Listed fuel distributor Top Line Business Development Corp. (TOP) reported robust first-half results, with gross revenues climbing 26 percent to P1.97 billion from P1.56 billion a year ago. Net income rose 26 percent to P76.26 million, driven by strong performance in both commercial and retail fuel segments.
Commercial fuel trading remained the company’s primary revenue engine, generating P1.91 billion, up 25 percent year-on-year.
Meanwhile, retail operations under Light Fuels Corp. surged 85 percent to P63.93 million, reflecting the company’s aggressive retail expansion and improved brand reach.
Liquid fuel sales volume increased 38.3 percent to 44.43 million liters, already reaching 61 percent of 2024’s full-year volume.
Earnings before interest, taxes, depreciation and amortization for the period climbed 34 percent to P204.02 million, supported by efficient inventory management and financial discipline.
“Our first-half performance already represents 59 percent of our full-year 2024 revenues and 78 percent of net income. With historically stronger second-half sales, we are confident in delivering solid year-end results,” said company chairman and chief executive officer Eugene Erik Lim.
Second-quarter gross revenues increased 18 percent to P972.81 million while net income grew 16 percent to P38.36 million.
Commercial sales contributed P940.24 million, while retail soared 71 percent to P32.36 million.
TOP’s recent acquisition of 38 service stations from Total Oil & Gas Resources, Inc. and Ballston Metro Corp., along with a Phoenix Petroleum site, will be reflected in the third quarter. The expansion strengthens TOP’s footprint in Cebu, Leyte, Siquijor, and Negros Oriental, solidifying its position in the Visayas.
