Perma-Pipe International Holdings, Inc. Announces $10 Million in Contract Awards in Saudi Arabia
Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) today announced it has recently been awarded new contracts worth $10 million in Saudi Arabia. Most of these awards will be executed and delivered during the next quarter.
The newly awarded projects are part of major infrastructure developments in Riyadh, Madinah, and Mekkah in Saudi Arabia. These 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. Permapipe is also pleased to announce that some of these projects will be carried out at the newly established state of the art facility in Madinah which is due to start operations in August 2024.
Raed Al Saleh, General Manager for Perma-Pipe Gulf Arabia – (a JV company between Permapipe Saudi Arabia & Gulf Insulation Group) states, "We continue to support the infrastructure developments in the kingdom, and these latest awards are a true reflection of the level of confidence that our customers and clients place on us."
Saleh Sagr, Sr. Vice President for Perma-Pipe's MENA region commented, "The new expansion in Madinah has long been on our radar. It is a clear statement of our commitment to support the local industry in the Kingdom of Saudi Arabia. We thank our customers for continuing to place their trust in Perma-Pipe with these awards."
David Mansfield, President and CEO commented, "Our new investment in Madinah further supports our growth plans and the Kingdom's 2030 vision. We are extremely proud to be playing our part to realize this vision. It has been very encouraging to see the development of strong leadership and a passion for high levels of customer service which has resulted in these accomplishments, enabling Perma-Pipe to go from strength-to-strength."
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