Listed fuel distributor and retailer Top Line Business Development Corp. (“TOP” or the “Company”) sustained its strong growth trajectory in the first half of 2026, with net income rising 61.6% to P123.21 million from P76.26 million, already exceeding its full-year 2025 net income of P120.3 million and equivalent to 102.4% of the full-year figure.
The Company also recorded consolidated revenues of P3.84 billion, up 94.2% year-on-year from P1.97 billion in the same period last year. “This is the first time that TOP has surpassed the previous year’s full-year net income within the first half alone, reflecting our ability to deliver profitable growth at scale. Our performance continues to be anchored on the strength of our commercial fuel business, while the increasing contribution of our Light Fuels retail segment gives us a broader platform for sustained growth,” Eugene Erik Lim, Chairman, President, and CEO, said.
Commercial fuel trade remained the Company’s main revenue driver, generating P3.47 billion or 90.4% of first-half revenues, up 81.4% from P1.91 billion in the same period last year. Commercial fuel volume rose 31.6% to 56.71 million liters from 43.09 million liters. Retail fuel posted faster growth as TOP continued to scale its Light Fuels service station business across the Visayas.
The segment generated P369.24 million in first half revenues, surging 474% from P64.31 million a year ago and significantly expanding its total revenue contribution to 9.6% from just 3.3% in the first half of 2025. Retail fuel volume likewise jumped 295% to 5.30 million liters from 1.34 million liters. Consolidated total fuel sales volume climbed 39.6% to 62.01 million liters in the first six months of 2026 from 44.43 million liters a year ago, underscoring sustained demand across TOP’s commercial and retail fuel segments.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 56.8% to P320.38 million from P204.29 million, demonstrating TOP’s ability to translate higher revenues and volumes into stronger operating earnings TOP’s gross profit more than doubled to P366.89 million from P182.64 million. Its gross profit margin improved to 9.57% in the first half of 2026 from 9.25% a year ago, reflecting improved operating scale and disciplined cost management.
Net income margin stood at 3.21%, reflecting continued profitability despite higher finance costs associated with the Company’s expansion initiatives.
“The improvement in our gross profit margin reflects the benefits of operating scale, disciplined inventory management, and continued cost control as we grow both our commercial and retail fuel businesses. While we continue to expand, we remain focused on protecting margins and sustaining profitability within our target range,” said Atty. Constance Marie Lim, CPA, First Vice President and Chief Finance Officer.
In the second quarter of 2026, TOP more than doubled its consolidated revenues to P2.08 billion, up 113.6% from P972.81 million in the same quarter last year. Net income grew 59.5% to P60.45 million from P37.89 million. Second-quarter liquid fuel sales volume increased 35.9% to 30.75 million liters from 22.63 million liters a year earlier.
Commercial fuel trade continued to account for the majority of Q2 revenues, generating P1.85 billion or 88.8% of quarterly revenues, up 96.3% from P940 million in Q2 2025.
The segment sold 27.47 million liters during the quarter, up 29.1% from 21.29 million liters. Retail fuel accelerated in the second quarter, generating P232.03 million or 11.2% of Q2 revenues, a 612.6% increase from P32.56 million a year ago. Retail volume expanded 453.3% to 3.27 million liters from 710,000 liters.
“The growth of our retail fuel segment shows that our strategy is beginning to deliver a more balanced revenue mix. While commercial fuel continues to anchor our performance, retail gives TOP a broader customer base, stronger consumer presence, and a more direct role in meeting everyday fuel demand,” Brigitte Carmel Lim, Senior Vice President and Chief Operating Officer, said.
Following its successful P1.5-billion follow-on offering in June 2026, TOP is expected to have stronger capacity to pursue its growth strategy and reinforce energy security in the Visayas, where reliable fuel supply is critical to transport, trade, logistics, tourism, construction, and other economic activities. “As we expand our commercial fuel operations and retail network, our goal is to build a stronger and more resilient fuel supply chain for the Visayas.
We remain focused on ensuring that businesses, motorists, and communities have access to reliable fuel supply to support sustained regional growth,” Mr. Lim added.
