Top Line, a listed fuel retailer based in the Visayas, is increasing its capital expenditures this year to support a significant expansion of its depot facilities.
In a recent briefing, company officials announced plans for higher spending compared to last year's P1.19 billion, although specific figures were not immediately disclosed.
The company aims to raise up to P1.5 billion through a follow-on offering, with around P440 million earmarked for enhancing depot capacity from 10 million liters to 40 million liters.
It’s actually quite important for us to even push further for enough supply in the market and also when we get more supply to handle the capacity for that supply. So that’s why it’s quite timely.
Eugene Erik Lim, Chair and CEO of Top Line
Despite geopolitical tensions, including the ongoing conflict in the Middle East, Top Line remains optimistic about its financial outlook. The company reported a net income of P62.27 million in the first quarter, a 64.3 percent increase from the previous year.
Consolidated revenues also surged by 75.4 percent, reaching P1.76 billion, driven by a 43.4 percent increase in fuel sales volume.
While the company considers expansion beyond the Visayas, particularly in Mindanao, officials noted that no concrete plans are currently in place.
Top Line currently operates 18 service stations, with an additional 32 either under construction or renovation.