Listed fuel distributor and retailer Top Line Business Development Corp. announced continued strong growth momentum, posting P3.09 billion in gross revenues for the first nine months of 2025, a substantial 26.9% increase compared to P2.44 billion in the same period last year.
Net income likewise saw robust expansion, rising 21.1% year-on-year to P109.57 million from P90.51 million. This impressive result was fueled by accelerated retail market penetration and sustained expansion in commercial fuel trading.
“We are extremely pleased to confirm that we have already surpassed our full-year 2024 net income in just nine months,” said Mr. Eugene Erik Lim, Chairman, President, and CEO of TOP. “We remain optimistic heading into the final quarter. As we continue the renovation and integration of our newly acquired retail stations, we expect to see stronger and more diversified revenue streams in the coming year.”
The significant growth was driven by two key segments:
- Retail Fuel Sales (Light Fuels Corp.): TOP’s retail subsidiary, Light Fuels Corp., recorded a 152% surge in revenues, reaching P132.08 million (from P52.4 million). Retail fuel volume growth was even stronger, rising 168% to 2.73 million liters, reflecting deeper market penetration in underserved communities.
- Commercial Fuel Trading: Remaining the Company’s primary revenue engine, commercial fuel trading generated P2.96 billion in revenues, a 24.2% year-on-year increase from P2.4 billion. Total volume sales climbed 32.8% to 68.74 million liters.
“Our performance underscores our strategy of reaching underserved and unserved communities across the Visayas, where demand for reliable and accessible fuel continues to rise,” Mr. Lim added.
In the third quarter of 2025 alone, TOP maintained its trajectory, posting P1.12 billion in gross revenues (up 28.3%) and P32.7 million in net income (up 9.3%).
Recognizing its rapid expansion, the Company’s Board of Directors has approved the reclassification of 800 million unissued common shares into preferred shares. The Company will evaluate potential capital-raising options, subject to stockholder approval at the Special Stockholders’ Meeting on December 2, 2025.
“This strategic move aims to create long-term value for our investors while funding the expansion of our retail network and strengthening our supply chain to seize growth opportunities and support economic growth in the Visayas region,” Mr. Lim commented.
Furthermore, Topline Logistics and Development Corp., TOP’s subsidiary focused on importation and storage, recently secured a Certificate of Registration from the Bureau of Customs, authorizing its fuel importation activities. This initiative, coupled with planned expansion of current depot storage capacity, is expected to enhance TOP’s pricing strategy through better cost and operational efficiencies.
