PERMA-PIPE Q3 NET INCOME SOARS 152 PCT, REVENUE HITS US$61.1 MLN

KUALA LUMPUR, Dec 16 (Bernama) -- Perma-Pipe International Holdings Inc has reported a 152 per cent surge in third-quarter (Q3) net income to US$6.3 million, fuelled by higher sales volumes and improved project execution. (US$1=RM4.08)

Net sales for Q3 increased 46.9 per cent to US$61.1 million, up from US$41.6 million in the same period last year, reflecting increased activity in both North America and the Middle East.

Its President and Chief Executive Officer, Saleh Sagr said the results represent the company’s strongest earnings performance since 2017, underpinned by sustained momentum in North America and the Middle East.

He said in a statement that Perma-Pipe remains focused on driving profitable growth and strengthening its global platform, supported by a robust backlog and ongoing investments, including its new Qatar facility.

For the quarter ended Oct 31, 2025, income before income taxes rose to US$10.9 million, while diluted earnings per share increased to US$0.77, reflecting higher volumes and improved project execution.

The company’s backlog reached US$148.9 million at Oct 31, 2025, up 7.8 per cent compared with US$138.1 million reported as of Jan 31, 2025 and more than 30 per cent higher than the same period last year, signalling continued demand in North America and the Middle East and North Africa (MENA) region.

Gross profit jumped to US$21.0 million from US$14.1 million a year earlier, supported by increased activity levels, partially offset by higher selling, general and administrative expenses, including Sarbanes-Oxley compliance costs.

In the three months ended Oct 31, 2025 and 2024, general and administrative expenses were US$8.3 million and US$7.3 million, respectively. The increase of US$1.0 million was mainly due to higher payroll expenses and, to a lesser extent, professional fees in the quarter.

Operating in 14 locations across seven countries, Perma-Pipe International Holdings Inc is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications.

-- BERNAMA