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.”

This is up from P738.7 million in the same period last year. Net income for the quarter also surged by 38%, reaching P37.9 million, compared to P27.5 million during the same period in 2024.

According to its news release, Top Line attributes the strong performance to the company’s effective inventory management and a significant rise in fuel volume sales across both commercial and retail sectors.

 In the first quarter, Top Line sold approximately 21.8 million liters of liquid fuels, marking a 46% year-on-year increase from 14.9 million liters in 2024.

This growth has been driven by strategic expansions, including a broader distribution network, the acquisition of new commercial clients, high retention rates from existing customers, and enhanced retail market penetration.

Top Line also reported positive margins, with net income margin at 3.8% and gross income margin at 9.2% in Q1 2025, showing slight improvements from last year’s 3.7% and 9%, respectively.

These figures reflect the company’s ability to maintain competitive pricing strategies while ensuring healthy margins.

In a move to reward its shareholders, Top Line declared cash dividends of P0.0032 per common share on May 5, 2025.

The dividends, payable on June 18, 2025, are set to benefit stockholders of record as of May 22, 2025.

The payout is sourced from the company’s unrestricted retained earnings as of December 31, 2024.

Eugene Erik Lim, Chairman, President, and CEO of Top Line, expressed confidence in the Company’s continued growth.

“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,” said Lim.

“We are dedicated to sustaining this momentum and maximizing shareholder value as we pursue our strategic initiatives. With a clear vision for growth, we are well-positioned to capture emerging opportunities ahead,” he added.

Top Line Business Development Corp. is a Cebu-based company engaged in commercial fuel trading, depot operations, and retail fuel services in the Visayas region. It operates two subsidiaries: Topline Logistics and Development Corp., focused on petroleum-based product importation and distribution, and Light Fuels Corporation, which handles the retail fuel business.

Recognizing the adverse economic and income impact of the pandemic on Filipinos wherein more than 50 percent of the MSMEs have closed down, and the need to recover is empirical, Cebu Landmasters, Inc. (CLI) unveiled WorkNook, its first co-working space, at Base Line Center located along Juana Osmeña Street in Cebu City.

Given the growing confidence of investors in the Philippines and Cebu being one of the key provincial cities that boasts its growing investors from both foreign and local companies, including start-up entrepreneurs, CLI sees the need to support them by establishing WorkNook, Cebu’s newest co-working spaces hub.

It noted that this will encourage more freelancers, small businesses, and students to develop their enterprising spirit. At the same time, have their professional office space equipped with high-speed internet, office-grade furniture, secure lockers, and a pantry with coffee where they can work, hold meetings, and collaborate with the members of the WorkNook community, among others.

“WorkNook reflects our vision of creating spaces where today’s professionals can thrive,” said Joanna Soberano-Bergundthal, CLI’s SVP for Marketing and Leasing. “We’re excited to contribute to Cebu’s dynamic remote work and business scene.”

Meeting Cebu’s Growing Demand for Flexible Workspaces

A study by Cisco conducted in 2022 revealed that 37% of Filipino workers feel traditional office setups limit their potential, highlighting the need for spaces like WorkNook. “Our goal is to support professionals seeking alternatives to working from home in a modern, positive work environment,” Soberano-Bergundthal added.

Designed with productivity and comfort in mind, WorkNook offers “ A fresh way to work” with its modern, fresh aesthetic and a variety of amenities tailored to different professional needs. These include private offices for teams and groups, co-working spaces for individuals, and fully equipped meeting rooms for discussions or presentations. It also boasts high-speed internet, office-grade furniture, secure lockers, and a pantry with coffee. 

Flexible workspaces are available at competitive introductory rates starting at ₱250 for half day, ₱350 for whole day, ₱1,800/weekly, ₱5,500/monthly and affordable rates for private office spaces at ₱9,000/monthly, dedicated seats at ₱7,500/monthly, and meeting rooms of various sizes for 4-hour use designed for professionals and teams. 

WorkNook is strategically located at Base Line Center, a modern mixed-use development where professionals can enjoy comfort and convenience situated along Ascott branded hotels Citadines Cebu City and lyf Cebu City, residential condominiums, an office building and various dining and leisure options, seamlessly blending work and relaxation.

WorkNook also marks a milestone in CLI’s business diversification. Known for its expertise in residential, office, and mixed-use developments, CLI has seen significant growth in its commercial leasing portfolio. The company reported a 47% year-on-year increase in leasing revenues, with 9,219 sqm of new leasable space in its portfolio. WorkNook contributes to this expansion, along with an additional 32,196 sqm of leasable space in the pipeline.

