Stock Update - PICORP

Progressive Impact Corporation Berhad (PICORP) is principally an investment holding company and provides management and administrative services to its subsidiaries while its subsidiary companies are principally involved in the provision of environmental consulting, monitoring equipment/system integration, waste management engineering, environmental training, Environmental, Safety and Health (ESH) Consulting, laboratory testing and environmental data management services

I started investing in PICORP last year (2009). It was quite a risky choice of investment, knowing the company rely a lot on government's project. However, after looking at its financial standing from year 2001 till 2008, I discovered they have quite a steady growth in profit before tax

2001 - RM10,510,000

2002 - RM11,759,000

2003 - RM12,603,000

2004 - RM13,731,000

                                                      2005 - RM15,083,000

                                                      2006 - RM22,046,000

                                                      2007 - RM22,650,000

                                                      2008 - RM23,822,000

Another attraction PICORP offer is their consistent dividend policy. In financial year 2009, although their profit before tax drop to RM19,860,000, PICORP still pay out RM0.41sen/ share, less 25% tax. 

At the time when I start buying PICORP stock, its price was around RM0.35 - 0.33. Now the price is around RM0.21 - 0.22. Some investor may walkout upon seeing the price drop. Well, I choose to hold for a while.