Strong retail expansion and commercial fuel gains drive growth; company eyes capital reclassification and import operations
Listed fuel distributor and retailer Top Line Business Development Corp. (“TOP” or the “Company”) sustained its growth momentum in the first nine months of 2025, posting ₱3.09 billion in consolidated revenues, up 26.9 percent from ₱2.44 billion in the same period last year. Net income rose 21.1 percent to ₱109.57 million from ₱90.51 million, driven by triple-digit growth in retail fuel sales and solid double-digit expansion in commercial fuel trading.
“We have already exceeded our full-year 2024 net income and remain optimistic heading into the final quarter,” said Eugene Erik Lim, Chairman, President, and CEO of TOP. “As we continue to renovate and integrate our newly acquired retail stations, we expect even stronger and more diversified revenues moving forward.”
Retail Fuel Growth Surges Triple Digits
TOP’s retail fuel arm, Light Fuels Corp., recorded a 152 percent surge in revenues to ₱132.08 million for the first nine months of 2025, from ₱52.4 million last year. Retail fuel volume likewise soared 168 percent to 2.73 million liters, compared to 1.02 million liters in the same period of 2024.
Meanwhile, commercial fuel trading—the company’s primary revenue driver—generated ₱2.96 billion in revenues, up 24.2 percent from ₱2.4 billion, with total volume sales climbing 32.8 percent to 68.74 million liters from 51.78 million liters a year ago.
“Our performance underscores higher volume turnover and deeper retail market penetration,” Lim said. “This growth reflects our commitment to reaching underserved and unserved communities across the Visayas, where demand for reliable and accessible fuel continues to rise.”
Sustained Strong Performance in Q3 2025
In the third quarter of 2025, TOP reported ₱1.12 billion in gross revenues, up 28.3 percent year-on-year from ₱872.9 million. Net income rose 9.3 percent to ₱32.7 million from ₱29.9 million a year earlier.
Commercial fuel trading contributed ₱1.1 billion in revenues, up 23 percent, while the retail segment surged 282 percent to ₱68.1 million from ₱17.8 million. Total liquid fuel sales volume grew 24.7 percent to 24.32 million liters, compared to 19.66 million liters in the same quarter last year.
Capital Reclassification and Expansion Plans
Recognizing its strong growth trajectory, TOP’s Board of Directors has approved the reclassification of 800 million unissued common shares into preferred shares and will evaluate potential capital-raising options. The proposal will be presented for stockholder approval at a Special Stockholders’ Meeting scheduled on December 2, 2025.
“This initiative aims to create long-term value for our investors while expanding our retail network and strengthening our supply chain to capture growth opportunities in the Visayas economy,” Lim added.
Fuel Importation to Enhance Competitiveness
TOP’s subsidiary, Topline Logistics and Development Corp., has recently received its Certificate of Registration from the Bureau of Customs, authorizing it to import petroleum-based products.
“Once our systems and processes are fully operational, we will begin importation, which will enhance our pricing strategy and improve cost efficiency,” Lim noted. “We are also expanding our current depot storage capacity to support the scale of our upcoming import operations.”
TOP’s robust retail expansion, ongoing network improvements, and entry into fuel importation position the company for sustained growth and stronger profitability in the coming quarters.