Oryx expects better year results

18 February 2020 | Business

Jo-Maré Duddy - Oryx Properties expects its earnings per share (EPS), headline earnings per share (HEPS) and profit for the year ended 31 December 2019 to be more than 30% higher than the previous financial year.

Net asset value is anticipated to be “materially higher” - between 10% and 30% - than that of 2018 book-year, Oryx said in a trading statement on the Namibian Stock Exchange (NSX) yesterday.

However, the locally-listed property group expects distributions to be between 10% and 30% lower than that of the corresponding period.

“The main reason for the above changes is as a result of higher positive fair value adjustment, changes in the foreign currency loan and investment in associate, higher debenture premium amortisation and the application of the 90% pay-out principle as communicated to unit holders in August 2019 compared to the corresponding period,” Oryx said.

‘No impact’

“The upward adjustment in the fair value of investment properties, debenture premium amortisation and the changes in the foreign currency loan and investment in associate are unrealised gains, which are transferred to non-distributable reserves and will therefore not have an impact on the interest distribution to unit holders,” the group said.

The audited results for the year ended 31 December 2019 is expected to be published on or about 2 March 2020.

Oryx is listed on the Local Index of the NSX. It ended Friday at N$18.49 per share, 2.6% lower than the previous week. The share has lost nearly 8.7% of its value since the end of 2019.