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
Operations
Operating Cash Flow	0.68M	2.93M	5.17M	2.53M	5.29M
Free Cash Flow	0.68M	2.92M	5.16M	2.53M	5.29M
Capital Expenditures	-5.79K	-13.62K	-1.12K	-2.09K	-2.62K
Investing & Financing
Investing Cash Flow	27.58M	-33.17M	-36.74M	-28.96M	-16.25M
Financing Cash Flow	-29.09M	33.18M	33.82M	26.51M	13.53M
Operating Activities
Operating Cash Flow	0.68M	2.93M	5.17M	2.53M	5.29M
Net Income	-1.20M	0.96M	1.53M	0.63M	0.91M
Change in Accounts Payable	-1.00M	-0.70M	-3.03M	-2.96M	-0.74M
Change in Accounts Receivable	0.66M	0.17M	1.13M	-0.42M	1.38M
Change in Working Capital	-0.34M	-0.53M	-1.90M	-3.38M	0.64M
Other Operating Activities	0.82M	0.14M	0.14M	1.26M	2.07M
Provision & Write-off of Bad Debts	-86.73K	54.43K	-577.53K	144.13K	-503.84K
Depreciation & Amortization	1.50M	0.51M	1.25M	1.87M	2.04M
Cash Interest Paid	—	—	—	1.15M	1.38M
Cash Income Tax Paid	219.72K	77.22K	68.46K	218.49K	—
Loss (Gain) on Equity Investments	—	1.81M	1.65M	2.01M	0.13M
Investing Activities
Investing Cash Flow	27.58M	-33.17M	-36.74M	-28.96M	-16.25M
Capital Expenditures	-5.79K	-13.62K	-1.12K	-2.09K	-2.62K
Other Investing Activities	28.35M	-33.06M	-36.74M	-28.96M	-16.22M
Sale (Purchase) of Intangibles	-759.58K	-100.11K	-0.59K	—	-20.23K
Financing Activities
Financing Cash Flow	-29.09M	33.18M	33.82M	26.51M	13.53M
Issuance of Common Stock	—	—	—	—	—
Long-Term Debt Issued	—	—	—	—	—
Short-Term Debt Issued	—	33.30M	33.82M	29.22M	16.39M
Total Debt Issued	—	33.30M	33.82M	29.22M	16.39M
Long-Term Debt Repaid	-0.06M	-0.12M	—	-1.56M	-1.48M
Short-Term Debt Repaid	-28.01M	—	—	—	—
Total Debt Repaid	-28.07M	-0.12M	—	-1.56M	-1.48M
Net Debt Issued (Repaid)	-28.07M	33.18M	33.82M	27.66M	14.91M
Other Financing Activities	-1.03M	—	—	-1.15M	-1.38M
Free Cash Flow & Returns
Free Cash Flow	0.68M	2.92M	5.16M	2.53M	5.29M
Free Cash Flow Growth	-76.8%	-43.4%	+104.0%	-52.2%	+193.3%
Free Cash Flow Margin	+18.0%	+34.1%	+50.9%	+25.6%	+68.9%
Free Cash Flow Per Share	0.00	0.01	0.01	0.01	0.01
Levered Free Cash Flow	-0.46M	4.27M	-76.78M	66.43M	20.02M
Unlevered Free Cash Flow	0.33M	4.55M	-76.74M	67.27M	21.28M
Operating Cash Flow Growth	-76.7%	-43.2%	+103.9%	-52.1%	+193.2%
Net Cash Flow	-0.83M	2.95M	2.24M	0.09M	2.57M

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
Operations
Operating Cash Flow	0.68M	2.93M	5.17M	2.53M	5.29M
Free Cash Flow	0.68M	2.92M	5.16M	2.53M	5.29M
Capital Expenditures	-5.79K	-13.62K	-1.12K	-2.09K	-2.62K
Investing & Financing
Investing Cash Flow	27.58M	-33.17M	-36.74M	-28.96M	-16.25M
Financing Cash Flow	-29.09M	33.18M	33.82M	26.51M	13.53M
Operating Activities
Operating Cash Flow	0.68M	2.93M	5.17M	2.53M	5.29M
Net Income	-1.20M	0.96M	1.53M	0.63M	0.91M
Change in Accounts Payable	-1.00M	-0.70M	-3.03M	-2.96M	-0.74M
Change in Accounts Receivable	0.66M	0.17M	1.13M	-0.42M	1.38M
Change in Working Capital	-0.34M	-0.53M	-1.90M	-3.38M	0.64M
Other Operating Activities	0.82M	0.14M	0.14M	1.26M	2.07M
Provision & Write-off of Bad Debts	-86.73K	54.43K	-577.53K	144.13K	-503.84K
Depreciation & Amortization	1.50M	0.51M	1.25M	1.87M	2.04M
Cash Interest Paid	—	—	—	1.15M	1.38M
Cash Income Tax Paid	219.72K	77.22K	68.46K	218.49K	—
Loss (Gain) on Equity Investments	—	1.81M	1.65M	2.01M	0.13M
Investing Activities
Investing Cash Flow	27.58M	-33.17M	-36.74M	-28.96M	-16.25M
Capital Expenditures	-5.79K	-13.62K	-1.12K	-2.09K	-2.62K
Other Investing Activities	28.35M	-33.06M	-36.74M	-28.96M	-16.22M
Sale (Purchase) of Intangibles	-759.58K	-100.11K	-0.59K	—	-20.23K
Financing Activities
Financing Cash Flow	-29.09M	33.18M	33.82M	26.51M	13.53M
Issuance of Common Stock	—	—	—	—	—
Long-Term Debt Issued	—	—	—	—	—
Short-Term Debt Issued	—	33.30M	33.82M	29.22M	16.39M
Total Debt Issued	—	33.30M	33.82M	29.22M	16.39M
Long-Term Debt Repaid	-0.06M	-0.12M	—	-1.56M	-1.48M
Short-Term Debt Repaid	-28.01M	—	—	—	—
Total Debt Repaid	-28.07M	-0.12M	—	-1.56M	-1.48M
Net Debt Issued (Repaid)	-28.07M	33.18M	33.82M	27.66M	14.91M
Other Financing Activities	-1.03M	—	—	-1.15M	-1.38M
Free Cash Flow & Returns
Free Cash Flow	0.68M	2.92M	5.16M	2.53M	5.29M
Free Cash Flow Growth	-76.8%	-43.4%	+104.0%	-52.2%	+193.3%
Free Cash Flow Margin	+18.0%	+34.1%	+50.9%	+25.6%	+68.9%
Free Cash Flow Per Share	0.00	0.01	0.01	0.01	0.01
Levered Free Cash Flow	-0.46M	4.27M	-76.78M	66.43M	20.02M
Unlevered Free Cash Flow	0.33M	4.55M	-76.74M	67.27M	21.28M
Operating Cash Flow Growth	-76.7%	-43.2%	+103.9%	-52.1%	+193.2%
Net Cash Flow	-0.83M	2.95M	2.24M	0.09M	2.57M