HOMEGROWN Top Line Business Development Corp. (Topline) is investing P210 million for the expansion of its Light Fuel service stations.
Eugene Erik Lim, Topline’s chairman, president and chief executive officer, on Friday, July 26, 2024, said the budget will be used to finance the opening of nine more Light Fuel service stations this year, of which two are opening in August in Mandaue City.
“We are primed for growth and expansion in the Visayas region by serving the underserved segments of the market,” he said.
Of the nine, two will be Light Fuels Express service stations. These are stations that are meant to serve motorcycle riders and other lighter vehicles which occupy a large segment of vehicle type usage in Metro Cebu.
Lim said they target to have 10 operating service stations within the year. The company inaugurated its first service station in February 2023 in Mandaue City.
Topline recorded a robust 33 percent year-on-year increase in its gross revenue valued at P2.8 billion in 2023 compared to P2.1 billion in 2022.
The company also registered a nine-year-on-year revenue growth in the first quarter of 2024 compared to the same quarter of 2023.
“The company’s bullish growth is supported by resilient and strong fuel demand in Cebu Province and Metro Cebu where we operate. But fundamentally, this growth is attributed to the dedication of our hardworking and talented team who always seek to provide top-of-the-line service for our industry and retail customers,” Lim said.
Topline, which is strategically positioned in the Visayas region, is engaged in commercial fuel trading, depot operations and retail fuel under its Light Fuels brand.
The company is also celebrating its 11th anniversary this month with its sights focused on strengthening its market footprint in the Visayas region through its fuel operations.
Topline started in the leasing and real estate business but eventually embarked on the fuel industry in 2017.
Since the company’s decision to make the supply and distribution of liquid fuel, primarily diesel, its core business, the volume in liters of diesel delivered to its clients in Cebu Province and Metro Cebu has posted a 53 percent compounded annual growth rate from 2017 to 2023.
“In 2024, 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,” Lim said. / KOC