UNITED PROJECTS CO.

United Projects Company for Aviation Services KSCP

UPACStocksBoursa KuwaitDiversified Financials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Assets
Cash & Equivalents	8.83M	9.66M	6.72M	4.47M	4.39M
Cash & Short-Term Investments	8.83M	9.66M	6.72M	4.47M	4.39M
Receivables	0.90M	1.55M	1.79M	2.26M	2.21M
Current Assets	10.04M	11.55M	8.82M	7.13M	6.77M
PP&E	22.19M	22.76M	0.00M	0.01M	0.03M
Intangible Assets	—	—	0.08M	1.32M	3.17M
Total Assets	252.74M	282.84M	226.08M	193.62M	167.35M
Liabilities
Accounts Payable	5.51M	6.68M	5.20M	8.71M	3.49M
Current Liabilities	124.35M	153.03M	118.50M	87.58M	24.37M
Long-Term Debt	—	—	—	—	33.64M
Short-Term Debt	116.79M	144.80M	111.51M	—	—
Total Debt	116.79M	144.80M	113.12M	—	33.64M
Total Liabilities	146.94M	176.04M	120.16M	89.23M	64.44M
Equity & Ownership
Retained Earnings	19.21M	20.41M	19.45M	17.92M	17.29M
Total Equity	105.80M	106.80M	105.92M	104.39M	102.90M
Net Debt	107.96M	135.14M	106.41M	-4.47M	29.25M
Shares Outstanding	377,675,693	377,675,693	377,675,693	377,675,693	377,675,693
Cash & Assets
Total Assets	252.74M	282.84M	226.08M	193.62M	167.35M
Total Current Assets	10.04M	11.55M	8.82M	7.13M	6.77M
Cash & Equivalents	8.83M	9.66M	6.72M	4.47M	4.39M
Cash & Short-Term Investments	8.83M	9.66M	6.72M	4.47M	4.39M
Net Cash (Debt)	-107.96M	-135.14M	-106.41M	4.47M	-29.25M
Net Cash Per Share	-0.29	-0.36	-0.28	0.01	-0.08
Cash Growth	-8.6%	+43.9%	+50.2%	+2.0%	+141.9%
Accounts Receivable	0.03M	0.64M	0.78M	1.91M	1.91M
Other Receivables	0.87M	0.90M	1.01M	0.35M	0.30M
Receivables	0.90M	1.55M	1.79M	2.26M	2.21M
Prepaid Expenses	35.60K	66.92K	105.33K	182.12K	176.51K
Property, Plant & Equipment	22.19M	22.76M	0.00M	0.01M	0.03M
Other Intangible Assets	—	—	0.08M	1.32M	3.17M
Other Current Assets	267.11K	277.21K	207.29K	214.85K	—
Long-Term Leases	—	—	808.00K	—	—
Current Portion of Leases	—	—	810.09K	—	—
Loans & Investments
Long-Term Investments	—	—	1.94M	3.68M	4.90M
Liabilities & Obligations
Total Liabilities	146.94M	176.04M	120.16M	89.23M	64.44M
Total Liabilities & Equity	252.74M	282.84M	226.08M	193.62M	167.35M
Total Current Liabilities	124.35M	153.03M	118.50M	87.58M	24.37M
Accounts Payable	5.51M	6.68M	5.20M	8.71M	3.49M
Current Unearned Revenue	—	—	—	—	2.89M
Long-Term Unearned Revenue	—	—	—	—	0.28M
Other Current Liabilities	2.05M	1.54M	0.98M	78.87M	17.99M
Pension & Post-Retirement Benefits	693.68K	771.39K	859.37K	747.17K	652.31K
Other Long-Term Liabilities	21.90M	22.24M	—	0.91M	5.51M
Debt & Funding
Long-Term Debt	—	—	—	—	33.64M
Short-Term Debt	116.79M	144.80M	111.51M	—	—
Total Debt	116.79M	144.80M	113.12M	—	33.64M
Equity & Book Value
Shareholders' Equity	105.80M	106.80M	105.92M	104.39M	102.90M
Total Common Equity	104.46M	105.66M	104.84M	103.40M	101.98M
Common Stock	38.25M	38.25M	38.25M	38.25M	38.25M
Additional Paid-In Capital	48.61M	48.61M	48.61M	48.61M	48.61M
Retained Earnings	19.21M	20.41M	19.45M	17.92M	17.29M
Treasury Stock	-1.54M	-1.54M	-1.54M	-1.54M	-1.54M
Comprehensive Income & Other	-0.06M	-0.06M	0.08M	0.17M	-0.62M
Minority Interest	1.34M	1.14M	1.07M	0.99M	0.93M
Book Value Per Share	0.28	0.28	0.28	0.27	0.27
Tangible Book Value	104.46M	105.66M	104.76M	102.08M	98.81M
Tangible Book Value Per Share	0.28	0.28	0.28	0.27	0.26
Filing Date Shares Outstanding	377.68M	377.68M	377.68M	377.68M	377.68M
Total Common Shares Outstanding	377.68M	377.68M	377.68M	377.68M	377.68M
