Net rental income for the period increased to $N76.5 million from 72.7 million a year earlier.

Profit for the year came in at N$80.4 million from N$26.7 million.

The group said the increase in distributions is mainly attributable to improved performance from the property portfolio, a 4.75 cents per unit contribution from the South African listed property investment and savings in management fees as result of the lower unit price.

Oryx is a property loan stock company whose primary listing is on the Namibian Stock Exchange.

The property portfolio continued to perform well with vacancies reducing from 1.5% in June 2009 to 0.8% at 30 June 2010.

The three South African industrial properties acquired in March and April 2010 and the new office building at Maerua completed in May 2010 proved to be yield enhancing, the group said.

Looking ahead, the group said the solid base of the core portfolio coupled with low gearing places Oryx in a position to further utilise yield enhancing opportunities in both Namibia and South Africa.

The low vacancies and sound capital growth of the real estate portfolio is further evidence of the underlying quality of the Group assets.

The company said negotiations are underway with Oryx Management Services (Pty) Ltd to internalise the asset management function.

Oryx Properties' Board anticipates that the company will achieve real growth in distributions for the next financial year.