Oryx reports 20% rental income surge

The Oryx Property Group has reported a 20% surge in operational rental income, driven primarily by the strategic acquisition of the Platz Am Meer shopping centre in Swakopmund. According to the Oryx’s unaudited financial results for the period ending 31 December 2025, total comprehensive income reached N$31 million.

On a reported basis, operating rental income rose by 20.4%, while net rental income increased by 16.8%. This growth reflects the first full six-month contribution from Platz Am Meer since its acquisition on 30 June 2025. Oryx noted that even when excluding the impact of the Swakopmund waterfront mall, the underlying portfolio remained robust, with operating rental income growing by 8.9%.

Resilient portfolio performance

Oryx's interest cover ratio remained stable at 2.2 times, matching the figure from December 2024 despite a 69% increase in capital expenditure during the period. Tenant collections were a standout highlight, tracking at 101% year-to-date, which management says reinforces the quality and resilience of the current tenant base.

While the commercial vacancy factor edged up to 5%, this was largely attributed to a property in Roodepoort, South Africa, which is currently slated for disposal as part of a portfolio optimisation strategy. Meanwhile, the group’s investment in its associate delivered a consistent 6.9% cash yield.

Distributions and future outlook

Despite the impact of 2024 income tax amendments, Oryx delivered an 11.4% increase in its December 2025 distribution, rising to 58.50 cents per linked unit. Over the 12 months to December 2025, the Group provided a total annualised return of 13.1%, combining interest distributions with capital appreciation in the linked-unit price.

The completion of the Goreangab Mall was further expected to bolster Oryx’s bottom line. 

“The planned completion of Goreangab Mall in May 2026 is expected to enhance income resilience and support sustained distribution growth on the strong foundation created by the acquisition of Platz am Meer