Top Line gears for expansion with 50 stations by end-2025, raises initial IPO targets

Top Line Business Development Corp. (TOP) marks its 12th anniversary and first Annual Stockholders’ Meeting as a listed company with a strong commitment to expansion, targeting 50 service stations operated by Light Fuels Corporation, its retail fuel subsidiary, by the end of 2025. 

This goal significantly exceeds the Company’s initial target based on its initial public offering (IPO) prospectus of constructing 30 stations by 2026, reflecting the success of its flexible, disciplined expansion strategy that blends construction with targeted acquisitions to accelerate market reach.

In his message to stockholders, Mr. Eugene Erik Lim, Chairman, President, and CEO, said that “We are positioning ourselves for even greater impact. Our strategic priorities include expanding storage and import capacity to strengthen supply reliability, expanding our retail footprint to make our systems more efficient with economies of scale, and upgrading digital platforms to improve operational visibility and customer experience.” 

TOP’s retail network expansion is designed to deliver meaningful incremental revenues and further improve the Company’s operating margins over the medium to long term. This growth strategy supports strong sales momentum, with liquid fuel sales reaching 44.43 million liters in the first half of 2025, up 38.3% from 32.12 million liters in the same period last year.

Strategic Horizontal Expansion

Light Fuels currently has four operating stations, with eight more under various stages of development across Metro Cebu and Cebu Province. Its recent acquisition of 38 stations from Total Oil & Gas Resources, Inc. (TOGRI) and Ballston Metro Corporation (BMC) expands its operational network to 50 stations by year-end, broadening its presence in the high-growth regions of Cebu, Leyte, Siquijor, and Negros Oriental.

The Company has spent P180 million for this acquisition sourced through bank financing and internally generated funds. The acquisition also includes a two-million-liter depot located in San Jose, Negros Oriental and additional 15 tanker trucks that enhances the Company’s logistics capacity.

“We seize opportunities for expansion with prudence and purpose. This acquisition is a strategic move that demonstrates our disciplined and effective use of capital. Each station we acquire has been carefully evaluated for its operational potential and its ability to strengthen our network, ensuring it contributes to our bottom line while delivering sustainable value for our shareholders,” Mr. Lim added. 

Optimizing IPO proceeds to accelerate growth

Following its successful initial public offering on April 8, which raised P732.6 million with net proceeds of P624.6 million, TOP has optimized its capital deployment to accelerate expansion.

Initially, P300 million was earmarked for constructing 20 new stations and P180 million for a fuel tanker. With its recent acquisition aimed at achieving faster retail market entry, the Company reallocated P400 million towards Light Fuels’ retail network expansion, which includes the construction and renovation of the newly acquired assets. Working capital was also increased to P214.6 million from the initial P134.6 million to purchase fuel stock, ensuring sufficient supply for the expanding retail network. Meanwhile, the P10 million allocated for general corporate purposes remains unchanged.

The Company has allocated P400 million from its IPO proceeds to form part of its broader P925 million retail network expansion plan covering the acquisition, construction, and renovation of stations. The remaining P525 million will be funded through a mix of bank financing and internally generated funds, including the P180 million recently disbursed for the asset purchase agreement with TOGRI and BMC.

As of June 30, 2025, the Company has disbursed P422,060,086, or 67.6% of its IPO net proceeds, in less than three months since its listing, reflecting its commitment to swiftly and effectively execute its growth plans while maximizing capital efficiency.

“We are deploying capital with discipline and agility, enabling us to seize opportunities that accelerate our roadmap while maintaining prudent financial management. This is how we translate investor trust into real, measurable progress on the ground,” Lim added.

Enhancing customer experience through Light Rewards App

Further strengthening its growth trajectory through customer engagement and drive brand loyalty, the Company has rolled out a mobile-based Light Rewards App for its retail customers. The platform offers points accumulation, exclusive promos, and personalized offers to customers, enhancing repeat customer retention and leveraging customer data for targeted marketing. 

“What truly sets us apart is our ‘At Your Service’ approach. As we grow, we remain focused on customer experience, sustainability, and operational excellence. It is this commitment that has helped us earn, long-term customer trust and build meaningful relationships in every corner of the market we serve,” Mr. Lim added.

Top Line Business Development Corp. is a Cebu-based company active in commercial fuel trading, depot operations, and retail fuel in the Visayas region. It has two subsidiaries: (1) Topline Logistics and Development Corp., envisioned to engage in the importation, trading, distribution, and marketing of petroleum-based products; and (2) Light Fuels Corporation, engaged in the retail fuel sector. The Company is listed on the Main Board of the Philippine Stock Exchange with the ticker symbol: TOP.