Troweli's net profit rose 54% to KD 5.2 million

Trolley for General Trading, the leading convenience retail platform and a member of 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 Gabra, Group Deputy Chief Executive Officer and Managing Director of Trolley Saudi Arabia; Amgad Fikry, 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 to 258 outlets, and the continuous improvement in productivity, alongside the progress of its operations in the Kingdom of Saudi Arabia and the development of its governance and regulatory 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 also rose by 54.0% 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, and EBITDA growing by 28.6% to KD 5.4 million. Net profit increased by 34.9% to KD 2.8 million, as profit growth continued to outpace revenue growth, demonstrating improved operating leverage across the company’s various businesses.

Mohamed Boudi, Group Chief Executive Officer and Vice Chairman, said: “By the grace of God Almighty, our first-half results reflect Trolley’s ability to combine expansion with profitability, as net profit rose by 54.0% 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 our 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 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-in-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 elasticity of demand in the convenience retail sector, the strategic site model, the strong positioning of its brands, purchasing efficiency, and disciplined execution of its growth strategy.

Peter Gabra, Group Deputy Chief Executive Officer and Managing Director of Trolley Saudi Arabia, stated: “Trolley’s investment strength is based on a combination of elastic demand and multiple internal growth drivers. Our specialized convenience retail model, our presence in high-traffic strategic locations, and the strong positioning of our brands all support sustained demand, while purchasing and supply chain efficiency 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. Comparable revenues grew by 10.3%, and the average daily sales per store 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 comparable 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%. Additionally, “Bodega Boodi” maintained its positive growth trajectory, with retail revenues increasing by 119.6% to KD 405,800, supported by a 53.6% rise in comparable revenues and network expansion to 28 branches. Its EBITDA losses narrowed by 62.4% to KD 25,900, compared to KD 69,000 in the same period of 2025.

Amgad Fikry, Group Chief Financial Officer, said: “Our second-quarter performance reflects the quality of Trolley’s earnings. Revenues increased by 22.9%, while EBITDA grew by 28.6% and net profit rose by 34.9%, confirming that profitability continues to grow at a faster pace than revenues. This improvement was supported by increased branch productivity, the achievement of positive EBITDA in Saudi Arabia, and the continued narrowing of losses at Bodega Boodi.”

Trolley 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 Trolley Board of Directors approved a dividend of 17 fils per share, totaling KD 4.7 million.

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

Tariq Shalabi, Group Head of Regulatory Compliance, said: “As Trolley’s operations continue to expand, we are working to strengthen the regulatory compliance, risk management, and control systems 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 activities, which supports decision-making quality and enhances the confidence of our shareholders and various stakeholders.”

The conference concluded with a question-and-answer session, during which management addressed analysts’ and investors’ inquiries regarding the company’s financial performance, branch productivity, regional expansion plans, and long-term growth priorities.