"Truly" solidifies its position to continue its regional ambitions

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

Several members of Trolley’s executive management team participated in the conference. The management discussed the company’s financial performance, the expansion of its branch network, which reached 258 branches, 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 the year. 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.

The same 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, reflecting improved operating leverage across the company’s various business lines.

Mohammed Boudi, Vice Chairman and Group Chief Executive Officer, stated: “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% to KD 5.2 million, coinciding with our network reaching 258 branches. Kuwait continues to play a strong role in generating profits and cash flows, while Trolley Saudi Arabia’s operations are maturing faster than planned, achieving 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 clarified that the 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%. Additionally, revenues from the “store-within-a-store” model grew by 114.6% year-on-year, and app-based revenues increased 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 also outlined the structural fundamentals supporting Trolley’s investment appeal, including the resilience of demand in the near-store retail sector, a strategic site selection model, strong brand positioning, purchasing efficiency, and disciplined execution of its growth strategy.

Peter Jubeh, Deputy Chief Executive Officer of the Group and Managing Director of Trolley Saudi Arabia, said: “Trolley’s investment fundamentals are underpinned by a combination of resilient demand and multiple domestic 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 efficiency and supply chain capabilities enhance our ability to achieve profitable expansion. As our network in Kuwait and Saudi Arabia continues to mature, we are focused on translating expansion into higher productivity, stronger returns, and long-term sustainable value.”

In Kuwait, retail revenues rose 16.7% year-on-year in the second quarter 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 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, while like-for-like revenues grew by 21.5%, driven by store maturation at a pace faster than planned. The network reached 85 stores, achieving 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 119.6% to KD 405.8 thousand, supported by 53.6% growth in like-for-like revenues and network expansion to 28 stores. 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, stated: “Our second-quarter performance reflects the quality of Trolley’s earnings. Revenues grew by 22.9%, while EBITDA increased by 28.6%, and net profit rose by 34.9%, confirming that profitability continues to grow at a rate exceeding revenue growth. This improvement was supported by higher store productivity, the achievement of positive EBITDA in Saudi Arabia, and the continued reduction of losses at Baqala Boutique.”

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, down from 4.2% in the second quarter of 2025. It also maintained a strong net cash position, with a net debt-to-EBITDA ratio of -1.6x, while the annualized return on total equity remained robust at 29%.

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.

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