JustIn: Oryx generates N$175 mln in net rental income

For the period ending 31 December 2022, locally-listed Oryx Properties Limited maintained its positive momentum in financial and operational performance, resulting in rental income increasing by 10.8% (Dec 2021: 2.9%) to N$175 million (Dec 2021: N$158 million), while containing vacancies to a minimum and achieving 6.1% (Dec 2021: 5.9%).

The group said it was encouraged by the strong first six months’ performance during which rental reversions amounted to 7% (June 2022: -7.3%), following tenant collections averaging 104% (Dec 2021: 91%).

Improved tenant collections resulted in reversals to provision for bad debts amounting to N$12.5 million, which contributed towards the decrease in other expenses to N$10.2 million (Dec 2021: N$18.5 million).

“Oryx’s prudent financial and cash flow management strategies have positioned it well, resulting in gearing decreasing to 36.5% (Dec 2021: 38.1%) at period end,” the group said.