Texts and photos by Monsi A. Serrano
Top Line Business Development Corp. has delivered a stellar performance since its April 8, 2025 initial public offering at ₱0.31 per share—now trading at over ₱1.80 per share. This remarkable growth reflects strong investor confidence, transparent leadership, disciplined capital deployment, and focused regional expansion.
At the recent Annual Stockholders’ Meeting (ASM) in Cebu, Chairman, President, and CEO Erik Lapasaran Lim unveiled a ₱925-million expansion plan.
This includes the acquisition of 38 operating fuel stations (from TOGRI and Buffalo Metro Corp.), construction and rollout of new Light Fuels stations, procurement of additional fuel tanker trucks, development of a two-million-liter fuel depot in Negros Oriental, and the scaling of the Light Rewards App, which now has over 50,000 users.
“We are growing with purpose and precision. Every peso invested is a promise to build more resilient infrastructure, serve more communities, and create long-term value for our shareholders and partners,” said Lim.
Lim also reaffirmed Top Line’s solid financial standing and confident outlook, emphasizing prudent spending, operational discipline, and customer-centric innovation.
“This is not just a good year—this is a defining one,” he added. “The trend is our friend, and with careful execution, we’re turning opportunity into measurable, sustainable growth.”
A growth story that inspires investor confidence
Top Line’s revised ₱925-million retail network expansion is funded through a mix of IPO proceeds, bank financing, and internally generated capital—reinforcing the trust of both domestic and international investors.
In just three months post-IPO, the company has already disbursed over ₱422 million or 67.6% of its IPO proceeds to accelerate asset acquisition and geographic expansion beyond Central Visayas.
This efficient and transparent execution demonstrates Top Line’s institutional strength and ability to convert capital into impactful infrastructure and revenue growth.
“We deploy capital with discipline and speed, ensuring that investor trust translates into measurable progress,” Lim said.
While expansion is concentrated in the Visayas—where demand for better fuel access and logistics infrastructure remains high—Top Line’s backbone, Light Fuels Corporation, ensures energy security and stable recurring revenues across regional markets.
Its growing logistics footprint supports fuel supply chain stability, enhances rural mobility, and aligns with the Philippine government’s goal of inclusive regional development. This makes Top Line an attractive partner for both private investors and public-sector stakeholders, including international development missions focused on energy and infrastructure.
Disciplined growth and market momentum
During the ASM, First Vice President and Chief Finance Officer Atty. Mikey Lim presented Top Line’s latest financials and highlighted how the company is delivering value despite broader market volatility.
“Our steady rise is rooted in cost-conscious expansion, improved logistics, and optimized fuel distribution,” he said. “Even amid market volatility, our margins are climbing, proving that smart spending and lean operations deliver value.”
Top Line posted a 3.8% net income margin and 9.2% gross profit margin. Net income for FY 2024 reached ₱100.3 million—up 28.3% from the previous year—while Q1 2025 net income increased 37.8% year-on-year.
Senior Vice President and Chief Operating Officer Brigitte Lim unveiled the company’s retail expansion strategy through Light Fuels, which now has 12 stations under development in Metro Cebu. The unique three-tiered station model serves both high-traffic and underserved markets.
The company also confirmed the acquisition of 38 additional stations, bringing its total to 50 retail fuel outlets by year-end—surpassing its initial post-IPO goal of 30 stations. Meanwhile, the Light Rewards App is driving customer loyalty and data-driven marketing.
Cebu and beyond: A magnet for smart, sustainable investment
Top Line is emerging as a benchmark for execution, innovation, and alignment with investor and stakeholder expectations. Its growth not only boosts its own market cap but also reinforces international confidence in the Philippine equities market and entrepreneurial sector.
“Top Line is proving that Philippine companies can grow responsibly, attract capital, and deliver—not just for shareholders, but for the communities and institutions we serve,” said an industry analyst present during the ASM.
“Our business is not just about energy—it’s about enabling lives and livelihoods,” said Lim.
“Our ‘at-your-service’ culture is more than a slogan, it’s our advantage,” he added. “From industrial logistics to neighborhood gas stations, Top Line is designed to move not just products, but people, businesses, and entire communities forward.”
As the company continues to scale, Lim remains confident that discipline, foresight, and agility will guide its long-term trajectory.
“We don’t just follow the trend,” he said. “We read it, we lead it—and we ride it. And right now, the trend is our friend.”
