Oryx Properties increased revenue by 17.8% to N$579.8 million for the year ended 30 June 2026, as the value of its property portfolio surpassed N$5 billion for the first time.
The group’s portfolio value increased by 7.5% to N$5.05 billion from N$4.70 billion a year earlier, supported by developments, acquisitions and positive property revaluations.
Net property income rose by 14.3% to N$382.5 million, while total comprehensive income improved to N$198.5 million from a loss of N$175.9 million in the previous financial year.
Oryx Chief Executive Officer Ben Jooste said the performance was supported by higher rental income and contributions from recent developments, including Platz am Meer Waterfront Shopping Centre.
“A major highlight was Platz am Meer Waterfront Shopping Centre, which excelled in its first full year in the portfolio, cementing its place among the Group’s most iconic properties,” Jooste said.
The group recorded a N$160.6 million fair value gain on its investment properties, up from N$95.9 million in 2025, while basic earnings per linked unit improved to 317.40 cents from a loss of 61.71 cents in the previous year.
Oryx continued to expand its local portfolio during the year, with Goreangab Mall opening on 29 May 2026. The property was valued at N$281.1 million at year-end after the group invested N$161.4 million in the development during the financial year.
Overall capital expenditure on acquisitions and developments increased to N$233.1 million.
“Capital expenditure on acquisitions and developments rose to N$233.1 million, driven principally by Goreangab Mall, reflecting Oryx’s clear strategy of pursuing yield-enhancing development while maintaining the disciplined capital allocation that underpins long-term growth for unitholders,” Jooste said.
The group also expanded its development pipeline through the acquisition of 19,530 square metres of vacant land in Walvis Bay and a 50% stake in a joint venture holding 23,978 square metres of vacant land in Lüderitz.
Jooste said the acquisitions would provide a platform for future developments in Namibia’s coastal towns.
“During the year, Oryx secured vacant land in Walvis Bay measuring 19,530m², and took a 50% stake in a joint venture holding vacant land in Lüderitz measuring 23,978m². These acquisitions lay the groundwork for a new development pipeline in key coastal nodes,” he said.
Oryx’s Croatian associate, TPF International Limited, contributed N$16.7 million to profit, reversing a N$25.5 million loss in the previous year. The improvement was supported by stronger trading conditions and a recovery in property valuations.
The group also secured an N$800 million unlisted mandate from the Government Institutions Pension Fund (GIPF), providing additional capital for future investment opportunities.
“Oryx further strengthened its position as a partner of choice, signing agreements with the Government Institutions Pension Fund for an unlisted mandate of N$800 million, a strong vote of confidence in Oryx’s track record and strategy, and a new avenue for growth alongside one of Namibia’s most respected institutional investors,” Jooste said.
Oryx increased distributions to unitholders by 8.8% to 117.50 cents per linked unit, with total distributions payable rising to N$134.3 million from N$123.5 million in the previous financial year.
