Top Line Business Development Corp. (Top Line) said Wednesday it booked a record net income of P90.5 million in the first nine months of 2024, up by 157 percent from P35.2 million in the same period in 2023.
The company said its financial performance exceeded its full-year results for 2023 at P78.2 million, underscoring Top Line’s strong management and strategic positioning.
“Top Line has been growing consistently over the years and our record high net income growth is fueled by the strength of our business model and strategy, resulting in robust volume sales, improved gross margins, and better income streams. Our appetite for growth and expansion will continue as we seek to sustain this momentum to further generate value for our customers, employees and stakeholders,” said Top Line chairman, president and chief executive Erik Lim.
“With our upcoming initial public offering, we are committed to driving sustained growth and supporting our operational expansion plans,” said Lim.
Expected to be the maiden IPO of the year, Top Line aims to raise up to P764.2 million in net proceeds from the firm shares at an indicative offer price of up to P0.38 per share.
The company posted an all-time high of P2.4 billion in gross revenues in the first nine months of 2024, up from about P2.2 billion in the same period in 2023.
This translated into an improved sales performance by about P262.8 million, growing by 12 percent year-on-year.
“This has been driven by higher volume turnover, demonstrating the effectiveness of our strategic initiatives and our ability to adapt to market demands in the high growth region of Central Visayas,” said Constance Marie Lim, first vice president and chief financial officer of Top Line.
Top Line sold about 50.8 million liters of liquid fuels in the nine-month period, up by 19 percent from 42.7 million liters a year ago.
The company operates commercial fuel trade, which spans both depot operations and industrial accounts as well as retail trade through its Light Fuels and Light Fuels Express brands.
Top Line said it also achieved higher gross income margin of 8.9 percent in the first nine months of 2024 compared with 7.3 percent in the same period in 2023.
“In view of the competitive market environment with fluctuating fuel prices, Top Line has established a carefully calibrated pricing strategy balancing both affordability and value to maintain and further expand our customer base. With a primary focus on the underserved markets in Central Visayas, we are reaping the fruits of our targeted strategy,” Lim said.