TopLine looking at double-digit growth for 2026

Cebu-based Top Line Business Development Corp. (TopLine) is aiming to sustain double-digit growth for the full-year 2026, as its wholly owned Singapore subsidiary is expected to begin operations within the year, strengthening the company’s fuel supply chain amid the global fuel crisis.

According to TopLine Chairman, President, and Chief Executive Officer Eugene Erik Lim, the company remains optimistic, despite the ongoing oil crisis due to the conflict between the United States and Iran.

The company reported a 64.3% growth in its first-quarter net income to P62.27 million, as revenues increased by 75.4% to P1.76 billion. Commercial fuel trade contributed 92.2% of total revenues with P1.62 billion, as fuel sales volumes increased 43.4% to 31.26 million liters.

“We’re hoping to sustain that double-digit growth and we’re on the first quarter. Let’s keep in mind when we started last year, we had two or three service stations and ngayon (currently), as of first quarter, we have 18 service stations in operation and then we’re looking at making sure that we’re operating 50 na lahat (in total) this year,” he said in a briefing in Makati City.

TopLine said it now has 50 stations in total under its portfolio, with 18 already operating as service stations. Some 30 stations are still be rebranded, after the acquisition of 38 Gas & Go stations of Total Oil & Gas Resources Inc. in July 2025.

Follow-on offering

The company has also secured regulatory clearance from the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) to proceed with its follow-on offering (FOO) of perpetual preffered shares worth up to P1.5 billion.

TopLine is looking to offer up to P1 billion in firm shares, equivalent to up to 10 million perpetual preferred shares with an oversubscription of up to P500 million or as much as 5 million option shares.

The timetable submitted to regulators has indicated the offer period from May 19, 2026 to June 1, 2026.

Proceeds from the FOO are set to finance the company’s expansion of its depot to boost its capacity to up to 40 million liters from the current 10 million liters.

“We’re still quite optimistic with this offer. We’re still optimistic that we’re hopefully pushing through pa rin. The question lang right now is what is the appetite for investors,” Lim told reporters.

“I think from the one-year anniversary listing, quite bullish ‘yung stock. Again, there’s always something in the market that we cannot predict so as what we’ve said before, there’s no perfect timing, it’s just a perfect mindset for us, so that’s what we’re looking at,” he added.

Singapore subsidiary

The expansion of TopLine’s depot will also coincide with the operationalization of the company’s Singaporean subsidiary within 2026, serving as a hub to secure additional supplies from other countries.

Lim cited Singapore’s three or four refineries as an advantage, compared with the Philippines having only Petron as its sole refinery.

“In terms of supply, reliability, it’s actually quite helpful because instead of getting on just one or two or three sources, we can get worldwide, so that’s the big boost we’re having. In fact, it can also help boost our bottom line,” he said.

“Currently the question right now is it’s really more about working capital,” he added.

TopLine did not give a definite amount for its capital expenditre (capex) program this year, but said it will definitely be higher than the P1.19 billion in 2025. — BAP, GMA News