The last year shaped up to be a banner year for Cebu-based fuel retailer Top Line Business Development Corp. (Top Line), even as it postponed its debut on the Philippine Stock Exchange, with net income soaring 157 percent to P90.5 million in the first nine months from P35.2 million a year ago, driven by higher sales volume.

The company said Wednesday that its earnings have already exceeded its full-year 2023 net income of P78.2 million.

Gross revenues from January to September alone climbed 12 percent to P2.4 billion from P2.2 billion in the same period last year, reflecting a P262.8 million increase in sales.

“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,” Top Line Chairman, President, and CEO Erik Lim said.  

“Our appetite for growth and expansion will continue as we seek to sustain this momentum to generate further value for our customers, employees, and stakeholders,” he added.

Top Line sold 50.8 million liters of liquid fuels, a 19 percent increase from 42.7 million liters in the same period in 2023. The company operates in commercial fuel trade, including depot operations and industrial accounts, as well as retail trade through its Light Fuels and Light Fuels Express brands.

Gross income margin improved to 8.9 percent in the first nine months of 2024 from 7.3 percent in the same period last year and 8.4 percent for the full year 2023.

Higher supply levels and inventory management contributed to the increase.

Net income margin rose to 3.7 percent from 1.6 percent in the same period last year and 2.7 percent for full-year 2023, driven by operating leverage and strategic initiatives.

To sustain the growth, Lim said Top Line will continue to implement a “carefully calibrated pricing strategy,” balancing both affordability and value for customers.

“With a primary focus on the underserved markets in Central Visayas, we are reaping the fruits of our targeted strategy,” he said. 

Last week, Top Line, which has been preparing to tap the capital market to raise funds, reduced its indicative initial public offering (IPO) price from up to P0.78 per share to P0.38 per share — cutting its valuation in response to discussions with potential institutional investors.

The revised IPO structure will lower the minimum public float from 30 percent to 20 percent.