The Cebu-based company said revenues grew 24% from ₱3.37 billion in 2024, while net income rose 21% from ₱99.44 million in the previous year. Gross income climbed 35% to ₱391.22 million from ₱289.08 million, driven by improved pricing strategies, cost management, and rising fuel volumes.

“Our 2025 performance affirms the strength of our vertical integration strategy. By reinforcing our commercial trading operations while expanding our retail presence, we are building a more diversified and scalable business,” said Eugene Erik Lim, TOP Chairman, President and CEO.

TOP also reported an improvement in gross profit margin to 9.34% in 2025, up from 8.57% in 2024.

“In a high-volume industry characterized by thin margins, a 77-basis-point expansion demonstrates our ability to enhance profitability even amid market volatility,” said Atty. Constance Marie C. Lim, TOP First Vice President and Chief Financial Officer.

Total fuel sales volume grew 31% year-on-year to 96.26 million liters in 2025, compared with 73.45 million liters in 2024.

Commercial fuel trading remained the company’s primary revenue driver. Sales volume in this segment reached 92.65 million liters, up 28% from 72.45 million liters in the previous year, translating to ₱3.98 billion in revenues—an increase of 21% from ₱3.29 billion in 2024.

Meanwhile, Light Fuels Corp., TOP’s retail subsidiary, posted triple-digit growth. Retail fuel volume surged 126% to 3.63 million liters from 1.60 million liters a year earlier, while revenues jumped 153% to ₱205.73 million as the company expanded its station network and improved station performance.

“While commercial fuel trading remains the core revenue driver of our business, the triple-digit growth in retail underscores the strong demand potential of Light Fuels. As we continue to renovate the acquired stations, we are positioning the Company for sustained an resilient growth,” said Brigitte Carmel C. Lim, Senior Vice President and Chief Operating Officer.

In the fourth quarter of 2025 alone, TOP generated ₱1.10 billion in revenues, up 17% from ₱936.40 million in the same period in 2024. Total fuel volume during the quarter rose 27% year-on-year to 27.52 million liters.

Commercial trading contributed ₱1.02 billion in revenues for the quarter, a 12% increase from ₱906.95 million a year earlier. Retail revenues grew sharply by 148% to ₱73.01 million, compared with ₱29.45 million in the fourth quarter of 2024.

“Building on this growth trajectory, we are pursuing cost optimization initiatives to safeguard margins. In 2026, we are preparing for a capital-raising initiative to support supply chain enhancements, including direct fuel importation, expanded storage infrastructure, and retail network expansion,” Mr. Lim added.

Engaged in commercial fuel trading, depot operations, and retail fuel distribution across the Visayas, TOP operates through two subsidiaries: Topline Logistics and Development Corp., which handles the importation, trading, distribution, and marketing of petroleum products; and Light Fuels Corporation, which focuses on the company’s expanding retail fuel network.

The company’s board has approved the creation of a Singapore-based trading house that will serve as its international trading arm. The new entity will allow TOP to directly engage global fuel suppliers and optimize procurement arrangements as it scales up importation activities.

“This initiative is a strategic step toward our long-term vertical integration strategy by optimizing our end-to-end supply chain. By establishing a trading presence in Singapore, we enhance our fuel supply reliability and efficiently structure our costs. Over time, this is expected to contribute to better margins and more efficient fuel sourcing across our network,” said Atty. Constance Marie C. Lim, First Vice President and Chief Financial Officer.

The move follows the recent grant of a Certificate of Registration by the Bureau of Customs to Topline Logistics and Development Corp. (TLDC), TOP’s logistics subsidiary, authorizing it to undertake fuel importation activities.

Singapore is widely recognized as Asia’s largest oil trading hub, serving as a key gateway between Middle Eastern producers and Southeast Asian markets. By establishing a presence in the city-state, TOP positions itself closer to major market participants, trading platforms, and global pricing benchmarks.

Based in Cebu, TOP is active in commercial fuel trading, depot operations, and retail fuel distribution across the Visayas. It operates two subsidiaries: TLDC, which handles the importation, trading, distribution, and marketing of petroleum-based products, and Light Fuels Corporation, which focuses on retail fuel operations.