Kuala Lumpur: Perma-Pipe International Holdings Inc reported a record net income of US$5.0 million for the first quarter (Q1) ended April 30, 2025, marking a 243 per cent increase from US$1.4 million in the same period last year. (US$1=RM4.23)

According to BERNAMA News Agency, the NASDAQ-listed company announced that sales for the quarter rose 36.2 per cent to US$46.7 million from US$34.3 million a year earlier, driven by increased volumes in both the Middle East and North America (MENA).

Perma-Pipe’s President and Chief Executive Officer, Saleh Sagr, highlighted that the results represent the strongest first-quarter performance since the company’s transition from MFRI to Perma-Pipe in 2017. He emphasized that the net income for the quarter accounted for over half of the company’s full-year profit in fiscal 2024 and expressed optimism about continued strong performance across both the Americas and the MENA region.

Despite experiencing a slight quarter-on-quarter decrease in backlog to US$131.1 million from US$138.1 million as of January 31, the company’s backlog more than doubled year-on-year from US$63.1 million, representing a 108 per cent increase. Gross profit for the quarter stood at US$16.7 million, or 36 per cent of net sales, compared with US$10.5 million, or 31 per cent, in the previous year, largely due to improved margins and a favorable product mix.

General and administrative expenses rose to US$7.7 million from US$6.1 million, attributed to higher payroll and professional fees. Meanwhile, selling expenses and net interest expense remained largely unchanged at US$1.1 million and US$400,000, respectively.

Looking ahead, the company is optimistic about sustaining momentum through fiscal 2025, supported by increased participation in development plans in MENA and efforts to expand market share in North America.