Oryx Properties: Operational gains, improved distributions despite tax impact

Oryx Properties Limited announced improved operational performance for the financial year ended June 30, 2025. Revenue increased to N$492,206 thousand from N$451,249 thousand in 2024, and net property income rose to N$334,538 thousand from N$303,121 thousand. The distribution per linked unit increased by 4.9% year-on-year to 108.00 cents, up from 103.00 cents in 2024, reflecting disciplined capital management. The commercial vacancy factor improved significantly, decreasing to 2.4% from 4.2% in the prior year.

The Group's reported profit for the year, however, experienced a substantial loss of N$(193,715) thousand, a stark contrast to the N$397,381 thousand profit in 2024. This was primarily due to the derecognition of deferred tax assets following legislative changes. Consequently, basic earnings per linked unit fell to N$(61.71) cents from 461.00 cents, and headline earnings per linked unit decreased to N$(124.17) cents from 107.54 cents. Had these legislative changes not occurred, the Group's profit for the year would have been N$85.347 million, with 183.45 cents per linked unit for earnings and 120.99 cents per linked unit for headline earnings.

During the year, Oryx Properties invested N$146 million in maintaining and upgrading properties, including N$52 million for Maerua Mall redevelopment and N$57 million for Goreangab Mall development, which is expected to be completed by April 2026. The investment property portfolio closed at N$4.7 billion, up from N$4.2 billion in 2024, partly due to the acquisition of Platz am Meer for N$290 million.