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Investing.com -- Perma-Pipe International Holdings Inc (NASDAQ:PPIH) stock surged 12.5% on Wednesday after the company announced it had secured $52 million in project awards during the third quarter of 2025.
The new business includes $30 million in previously announced awards from September, plus an additional $22 million in contracts. These newer awards comprise major data center infrastructure projects in the United States and Saudi Aramco-related projects that will be executed from the company’s recently approved facility in Dammam, Saudi Arabia.
"These awards underscore the accelerating demand we’re seeing across mission-critical infrastructure, especially in the data center sector," said Marc Huber, Senior Vice President, North America, in the company’s announcement.
The company highlighted that its expanded Dammam facility enhances regional manufacturing capabilities, allowing faster deployment of engineered piping systems and integrated solutions for energy, utilities, and mission-critical infrastructure customers.
Adham Sharkawi, Senior Vice President for the Middle East and North Africa region, noted that growth in Saudi Arabia remains a strategic priority for Perma-Pipe, with the new Saudi Aramco awards demonstrating the company’s strengthened local presence.
Saleh Sagr, President and Chief Executive Officer, added that the momentum across North America and the Middle East reflects both rising demand and the company’s ability to respond with engineering expertise and localized capabilities.
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