Cebu-based listed firm Top Line Business Development Corp. saw a 64.3 percent jump in first-quarter net income, fueled by strong commercial fuel demand and expansion of its retail business across underserved markets in the Visayas.

The fuel retailer said Monday that net income climbed to P62.27 million in the January-to-March period from P37.89 million a year earlier, while consolidated revenues surged 75.4 percent to P1.76 billion from P1 billion.

Gross profit likewise rose 84.3 percent to P169.90 million from P92.16 million.

The company said total fuel sales volume increased 43.4 percent to 31.26 million liters from 21.80 million liters year on year, driven by sustained demand from commercial accounts and higher contribution from its retail fuel operations.

“Our first-quarter performance shows the strength and resilience of our business model. Commercial fuel trade remains our anchor, providing recurring income while ensuring reliable fuel supply to industrial clients that keep goods moving, equipment running, and supply chains operating across the Visayas," Eugene Erik Lim, chairman, president, and chief executive officer, said in a media briefing.

"At the same time, we continue to expand in underserved markets where reliable access to fuel is essential to local commerce, transport, and daily mobility,” he added.

Commercial fuel trade remained the company’s biggest revenue contributor, accounting for P1.62 billion or 92.2 percent of total revenues during the quarter.

Revenues from the segment increased 67 percent from P970 million in the same period last year, while sales volume rose 38 percent to 29.24 million liters from 21.17 million liters.

Meanwhile, the company’s retail segment under the Light Fuels brand posted triple-digit growth as Top Line accelerated its retail expansion in emerging and underserved areas in the Visayas.

Retail revenues surged 332 percent to P137.20 million from P31.74 million, while retail sales volume climbed 220 percent to 2.03 million liters from 630 thousand liters year on year.

The retail business also posted stronger profitability, with gross profit margin improving to 16.80 percent from 11.44 percent in the same period last year, reflecting the higher-margin potential of the company’s retail fuel operations.

The company also cited disciplined inventory management and capital deployment as key factors supporting its expansion strategy and profitability.

"Our priority is to grow responsibly by maintaining financial discipline, supporting reliable fuel access, and generating for long-term shareholder value,” Atty. Constance Marie Lim, CPA, first vice president and chief financial officer, said.