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Newly-listed fuel dealer Top Line Business Development Corporation reported a 49 percent jump in net income to ₱115 million last year from the ₱77 million earned in 2023 due to record high revenues.
In a disclosure to the Philippine Stock Exchange, the firm said it posted an all-time high gross revenues of ₱3.35 billion for 2024, marking a 21 percent increase from ₱2.78 billion in 2023.
“Our record performance reflects Top Line’s commitment to sustaining value creation through efficient operations, strong inventory management, and steadily expanding our customer base,” Top Line Chairman, President and CEO Eugene Erik Lim.
Fuel volume sales also saw strong momentum, with the Company selling approximately 72.45 million liters of liquid fuels in 2024 which is a 29 percent increase from 56.2 million liters sold in 2023.
Top Line reported no write-downs to the net realizable value of inventories in 2024, reflecting its disciplined and efficient inventory management practices.
“Our strong inventory position, supported by reliable suppliers and a competitive pricing strategy, has allowed us to navigate fuel price volatility while ensuring quality, consistent product availability,” said Lim.
With Top Line’s recent listing to the Philippine Stock Exchange, the Company said it is committed to deepen its presence in the high-growth region of Central Visayas.
Top Line said it will continue to invest in expanding its retail footprint and operational capabilities with the infusion of ₱732.6 million in fresh capital raised from the listing.
“We remain focused on our strategic initiatives on scaling our network and volume capacity to deliver quality fuel solutions to more communities in the region,” Lim added.
