Total revenues rose 17.8 percent to P972.81 million. Commercial fuel trading brought in P940.24 million, up 16 percent from a year ago, while retail sales surged 71 percent to P32.36 million.
Liquid fuel volumes climbed to 22.65 million liters, a 31.5 percent jump from the same quarter last year.
Top Line is also one of the top performing stocks this year, gaining 450 percent to P1.65 each since its initial public offering last April.
Management’s view
“Our first half revenues and net income already represent 59 percent and 78 percent of our 2024 full-year results, respectively,” TOP chair and CEO Eugene Erik Lim said in a statement.
“Retail fuel continues to deliver rapid growth, strengthening our revenue mix while our commercial fuel trading remains robust. With historically higher sales volumes in the second half, we are confident in sustaining strong profitability through year-end,” he added.
Outlook
“We remain bullish for a strong finish this year, backed by our strong and dynamic leadership and management team, and the recent expansion of our retail service station network, which will further strengthen our market position in the Visayas,” Lim continued.
First half performance
In the first six months of 2025, TOP’s net income reached P76.26 million, up 25.9 percent from a year earlier. Gross revenues climbed 26.2 percent to P1.97 billion, while liquid fuel sales totaled 44.43 million liters—already 61 percent of the company’s full-year 2024 total.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 33.9 percent year-on-year to P204.02 million.
The company maintained stable margins, with gross margin improving to 9.3 percent and net income margin holding at 3.9 percent, supported by tight inventory controls and financial discipline.
—Edited by Miguel R. Camus
