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Manila Bulletin devider Business devider The Stock Market devider Cebu's Top Line eyes 2026 capital raise after record profit

Cebu's Top Line eyes 2026 capital raise after record profit

Published Mar 4, 2026 12:54 pm  |  Updated Mar 4, 2026 01:01 pm
Cebu-based fuel distributor and retailer Top Line Business Development Corp. plans to tap capital markets this year to fund aggressive expansion of its supply chain and retail footprint following record financial growth.
Eugene Erik C. Lim, Top Line president and chief executive officer, said the company is preparing for a capital-raising initiative in 2026 to support enhancements, including direct fuel importation and expanded storage infrastructure.
“In 2026, we are preparing for a capital-raising initiative to support supply chain enhancements, including direct fuel importation, expanded storage infrastructure, and retail network expansion,” Lim said.
The move comes as Top Line seeks to sustain momentum after reporting a record net income of ₱120.29 million last year, up from ₱99.44 million in 2024.
Top Line’s performance was bolstered by the surge in fuel sales volumes across both its commercial trading and retail segments.
Consolidated revenues for 2025 reached a record ₱4.19 billion, a 24 percent jump from ₱3.37 billion a year earlier, according to the disclosure to the Philippine Stock Exchange.
The company attributed the gains to rapid penetration of the retail market and effective cost management, which saw gross income rise 35 percent to ₱391.22 million.
The results validate a vertical integration strategy that pairs commercial trading with an expanding retail presence, Lim said, adding that the firm is pursuing further cost optimization to protect margins. Profitability showed resilience despite the volatile energy market, with the company’s gross profit margin expanding to 9.34 percent from 8.57 percent.
Constance Marie Lim, Top Line first vice president and chief financial officer, noted that the 77-basis-point expansion in margins is significant for a high-volume industry typically characterized by thin spreads.
Total aggregate fuel sales volume climbed 31 percent to 96.26 million liters in 2025.
Commercial fuel sales, the company's primary revenue driver, rose 28 percent to 92.65 million liters, generating ₱3.98 billion in revenue.
However, the most explosive growth occurred in the retail subsidiary, Light Fuels Corp., where volume surged 126 percent to 3.63 million liters. Retail revenues jumped 153 percent to ₱205.73 million as the company expanded its station network.
The growth trend accelerated in the final months of the year. In the fourth quarter of 2025, revenues rose 17 percent to ₱1.10 billion compared to the same period in 2024. Retail performance was particularly strong in the quarter, with revenues soaring 148 percent to ₱73.01 million.
Brigitte Carmel Lim, Top Line senior vice president and chief operating officer, said the company is positioning itself for resilient growth as it continues to renovate acquired stations to meet untapped demand.

Related Tags

Top Line Business Development Corporation Erik Lapasaran Lim Brigitte Carmel Lim Light Fuels Corporation Constance Marie C. Lim
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