Listed fuel distributor and retailer Top Line Business Development Corp. announced a robust first half of 2025, with gross revenues surging to P1.97 billion, a 26.2% increase from P1.56 billion in the same period last year. Net income climbed 25.9% to P76.26 million, up from P60.55 million, reflecting strong sales across both its commercial and retail segments.
Commercial fuel trading remained the primary revenue driver, contributing P1.91 billion in the first half, a 25% year-on-year increase. The Company’s retail fuel segment, operating under Light Fuels Corp., experienced an exceptional 85% leap in revenues to P63.93 million, underscoring TOP’s ongoing retail expansion and brand penetration.
“Our first half revenues and net income already represent 59% and 78% of our 2024 full-year results, respectively. Retail fuel continues to deliver rapid growth, strengthening our revenue mix while our commercial fuel trading remains robust,” said Eugene Erik Lim, TOP’s Chairman, President, and CEO. “With historically higher sales volumes in the second half, we are confident in sustaining strong profitability through year-end.”
Liquid fuel sales volume grew significantly, surging 38.3% to 44.43 million liters in the first six months of 2025, compared to 32.12 million liters in the prior-year period. This volume already represents 61% of the Company’s total 2024 sales volume, highlighting sustained demand momentum. Additionally, TOP’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 33.9% year-on-year to P204.02 million. The Company also recorded efficient operations, with gross income margin improving to 9.3% from 8.6%.
The strong performance continued into the second quarter of 2025, with gross revenues increasing 17.8% year-on-year to P972.81 million and net income climbing 16% to P38.36 million.
“We remain bullish for a strong finish this year, backed by our strong and dynamic leadership and management team, and the recent expansion of our retail service station network, which will further strengthen our market position in the Visayas,” Mr. Lim added.
The results do not yet reflect the impact of the Company’s recent acquisitions of 38 stations from Total Oil & Gas Resources, Inc. and Ballston Metro Corporation, and an additional site from Phoenix Petroleum, which expanded TOP’s network in high-growth regions of Cebu, Leyte, Siquijor, and Negros Oriental. These new assets are expected to be reflected in the Company’s balance sheet in the third quarter of 2025.
