BI Property lifts profit 24.1% to KZT 2.3 billion in nine months

BI Property, the commercial real estate management arm of Kazakhstan's BI Group, earned 2.3 billion tenge in net profit in January–September, up 24.1% from 1.8 billion tenge in the same period a year earlier, according to the company's financial statements. Revenue edged up to 13.7 billion tenge from 13.5 billion tenge, meaning profit grew twelve times faster than the top line.

Where the revenue comes from

The income structure shows why margins improved. The breakdown for nine months reads as follows, with the year-earlier figure in brackets:

• Hotel operations: 7.2 billion tenge (7.1 billion)
• Rental income from investment property: 4.2 billion tenge (3.4 billion)
• Sale of investment property: 1.0 billion tenge (zero)
• Service income: 1.0 billion tenge (1.0 billion)
• Consulting services: 242.3 million tenge (zero)

Rental income delivered the largest organic gain, adding 800 million tenge year on year. The statements explain the driver plainly: over the past three years, demand for quality commercial space has been recovering, which has lifted rental rates and raised occupancy across the portfolio.

The hotel deal cuts both ways

BI Property does not own the hotel it operates outright. For the use of the hotel complex, the company paid its owner 1.6 billion tenge in the first nine months of this year — exactly the same sum as in the corresponding period of 2025. That flat lease cost, set against rising hotel revenue of 7.2 billion tenge, widened the operating spread on the hospitality line.

A bond priced at 19.75%

In September 2026 the company placed two-year coupon bonds on the Kazakhstan Stock Exchange. The issue totals 1.5 billion tenge, in paper with a face value of 1,000 tenge each. The coupon rate stands at 19.75% per annum, paid quarterly, with maturity set for 14 September 2028.

That rate reflects the cost of money in Kazakhstan's current high-rate environment: the company is paying roughly one tenth of its nine-month profit as an annual coupon bill on the 1.5 billion tenge raised.

Who stands behind the company

BI Property is registered in the Esil district of Astana, on the left bank of the Esil river. Its ultimate controlling party is Aidyn Rakhimbayev, whom Forbes ranks ninth among the richest Kazakhstanis, with a fortune estimated at $1.1 billion.

The group builds, sells and manages commercial property, and also provides hotel services. Within the wider group, BI Property acts as the management company: it leases out offices, retail and other commercial premises.

A portfolio of 380,000 square metres

According to the company's website, the portfolio holds more than 20 commercial properties, including the business centres Green Tower, Baiterek, Aura, Nomad, Noble and Centro, plus Office 64, Greenline Prima, Sfera Park and the Hilton Astana and Hampton by Hilton Turkistan hotels. In total, the company manages around 380,000 square metres of commercial space.

A new vehicle at the Astana financial hub

In September, it was reported that BI Property will create a new company at the Astana International Financial Centre (AIFC). The entity will handle the renting and subletting of real estate, extending the group's property management activity into the offshore jurisdiction that hosts many of Kazakhstan's financial operations.