Karachi: Burj Investment Management Limited, the management company of Burj Clean Energy Modaraba (BCEM), has reported a profit before tax of PKR 41.85 million for the quarter ending September 30, 2026. This performance reflects BCEM's strategic focus on renewable energy projects and sustainable industrial solutions.
BCEM, listed on the GEM Board of the Pakistan Stock Exchange (PSX), primarily develops large-scale wind and solar projects. During the reported quarter, the management company earned a profit after tax of PKR 37.09 million, translating to earnings of Rs. 0.37 per certificate. This increase was significantly influenced by the Ijara rental income of PKR 111.96 million from a 7.5 MW wind power plant at Power Cement Limited, which began operations in May 2026.
The financial results were further bolstered by other income streams, including PKR 19.70 million from various activities, PKR 10.00 million from management consultancy, and PKR 1.09 million from diminishing musharaka financing. However, these gains were partially offset by operating expenses amounting to PKR 25.05 million, administrative expenses of PKR 10.89 million, and a finance cost of PKR 59.30 million.
The total assets of BCEM stand at PKR 4,186.15 million, which includes substantial investments in property, plant, and equipment valued at PKR 1,941.16 million. Additional assets comprise long-term investments of PKR 791.11 million, short-term investments of PKR 330.00 million, and cash and cash equivalents of PKR 575.76 million.
According to information available from the Pakistan Stock Exchange (PSX), the subsidiary, Burj Solar Energy (Private) Limited, recorded a profit before tax of PKR 9.57 million and a profit after tax of PKR 3.59 million. The subsidiary's revenue of PKR 36.86 million remained consistent with the previous period, resulting in earnings per share of Rs. 0.19.
On a consolidated basis, BCEM's performance culminated in a profit before tax of PKR 51.42 million and a profit after tax of PKR 40.68 million, with earnings per certificate reaching Rs. 0.41 for the quarter. The Board of Directors of the Management Company, during its meeting on September 28, 2026, proposed a profit distribution of Re. 0.60 per certificate for the fiscal year ended June 30, 2026, amounting to PKR 60.00 million, which has been acknowledged as payable in the interim financial statements.
The Modaraba's short-term borrowing of PKR 1,053.53 million includes Sukuk-III of PKR 1,000 million, which reached maturity on October 23, 2026. The syndicated financing, essential for the 7.5 MW wind power project, totaled PKR 1,374.83 million as of September 30, 2026. This financing was facilitated by a consortium led by The Bank of Punjab, with National Bank of Pakistan and Pak Kuwait Investment Company as key partners.
BCEM continues to expand its renewable energy footprint, achieving financial closure on its second 7.5 MW wind power project for Pakistan Cables Limited. This project, under an Ijara agreement based on a Build-Own-Operate-Transfer (BOOT) model, is progressing with civil and geotechnical works. The capital work-in-progress for this initiative is valued at PKR 327.51 million as of the reporting date, illustrating BCEM's commitment to promoting industrial decarbonization and transitioning to clean energy solutions.