PSX Company Profiles

Modarabas / Renewable Energy Finance

Burj Clean Energy Modaraba

Burj Clean Energy Modaraba (PSX: GEMBCEM) is a perpetual Modaraba listed on the Pakistan Stock Exchange's Growth Enterprise Market Board in October 2024. Managed by Burj Investment Management Limited, it focuses on Shariah-compliant financing and leasing of renewable-energy equipment, clean-energy projects, energy storage, and related solutions. The Modaraba's activities include solar and wind projects, renewable-energy equipment leasing, energy-efficiency advisory, and clean-energy financing. Its model is designed to generate income through asset-based financing and lease rentals rather than relying solely on electricity generation or equipment sales. For FY2026, standalone profit after tax increased to Rs 91.29 million from Rs 43.03 million in FY2025. Consolidated revenue rose to Rs 362.52 million, while consolidated profit after tax reached Rs 93.54 million. The board recommended a final cash dividend of Rs 0.60 per certificate, equivalent to 6% of face value, subject to the applicable approval process. VIS maintains entity ratings of A for the medium- to long-term and A1 for the short-term, with a Stable outlook. On October 22, 2026, VIS finalized an A1 rating for the Modaraba's Rs 1.5 billion Short-Term Sukuk III. Investors should evaluate lease income, project performance, financing costs, Sukuk obligations, customer concentration, liquidity, and the latest Shariah disclosures before assessing the certificates.