Listed fuel distributor and retailer Top Line Business Development Corp. (TOP) turned in a record 2025 performance, with net income climbing 21 percent as stronger fuel volumes and aggressive retail expansion lifted earnings.

The Cebu-based company said net income rose to P120.29 million in 2025 from P99.44 million in 2024, driven by higher fuel volume sales from commercial trading and rapid retail market penetration.

Revenues increased 24 percent to P4.19 billion from P3.37 billion a year earlier.

Gross income expanded 35 percent to P391.22 million from P289.08 million, as pricing discipline and cost management strengthened margins in a thin-margin industry.

Gross profit margin widened to 9.34 percent from 8.57 percent.

“Our 2025 performance affirms the strength of our vertical integration strategy. By reinforcing our commercial trading operations while expanding our retail presence, we are building a more diversified and scalable business,” TOP President and CEO Eugene Erik Lim, Chairman said.

“Building on this growth trajectory, we are pursuing cost optimization initiatives to safeguard margins. In 2026, we are preparing for a capital-raising initiative to support supply chain enhancements, including direct fuel importation, expanded storage infrastructure, and retail network expansion,” he added. 

Total fuel sales volume grew 31 percent to 96.26 million liters from 73.45 million liters, reflecting sustained demand from both commercial and retail segments.

Commercial fuel sales, which remain the core revenue driver, rose 28 percent to 92.65 million liters, generating P3.98 billion in revenues, up 21 percent from P3.29 billion in 2024.

Retail arm Light Fuels Corp. delivered triple-digit growth, with volume surging 126 percent to 3.63 million liters from 1.60 million liters. Retail revenues climbed 153 percent to P205.73 million as newly acquired stations were renovated and expanded.

Last month, the company announced its plan to expand its footprint in fuel trading by setting up a wholly owned subsidiary in Singapore to improve supply reliability and optimize costs as it scales importation. 

The Singapore-based entity will serve as its international trading arm, allowing the company to directly engage global suppliers and streamline procurement.