Perma-Pipe FY24 Sales Up, Backlog Doubles To US$138 Mln

KUALA LUMPUR, May 2 (Bernama) -- Perma-Pipe International Holdings Inc reported full-year net income of US$9.0 million for fiscal 2024 (FY24), down from US$10.5 million a year earlier due to the absence of a one-time US$5.9 million non-cash tax benefit recognised in 2023. (US$1=RM4.31)

Excluding that tax gain, net income rose by US$4.4 million, reflecting stronger operational performance, according to a statement.

The piping systems manufacturer generated net sales of US$45.0 million for the fourth quarter, marking an increase of US$4.8 million, while annual sales reached US$158.4 million, a 7.7 per cent year-over-year increase, driven by higher sales volumes in the Middle East and Canada.

Its chief executive officer, David Mansfield said the company’s backlog more than doubled to US$138.1 million, a 102 per cent year-over-year increase, positioning Perma-Pipe for continued growth in fiscal 2025.

He also cited strong contributions from the firm’s Saudi joint venture and early momentum at its new Vars, Ontario facility in Canada.

Quarterly and full-year income before taxes reached US$5.3 million and US$18.5 million, respectively, driven by a continued shift toward higher-margin products and services.

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Gross profit improved to US$53.2 million, or 34 per cent of sales, compared to US$41.5 million, or 28 per cent in the prior year.

General and administrative expenses increased to US$28.0 million, reflecting higher compensation and professional fees. Selling expenses fell by US$0.4 million, aided by reduced borrowings and lower rates.

Looking ahead, Mansfield noted recent large-scale project wins and strong performance across key regions, including the Middle East and North America, as drivers of continued growth and positioning for future mega-project participation.

-- BERNAMA