Top Line Business Development Corp. (Top Line) records a historic high of ₱90.5 million in net income in the first nine months of 2024 soaring 157% year-on-year from ₱35.2 million for the same period in 2023. The Company’s financial performance has already exceeded its full-year results for 2023 at ₱78.2 million, underscoring Top Line’s strong management and strategic positioning.
“Top Line has been growing consistently over the years and our record high net income growth is fueled by the strength of our business model and strategy, resulting in robust volume sales, improved gross margins, and better income streams. Our appetite for growth and expansion will continue as we seek to sustain this momentum to further generate value for our customers, employees, and stakeholders,” Mr. Erik Lim, Top Line’s Chairman, President and CEO, said.
The Company has also posted an all-time high of about ₱2.4 billion in gross revenues in the first nine months of 2024 compared with about ₱2.2 billion in the same period in 2023. This translates into an improved sales performance by about ₱262.8 million or growing by 12% year-on-year.
“This has been driven by higher volume turnover, demonstrating the effectiveness of our strategic initiatives and our ability to adapt to market demands in the high growth region of Central Visayas,” Atty. Constance Marie C. Lim, First Vice President and Chief Financial Officer, said.
In the first nine months of 2024, Top Line has sold about 50.8 million liters of liquid fuels which is 19% higher from the previous about 42.7 million liters of liquid fuels in the same period in 2023. The Company operates commercial fuel trade, which spans both depot operations and industrial accounts, as well as retail trade through its Light Fuels and Light Fuels Express brands.
Top Line has also achieved higher gross income margin of 8.9% in the first nine months of 2024 compared with 7.3% in the same period in 2023, and higher than 8.4% for the full year of 2023. The enhanced supply levels and its robust inventory management, driven by the efficient operation of its supply depot, significantly contributed to the improvement in the company’s gross margin.
The Company’s net income margin likewise jumped to 3.7% for the first nine months of 2024, compared with 1.6% for the same period in 2023, and higher than 2.7% for the full year of 2023. The improvements were mainly driven by better operating leverage as volumes continue to scale, as well as the impact of the Company’s strategic initiatives.
“In view of the competitive market environment with fluctuating fuel prices, Top Line has established a carefully calibrated pricing strategy balancing both affordability and value to maintain and further expand our customer base. With a primary focus on the underserved markets in Central Visayas, we are reaping the fruits of our targeted strategy,” Mr. Lim said.
“With our upcoming initial public offering, we are committed to driving sustained growth and supporting our operational expansion plans,” Mr. Lim added.
Expected to be the maiden IPO of the year, Top Line aims to raise up to ₱764.2 million in net proceeds from the firm shares at an indicative offer price of up to ₱0.38 per share.
