Trolley Posts 5.2 Million Dinars in First-Half Profit, Up 54% Year on Year

Key Facts

Trolley reported net profit of 5.2 million Kuwaiti dinars in the first half of 2026, up 54.0% year on year, according to results published by the company. Total revenue reached 54.9 million dinars, up 25.8% from the year-earlier period. Earnings before interest, taxes, depreciation and amortization also rose 36.7% to 10.4 million dinars. Profit growth outpaced revenue growth during the period, while net cash flow from operating activities increased 20.3% to 10.1 million dinars. These results cover the first half, as the nine-month figures included in the initial draft could not be verified.

Retail revenue growth was split between the company’s two main markets, rising 56.9% year on year in Saudi Arabia in the first half, compared with 18.4% in Kuwait, according to a Trolley disclosure. Like-for-like sales growth was 9.8%, a measure that captures the performance of existing stores, excluding the effect of adding new branches. That puts like-for-like sales growth below revenue growth in both markets, although the measures and categories they cover differ. The figures show a clear difference in the pace of retail revenue growth between Saudi Arabia and Kuwait. The company did not provide a detailed explanation for the gap in the available figures.

Trolley expanded its store network by a net 25 stores in the first half of 2026, including 8 stores in Kuwait and 17 in Saudi Arabia. The network totaled 259 stores as of June 30, the company said. Net expansion was therefore concentrated in Saudi Arabia, where the company also recorded higher retail revenue growth than in Kuwait. By contrast, like-for-like sales growth of 9.8% provides a separate measure of the effect of network expansion because it measures sales at existing stores. In its presentation, the company linked growth in both markets with store additions, without breaking down how much each factor contributed to the increase in revenue.

Trolley Chairman Faisal Yaqoub Boodai said the first-half results “show our ability to achieve sustainable growth while maintaining operational and financial discipline.” Net profit and revenue growth coincided with increases in earnings before interest, taxes, depreciation and amortization and operating cash flow, two figures the company reported alongside its results. Earnings before interest, taxes, depreciation and amortization grew 36.7%, while operating cash flow rose 20.3% year on year. These indicators reflect different aspects of the period’s performance, from profitability to cash generated by operating activities. The disclosure did not include an updated financial forecast for the nine months.

The expansion follows growth in the group’s income in earlier periods: the offering document showed total income rising from 57.6 million dinars in the first nine months of 2024 to 68.3 million dinars in the same period of 2025. The company also reported first-quarter 2026 revenue of 25.9 million dinars, up 29.3% year on year, and net profit of 2.4 million dinars, an increase of 83.4%. The first-half results offer a more recent reading covering the first and second quarters, with revenue growth of 25.8% and net profit growth of 54.0% year on year. The reported figures do not allow for a direct comparison of net income in the first nine months of 2024 and 2025; the published comparison for that period concerns total income.

The company said its priorities for the second half of 2026 include disciplined expansion into high-potential locations, improving efficiency and making use of its centralized distribution model, as well as developing the customer experience across different channels, including e-commerce. In two subsequent disclosures, Trolley said it won a tender on October 1 to operate a supermarket in the Ministry of Education building for five years, then won a tender on October 13 to operate and manage a grocery business at Al-Razi Hospital for the same term. In both cases, the company disclosed that the information had no effect on its financial position. The offering prospectus had forecast revenue growth of between 20.0% and 23.0% in 2026, an earlier company estimate. It also cited a profit margin range of 8.0% to 9.5% for fiscal years 2025 and 2026, and an intention to distribute 90.0% of 2026 net income. These forecasts and the stated intention remain background to the company’s announcements, while it identified efficiency, expansion and customer experience as its areas of focus for the second half.