculture
  • Technology
  • Africa
Wednesday, August 20, 2025
The Brief | Namibia's Leading Business & Financial News
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Property
  • E-Editions
No Result
View All Result
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Property
  • E-Editions
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
No Result
View All Result
Home Companies Property

Oryx Properties back in the black

by editor
March 11, 2022
in Property
45
A A

Oryx Properties Limited (Oryx) is now back in the black after it registered a N$31.1 million profit in the half year to 31 December 2021 compared to a loss of N$20.9 million in the previous comparable period due to improved rental income.

The company’s net rental income for the period rose by 7.3% y/y to N$100.8 million, against N$93.9 million in 1H22, while total revenue increased by 6.3% y/y to N$155.8 million.

Rental relief of N$8 million was provided to tenants during the period under review. Residential vacancies improved markedly from 11.2% at FY21 to 2.5% at 1H22, with the company noting that foot count has recovered well at Maerua Mall, nearly reaching the levels last seen in Q4 of 2019.

The company’s rental expenses were well contained, increasing by 4.5%, in line with inflation, while its cost-to-income ratio fell marginally from 36.0% to 35.3%.

The company’s interest-bearing borrowings increased slightly to N$1.23 billion at 1H22 from N$1.21 billion at FY2.

“Oryx’ gearing ratio remained relatively stable at 38.1% (FY21: 38.2%). Management however notes in the results release that subsequent to the end of the period the proceeds from the sale of the investment in Tower Property Fund and dividends from the associate were transferred into debt facilities, resulting in the company’s gearing declining to 37.6%. At the end of the review period, fixed rate borrowings made up 50% of total interest-bearing borrowings. The weighted average interest rate paid on the company’s debt declined from 6.7% at FY21 to 5.6% at 1H22. Total unutilised facilities stood at €2.6 million and N$193 million, excluding the medium-term note programme,” the company said.

Oryx received proceeds of N$14.9 million following the disposal of its investment in Tower Property Fund on 24 December.

The value of Oryx’ property portfolio grew by 0.4% in the last six months to N$2.84 billion

The company reported a distribution of 44.00 cents per linked unit, representing a 22.1% decline from the 56.50 cents per unit reported for the corresponding period in 2021.

Earnings attributable to linked units per unit (EPU) increased from 32.59c in 1H21 to 79.77c in 1H22. HEPU fell by 58.0% y/y to 16.51c.

Analyst views

IJG Securities

We expect rental income to remain under pressure going forward, given that negative rental reversions were recorded on the large South African national retailers’ lease agreements which were renewed towards the latter part of the previous financial year.

Overall, the interim results came in roughly in line with our expectations, but the subdued economic conditions continue to weigh on Oryx’ results. 

Simonis Storm

We think the market is pricing in property sector uncertainty as well as the questionable prospects for Oryx. Investors ostensibly are not that interested. Property as we have mentioned previously is very much cyclical, awaiting the turnaround. One thing though, we have picked-up on a trend of consumers returning to malls, sounds great, but then again management was very much on the convenience shopping route e.g., Maerua Lifestyle Spar / Beins Shopping Centre. The latter seems to trend downwards / mean revert as we return to the new normal – whatever that might be.

author avatar
editor
See Full Bio
Tags: companies
Share23Tweet14Share4
Previous Post

GIPF pumps N$25m in Kavango West

Next Post

Geingob demands action from Ministers

MUST READ

2,500 plots made available for low-income housing
Property

2,500 plots made available for low-income housing

July 31, 2025
Windhoek approves N$1.7 billion building plans in six months
Property

Windhoek approves N$1.7 billion building plans in six months

July 16, 2025
231 low-income homes planned in Windhoek at cost of over N$70m
Property

231 low-income homes planned in Windhoek at cost of over N$70m

July 14, 2025
Household debt rises by N$109m in April, driven by mortgage growth
Property

Household debt rises by N$109m in April, driven by mortgage growth

June 3, 2025
Windhoek building plans plunge by 87% in April
Property

Windhoek building plans plunge by 87% in April

May 20, 2025
Swakopmund leads building completions worth N$86.8 million in March
Property

Swakopmund leads building completions worth N$86.8 million in March

May 15, 2025
Next Post
Geingob demands action from Ministers

Geingob demands action from Ministers

Related News

NamWater and AfDB launch N$665 million Rundu Water Treatment Plant Extension project

NamWater and AfDB launch N$665 million Rundu Water Treatment Plant Extension project

March 7, 2025
BoN among five African central banks expected to hike rates to subdue inflation

BoN among five African central banks expected to hike rates to subdue inflation

March 24, 2022
Why financial literacy and entrepreneurship are key to Namibia’s developmental agenda

Why financial literacy and entrepreneurship are key to Namibia’s developmental agenda

March 26, 2025

Browse by Category

  • Africa
  • Agriculture
  • Analysis
  • Business & Economy
  • Columnists
  • Companies
  • Finance
  • Finance
  • Fisheries
  • Green Hydrogen
  • Health
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • Namibia
  • namibia
  • News
  • Opinions
  • Property
  • Retail
  • Technology
  • Tourism
  • Trade

CATEGORIES

  • Business & Economy
  • Companies
    • Agriculture
    • Finance
    • Fisheries
    • Health
    • Property
    • Retail
    • Technology
    • Tourism
    • Trade
  • Finance
  • Green Hydrogen
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • namibia
  • News
    • Africa
    • Namibia
  • Opinions
    • Analysis
    • Columnists

CONTACT US

Cell: +264814612969

Email: newsdesk@thebrief.com.na

  • Home
  • Companies
  • Business & Economy
  • Mining & Energy
  • Opinions
  • Property
  • E-Editions

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Property
  • E-Editions