Dear Shareholders,

On behalf of the Board of Directors, it is my privilege to present the Annual Report for the financial year ending December 31, 2025. Following the transformative milestones of 2024, this past year represents a definitive period of consolidation and operational realization for United Oil Projects (UOP). While 2024 focused on expanding our footprint, 2025 was about demonstrating the strength and efficiency of our integrated business model.

Throughout 2025, we navigated a complex landscape of geopolitical tension and supply chain disruption with a focus on stability and scale. Our continued growth within the Kuwaiti energy sector serves as clear evidence that our diversification strategy is working. UOP has successfully transitioned from a phase of strategic growth to a phase of operational leadership, delivering high-performance results for all our shareholders.

A YEAR OF OPERATIONAL EXCELLENCE
Our core divisions achieved several record-breaking milestones this year, focusing on technical precision and market expansion:

Rig Expansion: United Precision Drilling Company Successfully spudded all six newly contracted rigs, effectively doubling our active fleet to 12 rigs in Kuwait.

Contract Extension:United Qmax Drilling Fluids Company Secured a formal contract extension from Kuwait Oil Company (KOC) through mid-2026, affirming our subsidiary’s technical reliability and longterm partnership with the state’s energy sector.

JTC Logistics Transportation & Stevedoring Co. K.S.C.Pcontinues to demonstrate exceptional performance and while reinforcing its growth strategy through its operations in Saudi Arabia and Qatar.

New Strategic Alliances:Awarded a fiveyear KOC contract for Managed Pressure Drilling (MPD) services through our alliance with Xinjiang Grand Oilfield Technology Inc., marking our entry into high-growth technical segments.

KCMC Market Resilience:Maintained operational stability and completed foundational groundwork for product diversification into emulsions and epoxy resins to counter global pricing volatility

FINANCIAL RESILIENCE AND GROWTH
Our financial performance in 2025 reflects a company that is rapidly scaling its operations and strengthening its balance sheet.

Revenue Growth:Consolidated revenue increased substantially to KD 15.80 million, a remarkable 501.1% increase year-on-year, primarily driven by the full integration of UQDF.

Profitability Narrative:UOP reported a net profit of KD 6.038 million. While this is lower than the KD 7.413 million reported in 2024, the decline is purely due to the absence of the one-off acquisition gain recorded in the previous year. Our underlying comprehensive income actually rose to KD 10.75 million, up from KD 7.58 million.

Asset Strength:
Total assets increased by 22.1% to KD 48.60 million, while shareholders’ equity grew by 24.2% to KD 44.99 million.

In line with our commitment to maximizing shareholder returns, the Board has proposed a cash dividend of 25% of the company’s paidup capital, which equates to 25 fils per sharefor the current year, reflecting our confidence in UOP’s continued financial health and cash flow stability. This proposal is subject to the approval process by the General Assembly and relevant authorities.

I would like to express my sincere gratitude to our shareholders, partners, and customers for their continued trust. My heartfelt appreciation to the Board of Directors for their continued support in realizing our collective vision and for establishing the way forward. My appreciation also goes to our Executive Management team and staff for their dedication in navigating a complex global environment to deliver these robust results.

Sincerely

Sabah Mohammad Al Sabah
Chairman