Cebu-based fuel retailer Top Line Business Development Corp. (TOP) rode a surge in fuel demand to deliver a 21 percent rise in net income for the first nine months of the year, reaching P109.57 million from P90.51 million a year ago. 

In a stock exchange report on Thursday, the company said gross revenues from January to September jumped 26.9 percent to P3.09 billion, driven by booming retail and commercial fuel sales.

“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 more diversified revenue,” TOP Chairman, President, and CEO Eugene Erik Lim said.

TOP’s retail fuel subsidiary, Light Fuels Corp., posted a 152 percent revenue surge to P132.08 million, while retail fuel volume soared 168 percent to 2.73 million liters.

Commercial fuel trading, the company’s main revenue engine, climbed 24.2 percent to P2.96 billion, with total volume sales up 32.8 percent to 68.74 million liters.

To sustain growth momentum, the company's Board recently approved reclassifying 800 million unissued common shares into preferred shares and will explore capital-raising options, pending stockholder approval on 2 December.

Meanwhile, its importation subsidiary, Topline Logistics and Development Corp., has also received a Certificate of Registration from the Bureau of Customs, enabling fuel importation.

“Once our systems and processes are fully in place, we will commence importation, which will enhance our pricing strategy through better cost and operational efficiencies. Efforts are underway to expand our current depot storage capacity to match the scale of our import activities,” Lim said.