Bodi: "Trolley" results reflect its capacity for expansion and profitability

Trolley General Trading Company, 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 team, including Mohamed Boudi, Group Vice Chairman and Chief Executive Officer; Peter Jubra, Group Deputy Chief Executive Officer and Managing Director of Trolley Saudi Arabia; Amgad Fikry, Group Chief Financial Officer; and Tariq Shalabi, Group Chief Compliance Officer.

Management discussed the company’s financial performance, the expansion of its branch network, which now stands at 258 branches, and the continuous improvement in productivity. They also highlighted progress in its Saudi operations and the development of its governance and compliance framework.

Trolley achieved strong growth across its 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 rose by 54% to KD 5.2 million, reflecting the company’s ability to convert revenue growth into higher profitability levels.

The same 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. Profit growth continued to outpace revenue growth, demonstrating improved operating leverage across the company’s various business lines.

Mohamed Boudi, Group Vice Chairman and Chief Executive Officer, stated: “By the grace of God, our first-half results reflect Trolley’s ability to combine expansion with profitability. Net profit rose by 54% to KD 5.2 million, coinciding with our network reaching 258 branches. Kuwait continues to serve as a strong engine for 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. 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 growth was driven by a diverse set of integrated factors. 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 3.0%.

The presentation also 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 also outlined the structural fundamentals supporting Trolley’s investment appeal, including the resilience of demand in the convenience retail sector, the strategic site selection model, strong brand positioning, purchasing efficiency, and disciplined execution of its growth strategy.

Peter Jubra, Deputy Chief Executive Officer and Managing Director – Saudi Arabia, stated: “The strength of Truoli’s investment fundamentals is based on a combination of resilient demand and multiple domestic growth drivers. Our specialized model in the convenience retail sector, our presence in high-traffic strategic locations, and the strong positioning of our brands are all factors supporting sustained demand, while procurement and supply chain efficiency enhance our ability to expand profitably. As our network continues to mature in Kuwait and Saudi Arabia, we are focusing on converting expansion into higher productivity, stronger returns, and long-term sustainable value.”

In Kuwait, retail revenues rose by 16.7% year-on-year in the second quarter to KD 22.5 million, while like-for-like revenues grew by 10.3%. Combined average daily sales improved by 7.8%, reflecting the productivity of Truoli’s mature network in Kuwait and its ongoing role as a key platform for generating profits and cash flows for the Group.

In Saudi Arabia, retail revenues increased by 49.3% to KD 4.9 million, with like-for-like revenues growing by 21.5% as branches matured at a faster-than-planned pace. The network reached 85 branches, achieving an EBITDA of KD 223.8 thousand, compared to a loss of KD 78.2 thousand in the second quarter of 2025. Consequently, the EBITDA margin improved from -2.5% to +4.5%.

Baqala Boutique also maintained its positive growth trajectory, with retail revenues surging by 119.6% to KD 405.8 thousand, supported by a 53.6% increase in like-for-like revenues and network expansion to 28 branches. Its EBITDA losses narrowed by 62.4% to KD 25.9 thousand, compared to KD 69.0 thousand in the corresponding period of 2025.

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

Truoli continued to follow a disciplined capital allocation approach, with capital expenditures reaching 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, the Truoli Board of Directors approved a dividend of 17 fils per share, totaling KD 4.7 million. During the conference, management also discussed the continued development of Truoli’s compliance, risk management, and internal control systems. The company is focused on embedding governance practices across its various operations to support disciplined decision-making, enhance operational resilience, and enable sustainable growth.

Tarek Shalaby, Chief Compliance Officer of the Group, stated, “As Trolley continues to expand its operations, we are strengthening our compliance framework, risk management, and the supporting controls underpinning the company’s activities. Our approach goes beyond mere regulatory compliance; we embed effective governance, robust oversight, and a culture of accountability across all Group businesses, thereby enhancing decision-making quality and bolstering the confidence of our shareholders and various stakeholders.”