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Manila Bulletin devider Business devider The Stock Market devider Top Line secures additional storage capacity via new Cebu partnership

Top Line secures additional storage capacity via new Cebu partnership

Published May 18, 2026 04:12 pm

Cebu-based listed firm Top Line Business Development Corp. (TOP) is aggressively ramping up its logistics and distribution footprint after its board of directors approved a major fuel storage lease agreement.

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, May 18, the company announced that its board greenlit the authority of its subsidiary, Topline Logistics and Development Corp., to enter into and execute a contract of sub-lease with Ludo & Luym Group.

The sub-lease agreement covers the use and operation of a massive fuel storage facility with an initial capacity of approximately 30 million liters.

According to Top Line, the transaction is a pivotal component of the phased development of its so-called “Topline Energy Complex,” a strategic infrastructure initiative designed to significantly expand and enhance the company’s fuel storage, logistics, and distribution capabilities.

Ludo & Luym is a cooking oil and starch producer and is also engaged in warehouse, tank, and storage rentals, as well as ice plant operations.

Although the actual capital expenditure (capex) has yet to be disclosed, Top Line anticipates an increase in spending as the funds will be dedicated to depot expansion works.

Last week, the company said it spent over ₱200 million to increase its depot capacity, especially as it targets 40 million liters worth of sales. Its current fuel sales reached 31.26 million liters, about 43.4 percent higher than last year’s figure.

The firm is also aiming to reach more than 15 fuel stations this year, still within Visayas region.

During the first three months of the year, Top Line’s net income expanded by 64.3 percent to ₱62.27 million, with gross profit reaching nearly ₱170 million.

Last month, the Securities and Exchange Commission (SEC) approved Top Line’s plan to pursue its 150-million preferred shares offering for the year. This is in line with the company’s capital-raising programs for supply chain improvements, such as direct fuel importation, expansion of its retail network, and additional storage facilities. - Gabriell Christel Galang

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