Chamwe Kaira
Platz am Meer in Swakopmund made its first earnings contribution to Oryx Properties in the group’s interim results for the six months ended 31 December 2025. Oryx acquired the shopping centre on 30 June 2025.
The company said the results were supported by disciplined capital management and the first-time contribution from Platz am Meer.
The group increased its interim distribution by 11.4% to 58.50 cents per linked unit. Net rental income grew by 16.8%. The interest cover ratio remained at 2.2 times.
Over the 12 months to 31 December 2025, Oryx recorded a total annualised return of 13.1%. This was higher than the Namibian 10-year government bond yield of 9.3%.
Operating rental income increased by 20.4%, while net rental income rose by 16.8%. The increase reflects the first full contribution from Platz am Meer following its acquisition in June 2025. Excluding Platz am Meer, operating rental income grew by 8.9% and net rental income by 7.0%.
The interest cover ratio remained at 2.2 times, unchanged from December 2024, despite a 69% increase in capital expenditure during the period.
Tenant collections remained strong at 101% year to date. The group’s investment in an associate delivered a cash yield of 6.9%, in line with the same period last year.
The commercial vacancy factor increased to 5% compared to 2.0% in December 2024.
The increase was driven by vacancy at the Roodepoort property, which is on the asset disposal list. The company said this forms part of its strategy to optimise the portfolio.
Despite the impact of the 2024 income tax amendments, the group increased its December 2025 distribution by 11.4% to 58.50 cents per linked unit from 52.50 cents in December 2024.
“This outcome highlights the underlying resilience of the portfolio and the value unlocked through strategic acquisitions and capital deployment. Performance at Platz am Meer continues to align with expectations, reinforcing the sustainability of the yield assumptions applied at acquisition and supporting the group’s long-term distribution growth trajectory,” the company said.
Over the 12 months to 31 December 2025, Oryx delivered a total annualised return of 13.1%, which includes interest distributions and capital appreciation in the linked-unit price.
The return exceeded the Namibian 10-year government bond yield of 9.3% during the same period.
The company said the improving macroeconomic environment is expected to support retail activity and consumer spending into 2026.
Demand over the medium term is supported by activity in the mining and energy sectors, which continues to drive investment in construction, logistics and related industries.
The group refinanced and increased its domestic medium-term note programme at improved pricing in November 2025. The planned completion of Goreangab Mall in May 2026 is expected to support income growth and strengthen the portfolio following the acquisition of Platz Am Meer.
Tenant payment performance remained at 101%, unchanged from December 2024. The interest cover ratio also remained stable at 2.2 times.
However, the commercial vacancy rate increased to 5% at the end of December 2025, compared with 2.0% a year earlier and 2.4% recorded in June 2025.
Commenting on the results, Simonia Storm said the company’s share price continues to trade below its underlying asset value despite the operating performance.
The current discount does not fully reflect the stability of Oryx’s rental income streams, the strength of tenant collections, or the expected earnings contribution from the Goreangab development once it is completed.
Based on these factors, the company revised its valuation to a more balanced discount to net asset value. The target price for the stock increased from N$14.45 to N$14.84.
