Perma-Pipe International Holdings Announces Contract Awards of $6.0 Million in Egypt and Saudi Arabia

Rhea-AI Summary

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) announced it secured $6.0 million in contracts for projects in Egypt and Saudi Arabia. The projects will utilize the company’s fabrication capabilities and the XTRU-THERM® insulation system. These contracts are part of significant infrastructure developments in Al-Alamin, Egypt, and Misk City, Saudi Arabia. Perma-Pipe's leadership expressed confidence in their strategic growth plans and the opportunity to enhance sustainability through their energy-efficient systems.

Positive

• Secured $6.0 million in contracts indicating strong market demand.
• Projects enhance Perma-Pipe's presence in growing markets in Egypt and Saudi Arabia.
• Utilization of innovative XTRU-THERM® insulation system showcases advanced capabilities.
• Strengthens partnerships with local contractors like Future Horizons.

Negative

• None.

SPRING, Texas--(BUSINESS WIRE)-- Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced it has recently been awarded $6.0 million in contracts in Egypt and Saudi Arabia. Projects will be executed in Perma-Pipe’s facilities in the current quarter.

The newly awarded projects are part of major infrastructure developments both in Al-Alamin, Egypt and Misk City, Saudi Arabia. The projects will utilize Perma-Pipe’s fabrication and coating capabilities, and the XTRU-THERM® insulation system, a spray-applied polyurethane foam jacketed with a high-density polyethylene casing.

Adham Sharkawy, General Manager for Perma-Pipe Egypt stated, “This is a significant award from EGEMECH which reinforces our partnership together. Growth in the fabrication market has been part our strategic plan and we are proud to we have achieved this goal in 2021.”

Raed Al Saleh, General Manager for Perma-Pipe Saudi Arabia states, “This is our first project with Future Horizons Contracting and we are pleased they placed their trust in Perma-Pipe. Misk City is designed to be sustainable, pedestrian-friendly and to have green open spaces to promote sustainable development. It is exciting to be part of this master plan, providing a cost-effective, energy efficient system that reduces greenhouse emissions to enhance sustainability.”

Saleh Sagr, Sr. Vice President for Perma-Pipe’s MENA region commented, “I am excited to announce these project awards. In Egypt, it is further confirmation of the success of our strategy to establish a position in a growing local market. In Saudi Arabia, the project award confirms our leading market position and provides us the opportunity to demonstrate our industry-leading products and services to another new customer.”

David Mansfield, President and CEO commented, "We are delighted with both of these awards. It has been encouraging to see the development of strong leadership and a passion for high levels of customer service that has resulted in these accomplishments.”

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220113005922/en/

David Mansfield, President and CEO

Perma-Pipe Investor Relations

847.929.1200

investor@permapipe.com

Source: Perma-Pipe International Holdings, Inc.