- Net profit increased 83.4% to KWD 2.4 million, supported by 29.3% revenue growth and 46.8% EBITDA growth
- Store network expanded to 249 stores, with strong momentum across Kuwait and Saudi Arabia
Kuwait City, Kuwait, 3 May 2026: Trolley General Trading Company, a leading convenience retail platform listed on the Premier Market of Boursa Kuwait, announced its financial results for the first quarter ended 31 March 2026, marking its first earnings release following its successful listing on Boursa Kuwait.
Founded in 2010, Trolley operates a network of 249 stores as of 31 March 2026, serving a broad and evolving customer base across Kuwait and the Kingdom of Saudi Arabia.
Q1 2026 KEY FINANCIAL HIGHLIGHTS
• Total Revenue: KWD 25.9 million, up 29.3% YoY
• EBITDA: KWD 5.0 million, up 46.8% YoY, with an EBITDA margin of 19.3%
• Net Profit: KWD 2.4 million, up 83.4% YoY
• Net Cash Flow from Operations: KWD 4.7 million
• Return on Equity, ROE: 27.9%, compared to 22.2% in Q1 2025
• Earnings per Share: 8.9 fils, up 85.4% YoY
• Store Network: 249 stores, up 30.4% YoY, including 16 new stores opened during Q1
• Online Sales: KWD 1.3 million, up 5.4% YoY
OPERATIONAL AND MARKET HIGHLIGHTS
• Kuwait Retail Revenue Growth: 19% YoY
• Total KSA Retail Revenue: SAR 49.8 million, equivalent to KWD 4.1 million
• KSA Retail Revenue Growth: 67% YoY
• Like-for-like Growth: 11% YoY
RESILIENT PERFORMANCE DESPITE OPERATIONAL DISRUPTIONS
During the quarter, Trolley operated in a challenging environment, with temporary disruptions affecting a number of locations due to regional geopolitical developments. Despite this, the Company delivered strong growth across revenue and profitability, demonstrating the resilience of its operating model, the strength of its convenience-led retail platform, and the quality of its earnings.
The Company further confirmed that prevailing geopolitical conditions did not have a material impact on its supply chains. This resilience is supported by the centralized distribution model adopted by Trolley approximately three years ago through its central warehouse, which has enabled the Company to maintain adequate inventory levels and ensure continuity of operations without disruption.
STRONG REVENUE GROWTH DRIVEN BY EXPANSION
Trolley recorded total revenue of KWD 25.9 million in Q1 2026, up 29.3% year-on-year, supported by strong retail performance, continued network expansion, and growth across its core markets.
In Kuwait, retail revenue grew by 19% year-on-year, while total retail revenue in the Kingdom of Saudi Arabia reached SAR 49.8 million, equivalent to KWD 4.1 million, representing growth of 67% year-on-year. Like-for-like sales also grew by 11% year-on-year, reflecting sustained demand across the Company’s existing store base.
The Company expanded its store network to 249 stores as of 31 March 2026, representing growth of 30.4% year-on-year and an increase of 58 stores compared to Q1 2025, with 16 new stores opened during the first quarter of 2026.
RENTAL INCOME AND PROCESSING FEES
Rental income increased to KWD 2.1 million, up 107.6% year-on-year. This includes approximately KWD 1.0 million of Processing fees, compared to approximately KWD 0.31 million in Q1 2025.
Processing fees represent upfront payments linked to sublease agreements and are a recurring feature of the business, although their timing and magnitude may vary depending on contract renewals and new contracts.
EXPANDING PROFITABILITY AND MARGINS
EBITDA increased to KWD 5.0 million, up 46.8% year-on-year, with EBITDA margin expanding to 19.3%. Net profit reached KWD 2.4 million, up 83.4% year-on-year, supported by strong operating leverage, improved revenue mix, and disciplined cost management.
Earnings per share stood at 8.9 fils, compared to approximately 4.8 fils in the first quarter of 2025, representing growth of 85.4% year-on-year. Return on Equity reached 27.9%, compared to 22.2% in Q1 2025.
POST-LISTING MOMENTUM
These results follow the Company’s listing on Boursa Kuwait in March 2026, during which approximately 35% of its share capital was offered through a secondary private offering that generated total proceeds of KWD 59.5 million and witnessed strong demand exceeding the offering size by 15.2 times, with total demand amounting to approximately KWD 904.4 million.
Commenting on the results, Faisal Yaqoub Boodai, Chairman of Trolley, said: “The first quarter results reflect the Company’s continued focus on maintaining a balanced approach to growth and operational discipline. Following our recent listing on Boursa Kuwait’s Premier Market, we remain committed to enhancing transparency, strengthening governance practices, and delivering sustainable value to our shareholders.”
Mohammed Yaqoub Boodai, Group Chief Executive Officer and Vice Chairman of Trolley, added: “We continue to build on the operational foundation that has supported Trolley’s growth over the past 15 years, focusing on delivering a consistent customer experience across our network. Our priorities remain centered on disciplined execution and deepening our presence across the markets in which we operate.”
SEASONALITY AND REGULATORY ENVIRONMENT
Trolley noted that its performance follows a seasonal pattern, with the first quarter historically recording the lowest sales levels due to reduced demand during the holy month of Ramadan, while the fourth quarter typically reflects the highest sales activity of the year.
With regard to the regulatory environment, the Company confirmed its ability to adapt effectively to regulatory and legislative changes related to energy drinks and smoking products. The Company noted that the regulations issued during the first quarter of 2026 did not have a negative material impact on its sales or operational performance.
OUTLOOK
Trolley remains well positioned for continued growth, supported by its expanding store network, strong cash generation, disciplined capital allocation, and growing presence across Kuwait and the Kingdom of Saudi Arabia. Looking ahead, the Company will continue to focus on strengthening operational efficiency, enhancing customer experience, and pursuing growth opportunities aligned with its long-term strategy.