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Manila Bulletin devider Business devider The Stock Market devider Top Line targets over 50 operating Light Fuel stations by year-end

Top Line targets over 50 operating Light Fuel stations by year-end

Published Jul 18, 2025 02:45 pm
CEBU — Top Line Business Development Corp. aims to have at least 50 operation service stations by the end of the year as it continues to aggressively expand the footprint of fuel retail subsidiary Light Fuels Corp.
Durig the firm’s annual stockholders’ meeting, Top Line Chairman, President, and Chief Executive Officer (CEO) Eugene Erik Lim said, “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.”
Light Fuels currently has four operating stations, with eight more under various stages of development across Metro Cebu and Cebu province.
It recently acquired one service station from Phoenix Petroleum Philippines Inc. and 38 stations from Total Oil & Gas Resources Inc. (TOGRI) and Ballston Metro Corp. (BMC).
Once all stations are operational, these will expand Light Fuel’s network to 51 stations by year-end, broadening its presence in the high-growth provinces of Cebu, Leyte, Siquijor, and Negros Oriental.
The company has spent ₱8.5 million to buy the Phoenix stations and ₱180 million for the TOGRI and BMC acquisitions, which were funded by a combination of bank financing and internally generated funds.
The acquisition also includes a two-million-liter depot located in San Jose, Negros Oriental, and an 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,” Lim added.
Following its ₱732.6-million IPO last April, Top Line said it has optimized its capital deployment to accelerate expansion.
Initially, ₱300 million was earmarked for constructing 20 new stations and ₱180 million for a fuel depot. With its recent acquisition aimed at achieving faster retail market entry, the company reallocated ₱400 million towards Light Fuels’ retail network expansion, which includes the construction and renovation of the newly acquired assets.
Working capital was also increased to ₱214.6 million from the initial ₱134.6 million to purchase fuel stock, ensuring sufficient supply for the expanding retail network.
The ₱400 million from its reallocated IPO proceeds form part of its broader ₱925-million retail network expansion plan covering the acquisition, construction, and renovation of stations.
The remaining ₱525 million will be funded through a mix of bank financing and internally generated funds, including the ₱180 million recently disbursed for the asset purchase agreement with TOGRI and BMC.
“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 said.
He noted 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 Line’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 percent from 32.12 million liters in the same period last year.

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Top Line Business Development Corporation Light Fuels Corporation Eugene Erik L. Lim
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