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
Operating Summary
Revenue	3.77M	8.57M	10.14M	9.89M	7.68M
Cost of Revenue	0.47M	1.41M	1.17M	1.20M	1.12M
Gross Profit	3.30M	7.16M	8.97M	8.68M	6.56M
SG&A	2.48M	3.59M	3.12M	2.87M	2.53M
Operating Expenses	3.98M	4.13M	4.40M	4.76M	4.58M
Operating Income	-0.68M	3.03M	4.57M	3.93M	1.98M
Interest Income	341.09K	248.59K	82.62K	46.10K	24.26K
Interest Expense	-1.26M	-0.44M	-0.05M	-1.33M	-2.02M
Other Income/Expense	0.59M	0.00M	1.74M	0.07M	1.06M
Pretax Income	-1.00M	1.03M	1.62M	0.70M	0.92M
Income Tax	—	7.41K	9.36K	5.80K	4.88K
Net Income	-1.20M	0.96M	1.53M	0.63M	0.91M
EBITDA	0.82M	3.54M	5.82M	5.80M	4.02M
EBIT	-0.68M	3.03M	4.57M	3.93M	1.98M
EPS (Basic)	-0.00	0.00	0.00	0.00	0.00
EPS (Diluted)	-0.00	0.00	0.00	0.00	0.00
Margins & Efficiency
Gross Margin %	+87.4%	+83.5%	+88.5%	+87.8%	+85.4%
EBITDA Margin %	+21.7%	+41.3%	+57.4%	+58.7%	+52.4%
Net Margin %	-31.8%	+11.2%	+15.1%	+6.4%	+11.9%
Revenue & Income
Revenue	3.77M	8.57M	10.14M	9.89M	7.68M
Revenue Growth (YoY)	-56.0%	-15.5%	+2.6%	+28.7%	+14.1%
Interest & Investment Income	341.09K	248.59K	82.62K	46.10K	24.26K
Earnings From Equity Investments	—	-1.81M	-1.65M	-2.01M	-0.13M
Expenses & Provisions
Cost of Revenue	0.47M	1.41M	1.17M	1.20M	1.12M
Selling, General & Admin	2.48M	3.59M	3.12M	2.87M	2.53M
Operating Expenses	3.98M	4.13M	4.40M	4.76M	4.58M
Other Operating Expenses	—	23.65K	27.38K	19.11K	12.21K
Interest Expense	-1.26M	-0.44M	-0.05M	-1.33M	-2.02M
Other Non Operating Income (Expenses)	0.59M	0.00M	1.74M	0.07M	1.06M
Amortization of Goodwill & Intangibles	1.49M	0.51M	1.24M	1.85M	2.01M
D&A For EBITDA	1.50M	0.51M	1.25M	1.87M	2.04M
Profitability & Returns
Gross Profit	3.30M	7.16M	8.97M	8.68M	6.56M
Gross Margin	+87.4%	+83.5%	+88.5%	+87.8%	+85.4%
EBIT	-0.68M	3.03M	4.57M	3.93M	1.98M
EBIT Margin	-18.1%	+35.4%	+45.1%	+39.7%	+25.8%
EBITDA	0.82M	3.54M	5.82M	5.80M	4.02M
EBITDA Margin	+21.7%	+41.3%	+57.4%	+58.7%	+52.4%
EBT Excluding Unusual Items	-1.00M	1.03M	4.70M	0.70M	0.92M
Pretax Income	-1.00M	1.03M	1.62M	0.70M	0.92M
Operating Income	-0.68M	3.03M	4.57M	3.93M	1.98M
Operating Margin	-18.1%	+35.4%	+45.1%	+39.7%	+25.8%
Profit Margin	-31.8%	+11.2%	+15.1%	+6.4%	+11.9%
Net Income	-1.20M	0.96M	1.53M	0.63M	0.91M
Net Income to Common	-1.20M	0.96M	1.53M	0.63M	0.91M
Net Income Growth	—	-37.5%	+142.8%	-31.0%	—
Earnings From Continuing Ops.	-1.00M	1.03M	1.61M	0.69M	0.92M
Minority Interest in Earnings	-198.70K	-68.54K	-82.35K	-61.55K	-2.05K
Income Tax Expense	—	7.41K	9.36K	5.80K	4.88K
Effective Tax Rate	—	+0.7%	+0.6%	+0.8%	+0.5%
Per Share & Capital
EPS (Basic)	-0.00	0.00	0.00	0.00	0.00
EPS (Diluted)	-0.00	0.00	0.00	0.00	0.00
EPS Growth	—	-37.6%	+142.9%	-31.0%	—
Shares Change (YoY)	—	—	—	—	0.54
Shares Outstanding (Basic)	377.68M	377.68M	377.68M	377.68M	377.68M
Shares Outstanding (Diluted)	377.68M	377.68M	377.68M	377.68M	377.68M
Free Cash Flow	0.68M	2.92M	5.16M	2.53M	5.29M
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
Supplemental
Other Unusual Items	—	—	-3.07M	—	—

