Bonyan Q1 2026 Revenues Surge 106% to EGP 370M as ”Walk of Cairo” Sales Resume
Bonyan for Development and Trade announced a robust financial and operational performance for the first quarter ending March 31, 2026. The performance was driven by strong operational momentum across its commercial real estate portfolio, aggressive lease repricing, and the resumption of unit sales at the "Walk of Cairo" (WOC) flagship project.
The company's total consolidated revenues surged 106% year-on-year (YoY) to reach EGP 370 million, up from lower baseline levels during the same period last year. This top-line expansion was supported by synchronized growth in recurring rental income and a substantial increase in asset sales.
Net cash flow generated from operating activities rose 65% to EGP 193 million in Q1 2026, compared to EGP 117 million in Q1 2025, demonstrating the firm's efficiency in converting underlying operational momentum into sustainable cash flows and net profitability.
Portfolio Optimization and Commercial Leasing Milestones
Tarek Abdel Rahman, Managing Director of Bonyan, stated that the company achieved a powerful start to 2026, attributing the 106% revenue jump directly to targeted lease restructuring and the strategic execution of property sales. Rental revenues maintained a consistent upward trajectory through portfolio-wide repricing initiatives and built-in contractual escalations.
Furthermore, the company secured high-profile corporate tenants, finalizing new lease agreements with Nestlé Egypt for the entirety of Building A5 at the Golden Gate project (spanning 6,888 square meters) and Kortech (a subsidiary of the Hassan Allam Group) for Building 106B. The latter contract secured a substantial premium over prior market rates. Bonyan maintained a consolidated portfolio occupancy rate of 97%, proving sustained institutional demand for grade-A commercial and administrative real estate assets across Greater Cairo.
Walk of Cairo Structural Adjustments and Sales Acceleration
A significant revenue catalyst during the quarter was Bonyan’s strategic decision to resume sales at Walk of Cairo following a temporary suspension last year. The resumption followed a regulatory license modification that converted basement layouts to add 2,283 square meters of prime sellable commercial and administrative footprint, alongside 9,440 square meters of specialized storage capacity.
Consequently, the company finalized the sale of four units spanning an aggregate area of 1,573 square meters—consisting of three basement units (one administrative, two storage) and one mezzanine administrative office. The sales yielded a total contractual value of EGP 218 million structured on deferred payment terms, generating recognized quarterly unit sales revenues of EGP 175 million, representing a 1,155% YoY expansion.
EBITDA and Net Profit Performance Metrics
The Managing Director confirmed that Q1 2026 underscored Bonyan's ability to translate high occupancy and sales velocity into bottom-line earnings. EBITDA increased 48% YoY, while net profit grew 42% YoY, supported by an independent certified valuation update showing a 52% increase in property revaluation gains, which climbed to EGP 800 million. Management attributed these revaluation dynamics to the rising fair value of its investment properties and local inflationary adjustments.
Looking forward, the executive committee expressed high confidence in the firm's fiscal runway, noting that Bonyan is positioned to re-price approximately 40% of its EGP-denominated lease portfolio during 2026 at significantly higher market rates.
Balance Sheet Cost Control, Debt Profiles, and Capital Structure
From an accounting perspective, property operating costs relative to rental income held steady at 22%, matching prior-year parameters. Regarding the cost of goods sold (COGS) for the four WOC units, Bonyan disclosed that because these assets were previously classified under investment properties, accounting protocols mandated reporting their cost based on their fair market value (EGP 154 million) rather than their historical cost baseline (EGP 8.7 million).
However, management confirmed that the actual sales prices exceeded fair value metrics. Had the accounting been pinned to historical development costs, Bonyan's gross profit margin for the quarter would have reached 84%. Finance costs related to property acquisitions stood at EGP 7.3 million, reflecting installment obligations for the Golden Gate A5 and Park St. West assets.
Crucially, selling, general, and administrative (SG&A) expenses as a percentage of revenue fell sharply from 29% in Q1 2025 to 15% in Q1 2026, driven by the absence of non-recurring, one-off expenses associated with the company’s prior Initial Public Offering (IPO).
On the balance sheet, total investment property book value increased 4% to EGP 16.174 billion as of March 2026, up from EGP 15.488 billion in December 2025. This asset ledger encompasses nine fully delivered properties out of 10 total holdings, with the Park Street Addition asset currently awaiting formal handover.
Outstanding customer receivables from deferred sales expanded to EGP 456 million, up from EGP 349 million in December 2025. Conversely, total corporate debt decreased from EGP 982 million to EGP 925 million by the end of March 2026, as the firm maintained its deleveraging cycle. Bonyan’s leverage ratios concluded the period with a Debt-to-Equity ratio of 7.2% and a conservative Loan-to-Value (LTV) ratio of 5.7%.
Total shareholder equity increased by 5%, anchored by a 6% growth in retained earnings, which scaled from EGP 9.823 billion in December 2025 to EGP 10.416 billion at the close of the first quarter.