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SPRING, Texas - Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH), which has seen its stock surge over 70% in the past year according to InvestingPro data, announced Wednesday it has received formal technical and commercial approval from Saudi Aramco, expanding its business opportunities in Saudi Arabia beyond its previous focus on district heating and cooling.
The approval enables the pipe coating specialist, currently valued at $185 million, to directly serve Saudi Arabia’s oil and gas sector, which represents the largest pipe coating market in the Middle East. This development aligns with the company’s strategic plan to strengthen its Middle Eastern presence, building on its impressive 14.9% revenue growth over the last twelve months.
"Gaining approval from Saudi Aramco has been a key objective in our company’s strategic growth plan and is a major step forward for our operations in the Kingdom," said Adham Sharkawi, Senior Vice President for the Middle East and North Africa region.
Perma-Pipe also reported securing an additional $30 million in new project awards across its global operations, adding to its backlog of orders. InvestingPro analysis shows the company maintains a strong financial health score, with liquid assets exceeding short-term obligations and moderate debt levels.
The company has operated in the Middle East for decades and continues to invest in local capabilities to support Saudi Arabia’s Vision 2030 objectives and growing energy infrastructure needs.
Perma-Pipe International Holdings specializes in pre-insulated piping and leak detection systems for oil and gas, district heating and cooling, and other applications, with operations at fourteen locations across six countries.
The announcement was made in a company press release statement.
In other recent news, Perma-Pipe International Holdings, Inc. reported a significant increase in its second-quarter net sales, reaching $47.9 million, a 27.7% rise from the previous year’s $37.5 million. Despite the sales growth, the company experienced a decline in income before taxes, posting $2.8 million compared to $5.6 million in the same period last year. The company’s backlog increased by 14.3% to $157.8 million, more than doubling the figure from the end of last year’s second quarter.
Additionally, Perma-Pipe International’s board of directors saw changes after a shareholder vote led to the resignations of directors David B. Brown and Robert J. McNally. The company’s nominating and corporate governance committee is expected to decide on accepting these resignations by July 25. Furthermore, CEO David J. Mansfield resigned from the board and chose not to stand for re-election, though he cited no disagreements with the company as the reason for his departure. These developments reflect ongoing shifts within the company’s leadership structure.
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