Cebu-based fuel retailer Top Line Business Development Corp. posted a record P90.5 million net income in the first nine months of 2024, more than double its performance from the same period in 2023. The result already exceeds the company’s full-year earnings of P78.2 million for 2023.
Revenues grew 9% to P2.4 billion, driven by a 19% increase in fuel sales volume, reaching 50.8 million liters. The company attributed the growth to its strategic initiatives, particularly in the high-demand Central Visayas region, as well as its balanced pricing strategy amidst fluctuating fuel prices.
Top Line’s Chairman and CEO Erik Lim highlighted the strength of the company’s business model, contributing to its consistent growth. The company also confirmed its commitment to further expansion, including a planned initial public offering (IPO) in 2025, aimed at raising up to P764.2 million. The IPO, initially set for late 2024, has been rescheduled for the second quarter of 2025 to accommodate institutional investors’ timelines for approvals.
With the IPO, Top Line aims to fuel continued growth and capitalize on expanding its market presence.
