Chamwe Kaira
Oryx Properties Limited has warned shareholders of a sharp fall in profit for the year ended 30 June 2025.
In a trading statement issued this week, the group said earnings per share and headline earnings are expected to drop by more than 30% compared to the previous year.
The decline is linked to the derecognition of deferred tax assets after legislative changes limited the carry-forward period for assessed losses to five years.
Despite this pressure, Oryx said distributions to unitholders would increase by up to 10%, showing resilience in its core operations. The company plans to release its reviewed results around 11 September, followed by audited financials, its integrated annual report, and an annual general meeting notice later in the month.
Investors were advised to exercise care when trading in the company’s securities, as the statement has not been reviewed by external auditors.
Oryx owns Maerua Mall and the Gustav Voigts Centre in Windhoek and acquired Dunes Mall in Walvis Bay during the 2024 financial year. In the year ended 30 June 2024, the group said strategic initiatives helped it withstand economic challenges and positioned it for growth.
At that time, Oryx reported that its strategy had allowed it to expand the portfolio by N$1.072 billion, increase revenue by N$98 million, and deliver a total return of 18.64% to shareholders.
The company also set out a corporate strategy aimed at reaching a fund size of N$4.5 billion and annual revenue of N$450 million by 2025. It said it was on track, having already achieved a fund size of N$4.167 billion and rental operating income of N$455 million.
In 2024, Oryx invested N$138 million in maintaining and upgrading its properties, compared to N$72 million in 2023.
This excluded the acquisition of Dunes Mall. The investment covered N$23.8 million for upgrades at Maerua Mall, including converting the banking hall into the new PwC headquarters.
It also spent N$43.1 million on purchasing and developing Goreangab Mall and N$2.2 million on solar installations for five industrial properties.
Caption
Ben Jooste, CEO of Oryx Properties. The company expects profit for the year ended 30 June to drop significantly.
- Photo: Contributed
