Welcome to our dedicated page for Perma Pipe news (Ticker: PPIH), a resource for investors and traders seeking the latest updates and insights on Perma Pipe stock.
Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) generates a steady flow of news tied to its role as an engineered piping infrastructure manufacturer and global provider of pre-insulated piping and leak detection systems. News coverage on this page centers on how the company’s engineered piping solutions support oil and gas gathering, district heating and cooling, energy infrastructure, industrial facilities, AI / IT data center cooling, and environmental protection applications.
Investors and industry followers can use this PPIH news feed to track company announcements about financial performance, including quarterly and annual results, backlog trends, and commentary from management on activity in core markets such as North America and the Middle East. Perma-Pipe frequently reports on project awards and contract wins, including data center infrastructure projects, Saudi Aramco-related work, and new awards in regions like Qatar and the broader MENA region.
News items also highlight strategic developments, such as investments in new manufacturing facilities in MENA, technical and commercial approvals from major customers, leadership changes at the executive and board levels, and the company’s process to evaluate strategic alternatives with an external financial advisor. These updates provide context on how Perma-Pipe is pursuing geographic, market, and product expansion while managing risks related to energy prices, international operations, and project execution.
By following this page, readers can review Perma-Pipe’s press releases and related disclosures in one place, including updates on backlog, regional performance, and strategic initiatives that shape the company’s position in the engineered piping and leak detection markets.
Perma-Pipe International Holdings (NASDAQ: PPIH) reported a challenging financial year and fourth quarter ended January 31, 2021. Fourth-quarter revenue was $21.3 million, down $11 million from last year, with a net loss of $2.5 million compared to a net income of $1.5 million in 2019. Fiscal year revenue fell to $84.7 million, a decrease of $42.9 million year-over-year, resulting in a net loss of $7.6 million. The declines were attributed to the COVID-19 pandemic and reduced capital spending in the oil and gas sector. However, an increase in backlog to $52.6 million suggests potential recovery in project execution.
Perma-Pipe International Holdings (Nasdaq: PPIH) announced that its subsidiary, Perma-Pipe Middle East FZC, has secured a contract valued over $5 million from Saipem S.p.A. for double joint welding, coating, and thermal insulation for a 36-inch pipeline in the Middle East. The project will utilize Perma-Pipe's POLY-THERM® insulation system and is set to commence in Q1 2021 at their Fujairah facility. This collaboration highlights the strong relationship between Perma-Pipe and Saipem, demonstrating trust in Perma-Pipe's technical capabilities and innovative solutions.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured a contract from LLOG Exploration Offshore to supply over five miles of subsea insulation in the Gulf of Mexico's Dome Patrol Field. This contract includes engineering support, pipe coating, and insulation supply, utilizing the FLOW–THERM™ thermal insulation product, effective at temperatures up to 226 °F (108 °C). The project highlights Perma-Pipe's commitment to its customers in the Gulf of Mexico and will be executed at their New Iberia, Louisiana facility, with delivery anticipated in June 2021.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) announced that its subsidiary, Perma-Pipe India Pvt. Ltd. (PPIL), has secured a $6.7 million contract with JSIW Infrastructure Pvt. Ltd. to apply a thermal insulation system on a 74 km crude oil pipeline for HPCL Rajasthan Refinery Ltd. The project, utilizing TRACE-THERM™ insulation, is set to commence in Q1 2021 at PPIL's facility in Gujarat. The pipeline will support a new refinery and petrochemical complex in Rajasthan. Executives expressed optimism about the project, highlighting the company's commitment to quality solutions.
Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) reported a net loss of $2.9 million for Q3 2020, widening from a loss of $0.1 million a year earlier. Revenue dropped to $20.3 million, down 41% from $34.5 million, primarily due to COVID-19's impact on the oil and gas sector and construction delays. However, backlog increased to $47.7 million, indicating a potential recovery with heightened bidding activity. Cost control measures have been implemented to mitigate losses, while new initiatives, including a coating plant in UAE, aim to drive future growth.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has announced new large capacity production lines in its subsidiaries located in Fujairah, UAE, and Gandhidham, India. These lines, known as “FAB-COAT,” enhance their existing custom coating capabilities for piping materials in the oil, gas, and water transmission industries. The new facilities can apply various anti-corrosion coatings and have already secured sizable orders. CEO David Mansfield emphasized the growth potential in the MENA region and the immediate returns from this investment.
Perma-Pipe International Holdings (Nasdaq: PPIH) announced a $5.1 million contract awarded to its subsidiary Perma-Pipe Saudi Arabia by Nesma & Partners for thermally insulated pipe and field joints in a district cooling network project for Umm Al Qura. This contract is part of $5.7 million in total contracts awarded in Q3 2020. The project will utilize Perma-Pipe’s POLY-THERM® insulation system and will commence in Q4 2020 in Dammam, Saudi Arabia. The initiative aims to enhance transport efficiency and services in Makkah, reinforcing Perma-Pipe's commitment to partnerships in major projects.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) announced that its subsidiary, Perma-Pipe Egypt, secured contracts valued at approximately $6.0 million from China State Construction Engineering Company (CSCEC). The contracts involve providing thermally insulated pipe, field joints, and leak detection systems for a district cooling network managed by the New Urban Communities Authority (NUCA) in Egypt's New Administrative Capital. The project will implement Perma-Pipe's XTRU-THERM® insulation system and the PermAlert® leak detection system, beginning in Q4 2020.