Bonyan has reported strong financial and operational results for FY 2025, reflecting the company’s resilience and strategic focus on premium Grade-A commercial assets. Rental revenues grew by 20% to EGP 752 million, while the net profit margin remained robust at 65%, underscoring the sustainability of its earnings amid a moderating inflationary environment and slower fair value gains.
CEO Commentary
“2025 marked a strong operational year for Bonyan, supported by sustained leasing momentum and continued progression across its portfolio of premium Grade-A commercial assets. The Company closed the year with occupancy levels reaching 97%, reflecting the quality of its properties and the ongoing demand for prime, well-managed office spaces across Greater Cairo,” said the CEO.
During the year, Bonyan handed over the Golden Gate Building A5 and secured a long-term lease for the entire asset to Nestlé Business Services in February 2026, generating EGP 834 million over the first rental term of six years. The Company also completed full leasing of Building 106B to Kortech, a Hassan Allam subsidiary, in the same period. These transactions highlight Bonyan’s ability to maintain high occupancy while achieving attractive rental terms and reinforcing the strength of its tenant base.
Operational Highlights
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Leasing Success: Bonyan signed lease agreements with seven key tenants in East Cairo during FY 2025, including renewals and expansions from existing tenants, representing 20% of base rental revenues. Additionally, 14 new tenants joined the Walk of Cairo.
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Golden Gate Asset: Nestlé Egypt will occupy the full 6,888 sqm, under a six-year lease commencing March 2026 at USD 30.4/SQM per month with a 5% annual escalation. The first rental term is projected to cover acquisition and operational costs fully while generating profit.
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Building 106B: Kortech signed a new five-year lease for 4,297 sqm, transitioning from below-market legacy rates to market-aligned pricing, significantly boosting rental income.
Financial Performance FY 2025
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Rental Revenues: Reported rent revenues grew 20.2% to EGP 752 million, while revenues excluding straight-line adjustments rose 42.3% to EGP 735 million, driven by contract re-ratings and full rent recognition from Park Street West Unit.
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Recurring EBITDA: Increased 14% to EGP 459 million due to higher rental revenues from re-priced leases and new contracts.
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Fair Market Value Gain: Recorded at EGP 2,230 million, reflecting the recognition of the Golden Gate asset.
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Net Profit: EGP 2,001 million, maintaining a 65% margin, supported by strong rental growth and lower interest expenses.
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Equity Growth: Total equity grew 22% to EGP 12,252 million, driven by a 24% rise in retained earnings and a capital increase of EGP 250 million.
Balance Sheet Highlights
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Investment Properties: Increased 22% to EGP 15,488 million due to Golden Gate handover, excluding Park Street Edition (8,178 sqm) to be delivered in 2027.
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Liquidity: Cash balances stood at EGP 302 million.
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Debt Profile: Total debt of EGP 982 million, with an LTV of 5.9% and a debt-to-equity ratio of 8%, reflecting a conservative leverage strategy.
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Receivables and Payables: Sales receivables declined to EGP 349 million, while suppliers, notes, and other payables rose to EGP 464 million following Golden Gate acquisition.
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Deferred Tax: EGP 431 million, non-cash, payable only upon asset sale.
Outlook for 2026
Bonyan expects continued strong performance, with double-digit rental revenue growth driven by Nestlé at Golden Gate Building A5, Kortech at Building 106B, and full-year contributions from Park Street West Unit. Additionally, repricing of 42% of the EGP-denominated office portfolio is anticipated to further enhance recurring revenues, strengthen portfolio performance, and support sustainable value creation for shareholders.
