Bonyan for Development and Trade announced robust financial and operational results for the third quarter of 2025, driven by growth in Gross Asset Value (GAV), which reached EGP 17.4 billion, and a 27% increase in rental revenues, while maintaining a strong net profit margin of 67%, reflecting the company’s resilience and sustainable performance.
“The third quarter of 2025 marks a pivotal stage in Bonyan’s growth journey,” said the Managing Director. “The quarter featured the acquisition of our ninth asset, Golden Gate A5, and the completion of a capital increase of EGP 250 million. These milestones underscore our disciplined execution, financial prudence, and the continued confidence of our shareholders in Bonyan’s long-term growth strategy.”
Bonyan continues to operate as a leading real estate investment company in Egypt, managing a portfolio of Grade-A commercial and administrative assets strategically located across Greater Cairo. The company’s business model emphasizes recurring income from a strong tenant base, with cash flows reinvested to expand the portfolio. This approach has demonstrated efficiency and resilience across economic cycles, delivering returns that exceed inflation rates and strengthening the company’s asset base.
With the official acquisition and recognition of A5 Golden Gate in the financial statements, the company has further solidified its asset base and enhanced long-term value creation. The asset is expected to start generating positive revenues and cash flows in 2026, reflecting Bonyan’s ability to deploy capital effectively and create value at every stage of the investment cycle.
Financial Highlights – Q3 & Nine Months 2025
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Rental Revenue: Increased 27% to EGP 202 million in Q3 2025 from EGP 159 million in Q3 2024, and up 32% for the nine months to EGP 547 million from EGP 416 million, driven by contract re-pricing and rental income from Park Street West.
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Fair Value Gains on Investment Properties: Surged 339% to EGP 951 million in Q3 2025 due to the recognition of Golden Gate A5, contributing significantly to overall income. Nine-month gains rose 2% to EGP 2,200 million.
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Net Profit: Rose 207% to EGP 779 million in Q3 2025, with a robust margin of 67% compared to 49% in Q3 2024. Nine-month net profit reached EGP 1,805 million with a 65% margin.
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Gross Asset Value (GAV): Reached EGP 17.4 billion in September 2025, up 9% from December 2024, equating to EGP 171.3 thousand per sqm of GLA.
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Capital Increase: Completed a EGP 250 million capital raise through issuance of 50.4 million shares, bringing total paid-up capital to EGP 1,704 million.
Operational Highlights
During the first nine months of 2025, Bonyan signed leases with five key tenants in East Cairo, accounting for 9% of total rental income, and welcomed 12 new tenants at Walk of Cairo. The portfolio remains diversified, with 72% in East Cairo and 28% in West Cairo, and 86% of acquisitions in the past 12 months concentrated in East Cairo.
Key Q3 Income Metrics:
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Fair value gains represented 81% of total income, reflecting recognition of Golden Gate A5.
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Operating costs for rental revenue and maintenance were EGP 47 million, 23% of rental income, demonstrating operational efficiency.
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Selling, General & Administrative (SG&A) expenses were EGP 46 million, reflecting 23% of rental revenues, including EGP 7.5 million related to the IPO process.
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Deferred taxes totaled EGP 226 million, a non-cash item arising from unrealized fair value gains.
Balance Sheet Highlights – 30 September 2025
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Investment Properties: Grew 21% to EGP 15,441 million from EGP 12,732 million, reflecting acquisition of Golden Gate A5.
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Cash & Equivalents: EGP 420 million, supporting long-term plans.
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Customer Receivables: EGP 349 million, reflecting collections from previously sold units.
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Total Loans: EGP 1,031 million, with net debt reduced 31% to EGP 612 million.
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Total Equity (Book Value): Increased 20% to EGP 12,055 million, reflecting net profit growth, fair value gains, and capital increase.
Bonyan’s results demonstrate resilient growth in rental income, disciplined capital deployment, and a strong asset base, positioning the company for sustained value creation and expansion in 2026 and beyond.
