Cebu-based fuel retailer Top Line Business Development Corp. (Topline) said over the weekend it registered a 9-percent year-on-year revenue growth in the first quarter of 2024 to P739 million from P680 million in the same quarter of 2023.
This followed a 33-percent year-on-year increase in gross revenue to P2.8 billion in 2023 from P2.1 billion in 2022. Topline did not disclose its net income.
“The company’s bullish growth is supported by resilient and strong fuel demand in Cebu Province and Metro Cebu where we operate. But fundamentally, this growth is attributed to the dedication of our hardworking and talented team who always seek to provide top-of-the-line service for our industry and retail customers,” Topline chairman, president and chief executive Erik Lim said.
Topline, which is strategically positioned in the Visayas region, is engaged in commercial fuel trading, depot operations and retail fuel under its Light Fuels brand.
The company is also celebrating its 11th anniversary this month and is focused on strengthening its market footprint in the Visayas.
Topline started in leasing and real estate business, but eventually ventured in the fuel industry in 2017. It achieved a 53-percent compounded annual growth rate from 2017 to 2023.
“We are primed for growth and expansion in the Visayas region by serving the underserved segments of the market. With a fuel market that is expected to match Cebu’s rapid growth and development, we are constructing seven Light Fuels service stations and two Light Fuels Express service stations optimally located in Cebu Province and Metro Cebu. The Light Fuels Express stations are meant to serve the motorcycle riders and other lighter vehicles which occupy a large segment of vehicle type usage in Metro Cebu,” Lim said.
The company will open two Light Fuels service stations in August 2024 in Metro Cebu in line with its target of having 10 operating service stations within the year. The company inaugurated its first service station in February 2023 in Mandaue City, Cebu.
“In 2024, we are bolstering our efforts to synergize our operations through vertical integration by expanding in retail and commercial fuel trading while reinforcing our depot operations to meet the growing market demand in Cebu,” Lim said.
