Modec ( (MDIKF) ) has released its Q1 earnings. Here is a breakdown of the information Modec presented to its investors.
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Modec, Inc. is a company listed on the Tokyo Stock Exchange, specializing in the construction of floating production, storage, and offloading (FPSO) systems for the oil and gas industry, with a focus on large-scale ultra-deepwater projects.
Modec’s latest earnings report for the first quarter of 2025 highlights a mixed financial performance. The company reported a revenue increase of 6.1% year-on-year, reaching $873 million, driven by progress in FPSO construction projects. However, operating profit decreased by 2.1% to $75.2 million, and profit attributable to owners of the parent fell by 11% to $55.6 million, impacted by foreign exchange losses.
Key financial metrics reveal a decrease in total assets to $4.36 billion, primarily due to a reduction in trade and other receivables. Despite this, total equity rose slightly to $1.23 billion, supported by an increase in retained earnings. The company also secured significant new orders, boosting its order backlog by 32.7% from the previous year-end.
Looking ahead, Modec forecasts a full-year revenue of $3.7 billion, with an anticipated 27% increase in operating profit. The company remains focused on maintaining its competitive edge in the FPSO market, particularly in ultra-deepwater projects, amid ongoing global economic uncertainties and fluctuating oil prices.