Business

Perma-Pipe earnings up as construction resumes

Posted April 19, 2022 11:00 pm

NILES - Perma-Pipe International Holdings Inc. Wednesday reported financial results for the quarter and its fiscal year, including a $54 million increase in revenue as oil pipeline projects resumed after a pandemic-related pause.

Revenue for the fourth quarter was $39.1 million, $17.8 million above the same quarter last year, while net income of $3 million was an increase of $5.5 million compared to the same quarter of 2020.

For the fiscal year ended Jan. 31, revenues of $138.6 million were $53.9 million higher than fiscal year 2020. The resulting net income of $6.1 million was $13.7 million higher than the prior year, the company said.

Perma-Pipe attributed the increases to the COVID-19 pandemic beginning to recede in 2021, resulting in an improvement in business activity and profitability, while rebounding oil prices and the recommencement of paused projects resulted in improvements in all of its business units.

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