MANILA, Philippines — Visayas-based fuel retailer Top Line Business Development Corp. (TOP) announced on Monday, May 11, 2026, that it is earmarking approximately ₱440 million to significantly expand its fuel depot capacity. The investment is a key pillar of the company’s 2026 growth strategy, aimed at strengthening its supply chain resilience amid ongoing global geopolitical volatility.
The expansion will focus on the company’s primary storage hub in Mandaue City, Cebu, as it transitions toward direct fuel importation.
The capital outlay is part of a larger plan to quadruple the company’s current storage capabilities to meet rising demand in the Visayas region.
- Capacity Goal: Increasing storage from the current 10 million liters to 40 million liters.
- Strategic Rationale: The expansion supports Top Line’s new vertical integration strategy, which includes direct fuel sourcing through its newly established trading house in Singapore.
- Supply Security: CEO Eugene Erik Lim emphasized that the increased capacity is “timely” and “crucial” to ensure a steady fuel supply for industrial clients and its growing retail network, particularly with the risks posed by Middle East tensions.
To finance this and other projects, Top Line is returning to the capital market just a year after its 2025 stock market debut.
- Preferred Share Sale: The company has secured SEC approval to raise up to ₱1.5 billion through a follow-on offering of perpetual preferred shares.
- Timeline: The offer period is tentatively scheduled from May 19 to June 1, 2026, with a target listing date of June 11, 2026.
- Underwriters: PNB Capital and Security Bank Capital have been tapped as the joint lead underwriters for the issuance.
The expansion announcement follows a banner first quarter for the company, driven by the rapid rollout of its Light Fuels retail stations.
| Metric (Q1 2026) | Amount | Year-on-Year Growth |
| Consolidated Revenue | ₱1.76 Billion | +75.4% |
| Net Income | ₱62.27 Million | +64.3% |
| Total Fuel Sales Volume | 31.26 Million Liters | +43.4% |
- Light Fuels Expansion: Retail revenues surged by 332%, validating the company’s aggressive strategy of acquiring and rebranding stations (including former Total and Phoenix sites).
- Station Network: Top Line currently operates 18 stations, with 32 more under construction or renovation, aiming for a total of 50 operational sites by the end of 2026.
- Commercial Trade: Remains the company’s largest contributor, accounting for 92.2% of total revenue at ₱1.62 billion.
“Our performance validates the strategic use of the IPO proceeds we raised last year for market penetration. We moved quickly when opportunities became available, and that accelerated our station rollout.” — Brigitte Carmel Lim, Senior VP and COO.
