Bonyan’s Real Estate Portfolio Reaches EGP 16.5 Billion as H1 Operating Cash Flow Jumps 39%
Bonyan for Development and Trade increased the value of its real estate investment portfolio to EGP 16.51 billion by the end of June 2026, while stronger rental collections and asset sales helped lift operating cash flow by 39% during the first half of the year.
The portfolio value rose 7% from EGP 15.49 billion at the end of 2025, largely reflecting higher fair values for the company’s investment properties following an independent valuation. The increase came despite the reclassification of 633 square meters at Walk of Cairo from investment property to inventory ahead of a planned sale.
Total assets expanded by 8% over the six-month period, supported not only by higher property valuations but also by a 122% increase in inventory and a 40% rise in advance payments related to the Park Street Edition asset, which had yet to be delivered by the end of June.
Operating Cash Flow Rises to EGP 310 Million
Bonyan’s operating cash flow climbed 39% to EGP 310 million, helped by improved rental collections following the repricing of lease contracts as well as proceeds from commercial-unit sales at Walk of Cairo. Cash, cash equivalents and financial investments stood at EGP 353 million at the end of the first half.
The stronger cash generation was accompanied by lower investment outflows, which declined 28% year on year to EGP 105 million, mainly due to reduced payments associated with the acquisition of the Golden Gate asset.
Debt Falls Despite High Interest Rate Environment
Bonyan also continued to reduce leverage during the period.
Total bank debt declined from EGP 982 million to EGP 874 million, bringing the debt-to-equity ratio down to 5.3%, while bank loans represented around 4.8% of total assets.
The company has been prioritizing debt reduction as borrowing costs remain elevated, while simultaneously expanding the value of its income-generating commercial property base.
Total equity rose 7%, supported by retained earnings, which increased from EGP 9.82 billion at the end of 2025 to around EGP 10.67 billion in June.
After the reporting period, Bonyan used EGP 200 million of retained earnings to issue bonus shares at a ratio of one share for every 10 shares on August 6.
Rental Revenue and Recurring Profit Accelerate
The improvement in Bonyan’s balance sheet was matched by stronger operating performance.
Recurring net profit more than doubled, rising 115% year on year to EGP 111 million, while rental revenue increased 17% to EGP 402 million during the first half.
Revenue from commercial-unit sales also surged 490% to EGP 203 million, adding another earnings stream alongside the company’s core rental business.
Bonyan operates a model that differs from traditional build-and-sell developers. The company focuses on acquiring and managing operational, income-generating commercial real estate, with a portfolio currently spanning 10 assets across East and West Cairo.
Its strategy centers on generating recurring rental income while capturing long-term appreciation in the value of Grade-A commercial properties.
The first-half numbers suggest that strategy is beginning to show through more clearly in cash generation: higher asset values are being accompanied by stronger rental income, lower leverage and a sizeable increase in operating cash flow, rather than relying solely on property revaluations to support growth.