Rapid retail penetration and ongoing renovation of acquired stations contribute to strong, sustained growth in Q3
Highlights
• Gross revenues rose 26.9% to P3.09 billion in the first nine months of 2025 from P2.44 billion last year.
• Net income climbed 21.1% to P109.57 million, already surpassing full-year 2024 earnings.
• Retail fuel revenues surged 152% to P132.08 million, with volume up 168% to 2.73 million liters.
• Commercial fuel trade revenues increased 24.2% to P2.96 billion, supported by 32.8% volume growth.
• Q3 2025 revenues grew 28.3% to P1.12 billion, led by strong commercial and retail fuel performance.
Cebu, Philippines – Listed fuel distributor and retailer Top Line Business Development Corp. (“TOP” or the “Company”) has sustained its strong growth momentum in the first nine months of 2025, posting P3.09 billion in gross revenues, up 26.9% year-on-year from P2.44 billion in the same period last year. Net income rose 21.1% to P109.57 million, from P90.51 million, driven by triple-digit growth in retail fuel sales and double-digit expansion in commercial fuel trading.
“We have already surpassed our full-year 2024 net income, and we remain optimistic heading into the final quarter. As we continue to renovate and integrate our newly acquired retail stations, we expect stronger and a more diversified revenue,” Mr. Eugene Erik Lim, Chairman, President, and CEO said.
Triple-Digit Retail Fuel Sales Volume Growth Boost Earnings
Light Fuels Corp., TOP’s retail fuel subsidiary, recorded a 152% surge in revenues to P132.08 million in the first nine months of 2025 from P52.4 million in the same period last year. Retail fuel volume likewise grew 168%, reaching 2.73 million liters versus 1.02 million liters previously.
Meanwhile, commercial fuel trading, which remains to be TOP’s primary revenue driver, generated P2.96 billion in revenues, up 24.2% year-on-year from P2.4 billion, with total volume sales climbing 32.8% to 68.74 million liters from 51.78 million liters in the same period last year.
“Our performance reflects higher volume turnover and deeper retail market penetration, underscoring our strategy of reaching underserved and unserved communities across the Visayas, where demand for reliable and accessible fuel continues to rise,” Mr. Lim added.
Consistent Strong Quarterly Performance
In the third quarter of 2025, TOP posted P1.12 billion in gross revenues, up 28.3% from P872.9 million in the same period last year. Net income increased 9.3% year-on-year to P32.7 million from P29.9 million.
Commercial fuel trade contributed P1.1 billion in revenues, up 23% from P855 million, while the retail segment surged 282% to P68.1 million from P17.8 million year-on-year. Total liquid fuel sales climbed to 24.32 million liters, a 24.7% increase from 19.66 million liters in the same period last year.
Recognizing its rapid growth and expansion trajectory, the Company’s Board of Directors has approved the reclassification of 800 million unissued common shares into preferred shares and will evaluate potential capital-raising options, subject to stockholder approval at the Special Stockholders’ Meeting on December 2, 2025.
“This move aims to create long-term value for our investors while expanding our retail network and strengthening our supply chain to seize opportunities and support economic growth in Visayas,” Mr. Lim added.
In addition, Topline Logistics and Development Corp., TOP’s subsidiary intended for importation, trading, and storage of petroleum-based products, has recently been granted a Certificate of Registration by the Bureau of Customs, authorizing its fuel importation activities.
“Once our systems and processes are fully in place, we will commence importation, which will enhance our pricing strategy through better cost and operational efficiencies. Efforts are underway to expand our current depot storage capacity to match the scale of our import activities,” Mr. Lim added.