TOP delivers strong first half revenues at P1.97 billion, up 26.2% y-y driven by higher fuel sales volume

​Listed fuel distributor and retailer Top Line Business Development Corp. (“TOP” or the “Company”) posted strong first half 2025 performance, reporting P1.97 billion in gross revenues, up 26.2% year-on year from P1.56 billion in the same period last year. Net income climbed 25.9% to P76.26 million from P60.55 million, driven by strong sales across both commercial and retail segments.

​Commercial fuel trading remained TOP’s primary revenue driver, generating P1.91 billion in the first half, a 25% year-on-year increase from P1.53 billion in the corresponding period. The retail fuel segment under Light Fuels Corp. contributed P63.93 million in revenues which is an 85% leap from P34.53 million from the prior-year period, reflecting the Company’s ongoing retail expansion and brand penetration.

“Our first half revenues and net income already represent 59% and 78% of our 2024 full-year results, respectively. Retail fuel continues to deliver rapid growth, strengthening our revenue mix while our commercial fuel trading remains robust. With historically higher sales volumes in the second half, we are confident in sustaining strong profitability through year-end,” said Eugene Erik Lim, Chairman, President, and CEO.

Liquid fuel sales volume surged 38.3% to 44.43 million liters in the first six months of 2025, compared to 32.12 million liters in the same period last year. This already represents 61% of the Company’s total 2024 sales volume of 72.4 million liters, underscoring sustained demand momentum. TOP’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose 33.9% year-on-year to P204.02 million from P152.40 million in the same period.

TOP recorded modest gains in profitability ratios during the period, with gross income margin improving to 9.3% from 8.6% and net income margin remaining stable at 3.9% year-on-year, reflecting efficient inventory management and prudent financial discipline.

In the second quarter of 2025, gross revenues grew 17.8% year-on-year to P972.81 million from P826.07 million, while net income climbed 16% year-on-year to P38.36 million from P33.07 million. . Commercial fuel trading contributed P940.24 million, up 16% from P807.14 million, while the retail segment sustained strong momentum, surging 71% to P32.36 million from P18.90 million. Liquid fuel sales reached 22.65 million liters, up 31.5% year-on-year from 17.23 million liters in the same period last year.

The results do not yet reflect the impact of retail station acquisitions made in July 2025. The new assets are expected to be reflected in the Company’s balance sheet in the third quarter of 2025.

“We remain bullish for a strong finish this year, backed by our strong and dynamic leadership and management team, and the recent expansion of our retail service station network, which will further strengthen our market position in the Visayas,” Mr. Lim added.

Last month, TOP acquired 38 stations from Total Oil & Gas Resources, Inc. (TOGRI) and Ballston Metro Corporation (BMC), along with an additional site from Phoenix Petroleum, expanding its operational network in the high-growth regions of Cebu, Leyte, Siquijor, and Negros Oriental.
 
Top Line Business Development Corp. is a Cebu-based company active in commercial fuel trading, depot operations, and retail fuel in the Visayas region. It has two subsidiaries: (1) Topline Logistics and Development Corp., envisioned to engage in the importation, trading, distribution, and marketing of petroleum-based products; and (2) Light Fuels Corporation, engaged in the retail fuel sector.