Mohammed Boudi: "Trolley" results reflect its ability to combine expansion and profitability

Trolley for General Trading, the leading convenience retail platform and a listed entity on the Kuwait Stock Exchange’s First Market, held its second-quarter 2026 analyst conference, hosted by Aqarm Capital, to discuss the company’s financial and operational performance for the three- and six-month periods ended June 30, 2026.

The conference was attended by several members of Trolley’s executive management, including Mohamed Boudi, Vice Chairman and Group Chief Executive Officer; Peter Gebre, Group Deputy Chief Executive Officer and Managing Director of Trolley Saudi Arabia; Amjad Fikri, Group Chief Financial Officer; and Tariq Shalabi, Group Head of Regulatory Compliance.

Management discussed the company’s financial performance, the expansion of its branch network, which reached 258 branches, and the continuous improvement in productivity, alongside progress in its operations in the Kingdom of Saudi Arabia and the development of its governance and regulatory compliance framework.

Trolley achieved strong growth across the income statement during the first half of 2026. Total revenues increased by 25.8% year-on-year to KD 54.9 million, while earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 36.7% to KD 10.4 million. Net profit also rose by 54% to KD 5.2 million, reflecting the company’s ability to convert revenue growth into higher profitability levels.

This momentum continued into the second quarter, with revenues increasing by 22.9% year-on-year to KD 29.1 million. EBITDA grew by 28.6% to KD 5.4 million, and net profit increased by 34.9% to KD 2.8 million. The continued growth of profits at a rate exceeding revenue growth highlights improved operating leverage across the company’s various business lines.

**Expansion and Profitability**

Mohamed Boudi, Vice Chairman and Group Chief Executive Officer, stated: “Our first-half results reflect Trolley’s ability to combine expansion with profitability, as net profit rose by 54% to KD 5.2 million, coinciding with our network reaching 258 branches.”

Boudi added that Kuwait continues to play a strong role in generating profits and cash flows, while Trolley’s operations in Saudi Arabia are maturing faster than planned, having achieved positive EBITDA for three consecutive quarters.

He further noted: “Thanks to our debt-free balance sheet and self-funded growth model, we are well-positioned to continue our regional ambitions and deliver sustainable returns to shareholders.”

Management explained that the growth was driven by a diverse set of integrated drivers. Trolley added 25 net new branches during the first half, while revenues from mature branches increased by 9.8%. Revenues from the “store-within-a-store” model grew by 114.6% year-on-year, and app revenues rose by 3%.

The presentation highlighted the growing scale of Trolley’s physical and digital platform, which comprises 258 branches and recorded 21 million transactions. E-commerce sales reached KD 2.1 million, app revenues amounted to KD 341,000, and loyalty program registrations reached 51,500.

Management outlined the structural factors supporting Trolley’s investment appeal, including the inelastic demand in the convenience retail sector, a strategic site selection model, strong brand positioning, purchasing efficiency, and disciplined execution of its growth strategy.

**Trolley Saudi Arabia**

Peter Gebre, Group Deputy Chief Executive Officer and Managing Director of Trolley Saudi Arabia, said: “Trolley’s investment strength is based on a combination of inelastic demand and multiple internal growth drivers. Our specialized convenience retail model, presence in high-traffic strategic locations, and strong brand positioning all support sustained demand. Meanwhile, purchasing efficiency and supply chain capabilities enhance our ability to expand profitably. As our network in Kuwait and Saudi Arabia continues to mature, we are focused on converting expansion into higher productivity, stronger returns, and long-term sustainable value.”

In Kuwait, retail revenues in the second quarter increased by 16.7% year-on-year to KD 22.5 million. Like-for-like revenues grew by 10.3%, and the average daily combined sales improved by 7.8%. This performance reflects the productivity of Trolley’s mature network in Kuwait and its ongoing role as a primary platform for generating profits and cash flows for the group.

In the Kingdom of Saudi Arabia, retail revenues rose by 49.3% to KD 4.9 million, while like-for-like revenues grew by 21.5% as branches matured faster than planned. The network reached 85 branches, achieving EBITDA of KD 223,800, compared to a loss of KD 78,200 in the second quarter of 2025. Consequently, the EBITDA margin improved from -2.5% to 4.5%.

**Profit Growth**

Amjad Fikri, Group Chief Financial Officer, stated: “Our second-quarter performance reflects the high quality of Trolley’s earnings. Revenues increased by 22.9%, while EBITDA grew by 28.6%, and net profit rose by 34.9%. This confirms that profitability continues to grow at a rate exceeding revenue growth. This improvement was supported by increased branch productivity, the achievement of positive EBITDA in Saudi Arabia, and the continued reduction in losses at Boodiqa.”

Trolley continued to follow a disciplined capital allocation approach. Capital expenditures totaled KD 1.1 million in the second quarter, equivalent to 3.7% of revenues, compared to 4.2% in the second quarter of 2025. The company maintained a strong net cash position, with a net debt-to-EBITDA ratio of -1.6x, while the annualized return on total equity remained strong at 29.0%.

Reflecting the company’s ability to balance expansion with shareholder returns, Trolley’s board of directors approved a dividend of 17 fils per share, totaling KD 4.7 million.

Tariq Shalabi, Group Head of Regulatory Compliance, said: “As Trolley’s operations continue to expand, we are working to strengthen the regulatory compliance framework, risk management, and controls supporting our business. Our approach goes beyond merely meeting regulatory requirements; we are embedding effective governance, oversight, and a culture of accountability across all group operations. This supports high-quality decision-making and enhances the confidence of our shareholders and various stakeholders.”

**Strengthening Governance**

During the conference, Trolley’s management discussed the continued development of its regulatory compliance, risk management, and internal control systems. The company is focused on embedding governance practices across all its operations to support disciplined decision-making, enhance operational resilience, and enable sustainable growth.

**Boodiqa Shows Positive Growth**

Boodiqa maintained its positive growth trajectory. Retail revenues increased by 119.6% to KD 405,800, supported by a 53.6% growth in like-for-like revenues and network expansion to 28 branches. Losses before interest, taxes, depreciation, and amortization narrowed by 62.4% to KD 25,900, compared to KD 69,000 in the corresponding period of 2025.