Cebu's TopLine posts 21% growth in Jan.-Sept. 2025 net income

Cebu-based Top Line Business Development Corp. (TopLine) on Thursday reported double-digit growth in its net income for the first nine months of the year, on the back of the triple-digit growth in retail fuel sales and its expansion in commercial fuel trading.

In a regulatory filing, TopLine said its net income rose 21.1% to P109.57 million in the January to September period from P90.51 million in the same period last year, as gross revenues expanded 26.9% to P3.09 billion.

Its retail fuel subsidiary Light Fuels Corp. posted a 152% increase in revenues to P132.08 million, as retail fuel volume grew 168% to 2.73 million liters. Commercial fuel trading grew 24.2% to P2.4 billion.

"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," TopLine chairman, president, and chief executive officer Eugene Erik Lim said.

For the third quarter alone, TopLine reported a 9.3% increase in its net income to P32.7 million, with revenues up 28.3% to P1.12 billion.

Commercial fuel trade contributed P1.1 billion in revenues, while the retail segment came in at P68.1 million as liquid fuel sales climbed 24.7% to 24.32 million liters.

"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," Lim said.

TopLine in July said the company targets to hit 50 service stations under Light Fuels Corp. by the end of the year, an upgrade to the target of putting up 30 stations by 2026 in its initial public offering prospectus.

Topline, through its affiliates, is also involved in port operations and management (Pier Eighty-Eight Ventures Inc.), real estate development (Topline Properties and Development Corp.), clean and green technology (Topline Energy and Power Development Corp.), port and ferry terminal operations (Topline Marine Wharf Development Corp.), technology research and development (Topline Hi Tech and Synergy Corp.), and restaurant operations and manpower services (Topline Services and Development Corp.). — VDV, GMA Integrated News