PiCorp ... May 09

Progressive Impact Corporation Bhd (Picorp), a specialist in the environmental industry, expects to generate at least 50% of its revenue from international operations in two years’ time. Currently, about 20% of its business came from abroad.

Saudi Arabia and Sudan would account for a large part of the additional revenue going forward.

In July 2009, Picorp’s waste management division would begin work on the first phase of a sewerage system in Sudan worth about US$59.5 million (RM209.44 million) which would cater for about 800,000 Khartoum residents. The first phase of the project would be completed in two years and the entire project, comprising six phases and worth a total of US$144.5 million, was expected to be completed in 2013. Picorp had signed a contract with Sudan’s ministry of infrastructure for the project and all transactions would be in US dollars, which would eliminate currency risks.

On the company’s market expansion, Picorp hoped to secure long-term sewerage and enviromental business in Indonesia this year. The projects will be mainly in Jakarta but may spread to Kalimantan and neighbouring areas.

On Picorp’s 30.2%-owned PJ Bumi Bhd, the company was seeing an improvement in its fortunes and had RM12.5 million worth of orders in its book for the year to date. In 2008, its revenues totalled RM17 million.

Financial Results … Picorp posted a net profit of RM15.63 million on the back of RM71.44 million revenue for its fiscal year ended Dec 31, 2008.