Oryx Properties Limited reported net property income of N$334.5 million for the year ended 30 June 2025, with the Board declaring a total distribution of N$123 million.
The company said unitholders earned a total return of 21% for the year, despite reported profit declining due to the derecognition of deferred tax assets following changes in legislation.
Oryx stated that distribution per linked unit rose 4.9% to 108.00 cents, while portfolio value increased to N$4.7 billion from N$4.2 billion in 2024.
The company’s commercial vacancy factor improved to 2.4%.
“The year 2025 concluded on a strong trajectory, marking the successful completion of our three-year strategy, which focused on operational resilience, portfolio optimisation, and growth. Over the past three years, the Group has generated a cumulative total return of 57% for unitholders, increasing the Group’s property portfolio value by N$1.8 billion. In addition, excellent progress has been made on the Goreangab Mall, which demonstrates our commitment to creating long-term value to shareholders whilst contributing meaningfully to Namibia’s economic development,” Chief Executive Officer Ben Jooste said.
Oryx said the acquisition of Platz am Meer in Swakopmund on 30 June 2025 for N$290 million, is expected to yield an 11% return, generating about N$31.9 million in net operating income, while strengthening its market position in high-growth segments.
The Group said it invested N$146 million in property improvements during the year, including N$52 million in the Maerua Mall redevelopment, N$57 million on Goreangab Mall, and N$37 million in maintenance costs.
On the Goreangab Mall development in Windhoek, Oryx reported that completion is scheduled for May 2026. The project is expected to create about 340 construction jobs and 360 permanent jobs once operational.
Looking ahead, Jooste said Oryx has concluded a new strategic plan.
“The Group has concluded a new 3-year strategic plan focused on enhancing distributions to unitholders, with nodal developments identified as a catalyst for future growth. These developments aim to transform urban spaces into vibrant, integrated hubs that combine residential, commercial, and recreational uses – enhancing community connectivity and economic activity,” he said.