WorkNook is open Monday to Saturdays, from 8:00 AM to 6:00 PM, and 24/7 access to private offices. For more information, visit the CLI website or contact the WorkNook team at https://worknook.ph/.

UA&P’s study, commissioned by Top Line to provide deeper insights into its market position, draws on consolidated government data and industry metrics. It indicates that Central Visayas’ gross domestic product grew by 7.46% year-on-year, outpacing the national GDP growth rate of 5.5% in 2023. The region composed of Cebu, Bohol, Negros Oriental, and Siquijor, is also considered the largest regional market outside Luzon with a gross regional domestic product of  ₱1.38 trillion and 6.45% share to total Philippine GDP.

The study further notes that diesel consumption in Cebu increased by 8.75% to 542.7 million liters in 2022, up from 499 million liters in 2021. For perspective, Top Line sold 35.4 million liters of diesel in 2022 and an impressive jumped to 59% or 56.2 million liters of diesel sold in 2023.

Top Line’s rapid growth is reflected in its compounded annual growth rate of 49.17% in revenues from 2021 to 2023, driven by strong management focused on cost competitiveness and customer service.

Speaking to the media, Mr. Erik Lim, Top Line’s Chairman, President and CEO said, “In our meetings with our investors, we have emphasized our results-driven approach and our rapid growth trajectory. Our IPO will help us pursue our vertical integration strategies in Central Visayas.”

Meanwhile, as part of its synergy strategy with its affiliate companies, Top Line is also launching the Light Rewards App. Primarily a mobile-based application, users are awarded points for purchases made in Light Fuels stations, Top Line’s retail fuel arm, as well as other retail customer-facing segments of the Topline Group. These points can then be redeemed for discounts, free products, and for special offers. Light Rewards allows users to track their points balance and rewards status.

“The Light Rewards App is our customer loyalty rewards program across our diversified affiliate companies, strengthening our Top Line brand and customer base retention. Our ability to synergize with our other businesses provides impetus for our dynamism and fuels our revenue streams,” Mr. Lim said.

Top Line will offer to the public up to 3,683,100,000 primary common shares with an overallotment option of up to 368,310,000 secondary common shares. It is expected to raise up to P2.75 billion in net proceeds from the sale of primary offer shares at an indicative offer price of up to ₱0.78 per share subject to a bookbuilding process.

The Philippine Stock Exchange has issued a notice of approval for Top Line’s IPO with the ticker symbol “TOP.” Set to be the country’s fourth IPO of the year and the first company from Metro Cebu in seven years, Top Line’s target listing date is on December 12, 2024, subject to PSE’s post-approval conditions and the issuance of the Permit to Sell by the SEC.

Harping on its stellar performance and historic milestone of 33% YOY growth to ₱2.8 billion in 2023, and H1 2024 revenue’s 15% year-on-year growth position, Cebu-based fuel retailer Top Line Business Development Corp. gears up for expansion and has filed a registration statement and listing application with the Securities and Exchange Commission and the Philippine Stock Exchange, Inc., respectively, to its planned initial public offering (IPO).

Pending the formal approval, Top Line will make its initial public offering of 3,683,100,000 primary common shares with an overallotment option of up to 368,310,000 secondary common shares. The indicative offer price is up to PhP0.78 per share subject to a bookbuilding process.

The tentative offer period will be from 9:00 a.m. on October 28, 2024, to 5:00 p.m. on November 5, 2024.

“With our accelerating growth in recent years in the fuel sector of the Visayas region, we are poised for the company’s historic milestone of listing on the PSE,” Erik Lim, Top Line’s Chairman, President and CEO, said.

Top Line’s first half gross revenues in 2024 accelerated by 15% at PhP1.56 billion compared to the same period last year at ₱1.36 billion. Its first half net income has also surged by 190% year-on-year at ₱60.6 million from ₱20.8 million.

“Earnings from our commercial fuel trading boosted our sales in the first half with robust fuel demand in Metro Cebu and Cebu Province,” Lim added.

Top Line’s commercial fuel trading operations caters to customers with requirements of at least 4,000 liters per order in transportation, construction, shipping, and mining, among others.

In terms of retail fuel under the Light Fuels brand, two new Light Fuels service stations are expected to open this month which will bring the Company’s total operating retail fuel stations to three.

“We are still set to meet our target of 10 operating service stations this year. Our expansion in the retail fuel market will further support our vertical integration plans, supporting Top Line’s continued growth,” Lim said.

The Company is currently constructing five more Light Fuels service stations and two Light Fuels Express stations in Metro Cebu and Cebu Province. The Light Fuels Express stations are meant to meet the needs of motorcycle riders and other lighter vehicles which are growing rapidly in terms of vehicle type usage in Metro Cebu.