Trolley Reports Strong Q1 Results with 29.3% Revenue Growth

Trolley’s Financial Performance in Q1 2026

Trolley, a prominent retail trading company based in Kuwait, announced its financial results for the first quarter ending March 31, 2026. This marks the company’s first financial disclosure following its successful listing on the Kuwait Stock Exchange. Founded in 2010, Trolley operates a network of 249 stores across Kuwait and Saudi Arabia, catering to a growing customer base.

The company’s total revenue for Q1 2026 reached 25.9 million Kuwaiti Dinars, reflecting a year-on-year growth of 29.3%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at 5.0 million Kuwaiti Dinars, up 46.8% from the previous year, with a margin of 19.3%. Net profit surged to 2.4 million Kuwaiti Dinars, marking an impressive 83.4% increase year-on-year.

Additional highlights include net cash flows from operations of 4.7 million Kuwaiti Dinars, a return on equity (ROE) of 27.9%, and earnings per share of 8.9 fils, up 85.4% year-on-year. Trolley’s branch network expanded by 30.4% year-on-year, with 16 new stores opened in Q1 2026.

Operational Highlights and Market Growth

Trolley’s retail revenue in Kuwait grew by 19% year-on-year, while total retail revenue in Saudi Arabia reached 49.8 million Saudi Riyals (approximately 4.1 million Kuwaiti Dinars), representing a remarkable 67% increase year-on-year. Same-store sales also rose by 11% year-on-year, indicating sustained demand across Trolley’s existing locations.

Despite facing operational challenges, including temporary disruptions due to regional geopolitical developments, Trolley demonstrated resilience. The company reported no significant impact on its supply chains, crediting its centralized distribution model implemented three years ago, which has allowed it to maintain adequate inventory levels.

Rental revenues climbed to 2.1 million Kuwaiti Dinars, a staggering 107.6% increase year-on-year. This figure includes approximately 1.0 million Kuwaiti Dinars from processing fees, which are recurrent components of the business, influenced by contract renewals and new agreements.

Post-Listing Momentum and Future Outlook

These results come on the heels of Trolley’s listing on the Kuwait Stock Exchange in March 2026, where approximately 35% of its capital was offered through a secondary private placement that garnered demand exceeding the offering size by 15.2 times, totaling around 904.4 million Kuwaiti Dinars.

Feisal Yaqoub Boudi, Chairman of Trolley, emphasized the company’s focus on balancing growth with operational discipline. He reiterated the commitment to enhancing transparency and governance practices, aiming to create sustainable value for shareholders.

CEO Mohammed Yaqoub Boudi highlighted the operational foundations that have supported Trolley’s growth over the past 15 years, emphasizing a consistent customer experience across the network. The company’s priorities remain centered on disciplined execution and expanding its market presence.

Seasonal Trends and Regulatory Environment

Trolley noted that its performance is typically seasonal, with Q1 historically being the lowest in sales due to decreased demand during Ramadan. Conversely, Q4 generally records the highest sales activity throughout the year. The company expressed confidence in its ability to adapt to regulatory changes regarding energy drinks and tobacco products, stating that recent legislation did not adversely affect sales or operational performance.

Looking ahead, Trolley remains well-positioned for continued growth, supported by its expanding branch network, strong cash flows, and disciplined capital allocation. The company plans to enhance operational efficiency, improve customer experience, and explore growth opportunities aligned with its long-term strategy.

Frequently Asked Questions

What were Trolley’s financial results for Q1 2026?

Trolley reported revenues of 25.9 million Kuwaiti Dinars, with a 29.3% year-on-year growth.

How many stores does Trolley operate?

As of March 31, 2026, Trolley operates 249 stores.

What is the impact of geopolitical issues on Trolley’s operations?

Trolley reported no significant impact on its supply chains due to geopolitical developments.

How did Trolley perform in Saudi Arabia?

Trolley’s retail revenue in Saudi Arabia increased by 67% year-on-year, totaling 49.8 million Saudi Riyals.

What are Trolley’s future growth plans?

Trolley plans to focus on operational efficiency and expanding its market presence in Kuwait and Saudi Arabia.