Revenue boost fuels Topline expansion

CEBU CITY, Philippines — Top Line Business Development Corp., a petroleum company based here, is fired up for a high-octane Visayas expansion, ignited by robust revenue growth last year.

In a press conference late Friday, Topline president and CEO Eugene Erik Lim said revenues surged by 33 percent to P2.8 billion in 2023 from P2.1 billion a year earlier.

The hot streak sizzled with a nine percent year-on-year surge in the first quarter of 2024 on the back of strong fuel demand across Cebu province and Metro Cebu.

“We are primed for growth and expansion in the Visayas region by serving the underserved segments of the market,” Lim said, highlighting plans to match “Cebu’s rapid growth and development.”

Topline, which started in the leasing and real estate business, has since ventured into commercial fuel trading, depot operations and retail fuel under its Light Fuels brand.

The company launched its first Light Fuels station in Mandaue City in 2023 and pumped around P210 million to put up another nine – seven service and two express stations – within this year.

The major service stations will include electric vehicle-ready charging kits, while the express stations are mainly intended for motorcycles, scooters and all two-wheeled light vehicles.

According to Lim, two service stations are expected to open by next month, while the remaining stations will be operationalized as early as October.

“We are bolstering our efforts to synergize our operations through vertical integration by expanding in retail and commercial fuel trading while reinforcing our depot operations to meet the growing market demand in Cebu,” he said.

Topline is also looking at installing solar panels in its fuel stations, set to be energized by affiliate Topline Energy and Power Development Corp.

Asked about the investment for this solar initiative, Lim said they would allocate “more or less 10 percent” of the project costs.

By 2025, the fuel firm plans to expand into other areas of the Visayas region, including Bacolod and Iloilo.

All these investments, expansion and portfolio development would set the stage for a potential initial public offering (IPO) in the medium term.

Lim earlier told The STAR that they could sell to the public by 2028 “or earlier.”

“As of now, we have to finalize our processes because there’s a lot of commitment involved in the IPO, especially the management. Maybe in the future, an IPO will be ripe,” he added.