Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) announced today that it has secured new contracts totaling $10 million in Saudi Arabia. These contracts, slated for execution and delivery in the upcoming quarter, are integral to major infrastructure projects in Riyadh, Madinah, and Mekkah. Perma-Pipe will leverage its expertise in fabrication and coating, alongside its innovative XTRU-THERM® insulation system, which features a spray-applied polyurethane foam jacketed with high-density polyethylene casing.
A significant portion of these projects will be conducted at Perma-Pipe’s new cutting-edge facility in Madinah, set to commence operations in August 2024.
Raed Al Saleh, General Manager for Perma-Pipe Gulf Arabia (a joint venture between Perma-Pipe Saudi Arabia and Gulf Insulation Group), emphasized, “We remain committed to supporting infrastructure development in the kingdom, and these recent awards underscore the confidence our customers place in us.”
Saleh Sagr, Senior Vice President for Perma-Pipe’s MENA region, added, “The expansion in Madinah has long been a strategic goal for us, demonstrating our steadfast support for Saudi Arabia’s local industry. We thank our customers for their continued trust in Perma-Pipe.”
David Mansfield, President and CEO, expressed, “Our investment in Madinah aligns with our growth strategies and supports Saudi Arabia’s Vision 2030. We take pride in contributing to this vision and are heartened by the development of strong leadership and a commitment to exceptional customer service, which have paved the way for these achievements and strengthened Perma-Pipe’s position.”
