Top Line Business Development Corp. said Friday its net income climbed 25.9 percent to P76.26 million in the first half of the year from P60.55 million a year ago, on strong performance of its commercial and retail segments.
Gross revenues also went up 26.2 percent to P1.97 billion from P1.56 billion in the same period last year.
“Our first-half revenues and net income already represent 59 percent and 78 percent 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. With historically higher sales volumes in the second half, we are confident in sustaining strong profitability through year-end,” said Top Line chairman, president and chief executive Eugene Erik Lim.
“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 furth strengthen our market position in the Visayas,” said Lim.
The Cebu-based oil firm said commercial fuel trading remained its primary revenue driver, generating P1.91 billion in the first half, a 25-percent year-on-year increase from P1.53 billion.
The retail fuel segment under Light Fuels Corp. contributed P63.93 million in revenues, an 85-percent leap from P34.53 million from the prior-year period, reflecting the company’s ongoing retail expansion and brand penetration.
Liquid fuel sales volume surged 38.3 percent to 44.43 million liters in the first six months, compared to 32.12 million liters in the same period last year.
This represents 61 percent of the company’s total 2024 sales volume of 72.4 million liters, underscoring sustained demand momentum.
Earnings before interest, taxes, depreciation and amortization (EBITDA) also rose 33.9 percent year-on-year to P204.02 million from P152.40 million.
The company said that in the second quarter, net income climbed 16 percent year-on-year to P38.36 million from P33.07 million, as gross revenues grew 17.8 percent to P972.81 million from P826.07 million.
Top Line said its financial results do not yet reflect the impact of retail station acquisitions made in July 2025. The new assets are expected to be reflected in the company’s balance sheet in the third quarter of 2025.
Top Line acquired in July 38 stations from Total Oil & Gas Resources Inc. (TOGRI) and Ballston Metro Corp. (BMC), along with an additional site from Phoenix Petroleum, expanding its operational network in the high-growth provinces of Cebu, Leyte, Siquijor and Negros Oriental.
