IPO-bound Top Line reports record profits, revenues


Top Line Business Development Corporation, a Cebu-based fuel retailer planning an initial public offering, reported a record high net income of P90.5 million in the first nine months of 2024, a 157 percent surge from P35.2 million for the same period in 2023. 

In a statement, the firm said its financial performance has already exceeded its full-year results for 2023 at P78.2 million, underscoring Top Line’s strong management and strategic positioning.

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

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

Top Line also posted an all-time high gross revenues of P2.4 billion in the first nine months of 2024 compared with P2.2 billion in the same period in 2023. This translates into an improved sales performance of 12 percent year-on-year.

“This has been driven by higher volume turnover, demonstrating the effectiveness of our strategic initiatives and our ability to adapt to market demands in the high growth region of Central Visayas,” said Top Line First Vice President and Chief Financial Officer Constance Marie C. Lim.

In the first nine months of 2024, Top Line sold 50.8 million liters of liquid fuels, 19 percent higher than the 42.7 million liters in the same period in 2023. 

The Company operates commercial fuel trade, which spans both depot operations and industrial accounts, as well as retail trade through its Light Fuels and Light Fuels Express brands. 

Top Line has also achieved higher gross income margin of 8.9 percent in the first nine months of 2024 compared with 7.3 percent in the same period in 2023, and higher than 8.4 percent for the full year of 2023.

The enhanced supply levels and its robust inventory management, driven by the efficient operation of its supply depot, significantly contributed to the improvement in the company's gross margin.

“In view of the competitive market environment with fluctuating fuel prices, Top Line has established a carefully calibrated pricing strategy balancing both affordability and value to maintain and further expand our customer base. With a primary focus on the underserved markets in Central Visayas, we are reaping the fruits of our targeted strategy,” Lim said.

He noted that, “With our upcoming initial public offering, we are committed to driving sustained growth and supporting our operational expansion plans.” Mr. Lim added.

Expected to be the maiden IPO of the year, Top Line aims to raise up to P764.2 million in net proceeds from the firm shares at an indicative offer price of up to P0.38 per share.