Modec ( (MDIKF) ) has released its Q4 earnings. Here is a breakdown of the information Modec presented to its investors.
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Modec, Inc., a company listed on the Tokyo Stock Exchange, specializes in the construction of floating production, storage, and offloading (FPSO) systems for the oil and gas industry. Operating globally, Modec is recognized for its expertise in large-scale, ultra-deepwater projects.
In its latest earnings report for the year ended December 31, 2024, Modec revealed strong financial results with significant growth in revenue and profit. The company reported a revenue increase of 17.1% year-over-year, reaching $4.19 billion, and a profit attributable to owners of the parent of $220.4 million, up 128.3% from the previous year.
Key financial highlights include a substantial operating profit growth of 67.4% to $322.9 million and a profit before tax of $308 million, marking a 43.5% increase. The company’s focus on FPSO projects contributed to a strong revenue base and improved profitability. Additionally, Modec’s return on equity rose to 20.3%, reflecting its robust financial health.
Looking ahead, Modec anticipates continued demand in the oil and gas sector, particularly in deep-sea operations where costs remain competitive. For 2025, the company forecasts a revenue of $3.7 billion and a further increase in operating profit by 27% to $410 million, indicating a positive outlook despite a predicted decline in revenue.
Overall, Modec’s strong financial performance in 2024 positions the company well for future growth, supported by its strategic focus on FPSO projects and maintaining a stable energy supply amidst global economic challenges.
