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Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) reported strong financial results for the fourth quarter and fiscal year 2023. Net sales of $40.2 million for the quarter and $150.7 million for the year, with net income of $8.6 million for the quarter and $10.5 million for the year. Backlog stood at $68.4 million, showcasing significant growth. The company experienced increased sales volumes in Saudi Arabia, leading to improved gross margins. Strategic initiatives, including expansion into Qatar, are expected to further enhance market presence. The joint venture in Saudi Arabia exceeded expectations, contributing to overall growth in net sales and margins. Perma-Pipe remains well-positioned to capitalize on infrastructure spending trends in key markets.