Perma-Pipe announces 4Q22 financial results

"Revenues for the fourth quarter were US$36.4 million, US$2.7 million below the same quarter last year, and net income of US$3.2 million was an increase of US$0.2 million compared to the same quarter of 2021. For the year ended 31 January 2023, revenues of US$142.6 million were US$4.0 million higher than the prior year. The resulting net income of US$5.9 million was US$0.1 million lower than the prior year. This decrease occurs after a non-cash charge of US$0.9 million for the termination of a pension plan in 2022," noted President and CEO, David Mansfield.

“While revenue for the year increased only 3%, pre-tax income before the pension plan charge increased by 25% after improved margins were achieved,” Mr. Mansfield continued. "We continued to see growth in business activity in our markets during 2022. A buoyant oil and gas market in Canada that began in 2021 continued through last year as did increased infrastructure spending in Saudi Arabia. We expect these markets to continue to remain strong. In addition, our new product offerings in Egypt and the UAE resulted in improved margins during 2022, and we will continue to pursue more opportunities in these markets,” noted Mr. Mansfield.

"We have been executing our strategic plans, as demonstrated by the recent approval of our joint venture with Gulf Insulation Group (GIG) and the relocation of our UAE operations to a new plant in Abu Dhabi. The joint venture with GIG will better position us to participate in the Saudi Arabian development plans, and the relocation to Abu Dhabi brings us closer to our customers in the oil and gas industry and provides us with a more efficient, state of the art facility,” Mr. Mansfield concluded.

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