Cebu’s Topline sees 37.7% jump in Q1 net income

CEBU-BASED fuel retailer Top Line Business Development Corp. (Topline) saw its attributable net income climb 37.7% year on year to P37.86 million in the first quarter, buoyed by growth in fuel volume sales.

“Our solid first-quarter performance and the decision to declare dividends reflect Top Line’s resilience and growth-oriented strategy amid current volatile market conditions. This salvo also underscores our unwavering commitment to sustainable growth and operational excellence,” Top Line President and Chief Executive Officer Eugene Erik Lim said in a media release on Thursday.

For the first three months, gross revenues increased 36% to P1 billion from P738.7 million in the previous year.

During the period, the company said it sold approximately 21.8 million liters of liquid fuels, higher by 46% from last year’s 14.9 million liters.

“This growth stems from strategic expansion, including an expanded distribution network with new commercial client acquisitions, high retention rates among existing customers, and improved retail market penetration,” the company said.

Top Line made its market debut in April, the first initial public offering (IPO) for the year.

The fuel retailer raised up to P732.6 million from its IPO, which consisted of 2.15 billion primary shares with an overallotment option of up to 214.84 million secondary shares.

At the local bourse on Thursday, shares in the company closed unchanged at P0.355 each. — Sheldeen Joy Talavera