Perma‑Pipe International Holdings, Inc. (PPIH) announced that it has secured $52 million in project awards for the third quarter of fiscal 2025. The total includes $30 million that was disclosed in September and an additional $22 million in new contracts, bringing the cumulative award amount for the quarter to $52 million.
The new contracts focus on U.S. data‑center infrastructure and Saudi Aramco‑related projects that will be executed from the company’s newly approved facility in Dammam, Saudi Arabia. The data‑center deals tap a high‑growth segment that has seen a surge in demand for liquid‑cooling and leak‑detection solutions, while the Saudi Aramco projects give PPIH a foothold in the Kingdom’s oil‑and‑gas pipe‑coating market, a key strategic priority for the company.
PPIH’s backlog grew to $157.8 million as of July 31, 2025, up from $114.2 million at October 31, 2024, and the new awards are expected to push the backlog further. The company’s Q3 2024 net sales were $41.6 million, a decline from $45.7 million in Q3 2023, underscoring the importance of the new contracts for future revenue visibility.
Senior Vice President Marc Huber said the awards “underscore the accelerating demand we’re seeing across mission‑critical infrastructure, especially in the data‑center sector.” Senior Vice President Adham Sharkawi added that the Saudi Aramco wins “reinforce our commitment to providing localized production, advanced manufacturing, and in‑country value aligned with regional development goals.” President and CEO Saleh Sagr highlighted the company’s “disciplined execution” and the “strength of the platform we have built” as key drivers of the momentum in North America and the Middle East.
The announcement follows PPIH’s ongoing strategic‑alternatives review, which the company has been exploring since Q2 2025 to maximize shareholder value. While the new contracts signal robust growth prospects, the review indicates that management remains open to potential restructuring or divestiture options that could further optimize the capital structure.
Overall, the $52 million in new business represents a significant win for PPIH, expanding its presence in two high‑growth markets and reinforcing its backlog. The contracts are expected to provide a steady stream of revenue in the coming quarters and support the company’s broader strategy of scaling its specialized piping and leak‑detection solutions in mission‑critical infrastructure projects.
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