Top Line Business Development Corp. (TOP) reported robust first-half 2025 results, with gross revenues climbing 26.2% year-on-year to ₱1.97 billion from ₱1.56 billion last year. Net income rose 25.9% to ₱76.26 million, driven by higher fuel volumes and continued retail expansion under its subsidiary Light Fuels Corp.
Commercial fuel trading remained the Company’s main growth driver, generating ₱1.91 billion in revenues, up 25% year-on-year. Meanwhile, retail fuel revenues nearly doubled to ₱63.93 million, reflecting an 85% increase from last year’s ₱34.53 million as TOP accelerated the rollout of its Light Fuels stations.
“Our first-half revenues and net income already account for 59% and 78% of our 2024 full-year results, respectively,” said Eugene Erik Lim, Chairman, President, and CEO. “With historically higher sales volumes in the second half, we are confident in sustaining strong profitability through year-end, supported by our expanding retail network.”
Liquid fuel sales volumes surged 38.3% to 44.43 million liters in the first six months of 2025, already representing 61% of 2024’s full-year volume of 72.4 million liters. EBITDA also rose 33.9% year-on-year to ₱204.02 million, reflecting both scale and operational efficiency.
Profitability ratios showed modest improvements, with gross income margin increasing to 9.3% from 8.6% and net income margin steady at 3.9%, supported by efficient inventory management and financial discipline.
In the second quarter alone, TOP posted gross revenues of ₱972.81 million, up 17.8% year-on-year, while net income improved 16% to ₱38.36 million. Commercial fuel trading contributed ₱940.24 million, up 16%, while retail revenues surged 71% to ₱32.36 million. Quarterly liquid fuel volumes reached 22.65 million liters, 31.5% higher than the same period last year.
The results do not yet reflect the impact of recent retail acquisitions, which are expected to boost revenue growth beginning in the third quarter. In July, TOP completed the acquisition of 38 stations from Total Oil & Gas Resources, Inc. (TOGRI) and Ballston Metro Corporation (BMC), plus an additional site from Phoenix Petroleum. These acquisitions expand its footprint in Cebu, Leyte, Siquijor, and Negros Oriental.
“We remain bullish for a strong finish this year, backed by our dynamic leadership team and our expanded retail station network, which will further strengthen our market position in the Visayas,” Lim added.