Working Capital	-114.31M	-141.47M	-109.67M	-80.45M	-17.60M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Assets
Cash & Equivalents	8.83M	9.66M	6.72M	4.47M	4.39M
Cash & Short-Term Investments	8.83M	9.66M	6.72M	4.47M	4.39M
Receivables	0.90M	1.55M	1.79M	2.26M	2.21M
Current Assets	10.04M	11.55M	8.82M	7.13M	6.77M
PP&E	22.19M	22.76M	0.00M	0.01M	0.03M
Intangible Assets	—	—	0.08M	1.32M	3.17M
Total Assets	252.74M	282.84M	226.08M	193.62M	167.35M
Liabilities
Accounts Payable	5.51M	6.68M	5.20M	8.71M	3.49M
Current Liabilities	124.35M	153.03M	118.50M	87.58M	24.37M
Long-Term Debt	—	—	—	—	33.64M
Short-Term Debt	116.79M	144.80M	111.51M	—	—
Total Debt	116.79M	144.80M	113.12M	—	33.64M
Total Liabilities	146.94M	176.04M	120.16M	89.23M	64.44M
Equity & Ownership
Retained Earnings	19.21M	20.41M	19.45M	17.92M	17.29M
Total Equity	105.80M	106.80M	105.92M	104.39M	102.90M
Net Debt	107.96M	135.14M	106.41M	-4.47M	29.25M
Shares Outstanding	377,675,693	377,675,693	377,675,693	377,675,693	377,675,693
Cash & Assets
Total Assets	252.74M	282.84M	226.08M	193.62M	167.35M
Total Current Assets	10.04M	11.55M	8.82M	7.13M	6.77M
Cash & Equivalents	8.83M	9.66M	6.72M	4.47M	4.39M
Cash & Short-Term Investments	8.83M	9.66M	6.72M	4.47M	4.39M
Net Cash (Debt)	-107.96M	-135.14M	-106.41M	4.47M	-29.25M
Net Cash Per Share	-0.29	-0.36	-0.28	0.01	-0.08
Cash Growth	-8.6%	+43.9%	+50.2%	+2.0%	+141.9%
Accounts Receivable	0.03M	0.64M	0.78M	1.91M	1.91M
Other Receivables	0.87M	0.90M	1.01M	0.35M	0.30M
Receivables	0.90M	1.55M	1.79M	2.26M	2.21M
Prepaid Expenses	35.60K	66.92K	105.33K	182.12K	176.51K
Property, Plant & Equipment	22.19M	22.76M	0.00M	0.01M	0.03M
Other Intangible Assets	—	—	0.08M	1.32M	3.17M
Other Current Assets	267.11K	277.21K	207.29K	214.85K	—
Long-Term Leases	—	—	808.00K	—	—
Current Portion of Leases	—	—	810.09K	—	—
Loans & Investments
Long-Term Investments	—	—	1.94M	3.68M	4.90M
Liabilities & Obligations
Total Liabilities	146.94M	176.04M	120.16M	89.23M	64.44M
Total Liabilities & Equity	252.74M	282.84M	226.08M	193.62M	167.35M
Total Current Liabilities	124.35M	153.03M	118.50M	87.58M	24.37M
Accounts Payable	5.51M	6.68M	5.20M	8.71M	3.49M
Current Unearned Revenue	—	—	—	—	2.89M
Long-Term Unearned Revenue	—	—	—	—	0.28M
Other Current Liabilities	2.05M	1.54M	0.98M	78.87M	17.99M
Pension & Post-Retirement Benefits	693.68K	771.39K	859.37K	747.17K	652.31K
Other Long-Term Liabilities	21.90M	22.24M	—	0.91M	5.51M
Debt & Funding
Long-Term Debt	—	—	—	—	33.64M
Short-Term Debt	116.79M	144.80M	111.51M	—	—
Total Debt	116.79M	144.80M	113.12M	—	33.64M
Equity & Book Value
Shareholders' Equity	105.80M	106.80M	105.92M	104.39M	102.90M
Total Common Equity	104.46M	105.66M	104.84M	103.40M	101.98M
Common Stock	38.25M	38.25M	38.25M	38.25M	38.25M
Additional Paid-In Capital	48.61M	48.61M	48.61M	48.61M	48.61M
Retained Earnings	19.21M	20.41M	19.45M	17.92M	17.29M
Treasury Stock	-1.54M	-1.54M	-1.54M	-1.54M	-1.54M
Comprehensive Income & Other	-0.06M	-0.06M	0.08M	0.17M	-0.62M
Minority Interest	1.34M	1.14M	1.07M	0.99M	0.93M
Book Value Per Share	0.28	0.28	0.28	0.27	0.27
Tangible Book Value	104.46M	105.66M	104.76M	102.08M	98.81M
Tangible Book Value Per Share	0.28	0.28	0.28	0.27	0.26
Filing Date Shares Outstanding	377.68M	377.68M	377.68M	377.68M	377.68M
Total Common Shares Outstanding	377.68M	377.68M	377.68M	377.68M	377.68M
Working Capital	-114.31M	-141.47M	-109.67M	-80.45M	-17.60M