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
Operating Summary
Revenue	3.77M	8.57M	10.14M	9.89M	7.68M
Cost of Revenue	0.47M	1.41M	1.17M	1.20M	1.12M
Gross Profit	3.30M	7.16M	8.97M	8.68M	6.56M
SG&A	2.48M	3.59M	3.12M	2.87M	2.53M
Operating Expenses	3.98M	4.13M	4.40M	4.76M	4.58M
Operating Income	-0.68M	3.03M	4.57M	3.93M	1.98M
Interest Income	341.09K	248.59K	82.62K	46.10K	24.26K
Interest Expense	-1.26M	-0.44M	-0.05M	-1.33M	-2.02M
Other Income/Expense	0.59M	0.00M	1.74M	0.07M	1.06M
Pretax Income	-1.00M	1.03M	1.62M	0.70M	0.92M
Income Tax	—	7.41K	9.36K	5.80K	4.88K
Net Income	-1.20M	0.96M	1.53M	0.63M	0.91M
EBITDA	0.82M	3.54M	5.82M	5.80M	4.02M
EBIT	-0.68M	3.03M	4.57M	3.93M	1.98M
EPS (Basic)	-0.00	0.00	0.00	0.00	0.00
EPS (Diluted)	-0.00	0.00	0.00	0.00	0.00
Margins & Efficiency
Gross Margin %	+87.4%	+83.5%	+88.5%	+87.8%	+85.4%
EBITDA Margin %	+21.7%	+41.3%	+57.4%	+58.7%	+52.4%
Net Margin %	-31.8%	+11.2%	+15.1%	+6.4%	+11.9%
Revenue & Income
Revenue	3.77M	8.57M	10.14M	9.89M	7.68M
Revenue Growth (YoY)	-56.0%	-15.5%	+2.6%	+28.7%	+14.1%
Interest & Investment Income	341.09K	248.59K	82.62K	46.10K	24.26K
Earnings From Equity Investments	—	-1.81M	-1.65M	-2.01M	-0.13M
Expenses & Provisions
Cost of Revenue	0.47M	1.41M	1.17M	1.20M	1.12M
Selling, General & Admin	2.48M	3.59M	3.12M	2.87M	2.53M
Operating Expenses	3.98M	4.13M	4.40M	4.76M	4.58M
Other Operating Expenses	—	23.65K	27.38K	19.11K	12.21K
Interest Expense	-1.26M	-0.44M	-0.05M	-1.33M	-2.02M
Other Non Operating Income (Expenses)	0.59M	0.00M	1.74M	0.07M	1.06M
Amortization of Goodwill & Intangibles	1.49M	0.51M	1.24M	1.85M	2.01M
D&A For EBITDA	1.50M	0.51M	1.25M	1.87M	2.04M
Profitability & Returns
Gross Profit	3.30M	7.16M	8.97M	8.68M	6.56M
Gross Margin	+87.4%	+83.5%	+88.5%	+87.8%	+85.4%
EBIT	-0.68M	3.03M	4.57M	3.93M	1.98M
EBIT Margin	-18.1%	+35.4%	+45.1%	+39.7%	+25.8%
EBITDA	0.82M	3.54M	5.82M	5.80M	4.02M
EBITDA Margin	+21.7%	+41.3%	+57.4%	+58.7%	+52.4%
EBT Excluding Unusual Items	-1.00M	1.03M	4.70M	0.70M	0.92M
Pretax Income	-1.00M	1.03M	1.62M	0.70M	0.92M
Operating Income	-0.68M	3.03M	4.57M	3.93M	1.98M
Operating Margin	-18.1%	+35.4%	+45.1%	+39.7%	+25.8%
Profit Margin	-31.8%	+11.2%	+15.1%	+6.4%	+11.9%
Net Income	-1.20M	0.96M	1.53M	0.63M	0.91M
Net Income to Common	-1.20M	0.96M	1.53M	0.63M	0.91M
Net Income Growth	—	-37.5%	+142.8%	-31.0%	—
Earnings From Continuing Ops.	-1.00M	1.03M	1.61M	0.69M	0.92M
Minority Interest in Earnings	-198.70K	-68.54K	-82.35K	-61.55K	-2.05K
Income Tax Expense	—	7.41K	9.36K	5.80K	4.88K
Effective Tax Rate	—	+0.7%	+0.6%	+0.8%	+0.5%
Per Share & Capital
EPS (Basic)	-0.00	0.00	0.00	0.00	0.00
EPS (Diluted)	-0.00	0.00	0.00	0.00	0.00
EPS Growth	—	-37.6%	+142.9%	-31.0%	—
Shares Change (YoY)	—	—	—	—	0.54
Shares Outstanding (Basic)	377.68M	377.68M	377.68M	377.68M	377.68M
Shares Outstanding (Diluted)	377.68M	377.68M	377.68M	377.68M	377.68M
Free Cash Flow	0.68M	2.92M	5.16M	2.53M	5.29M
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
Supplemental
Other Unusual Items	—	—	-3.07M	—	—