CEBU-BASED fuel retailer Top Line Business Development Corp. (Topline) said it plans to install solar systems to energize its fuel stations.
“In terms of the project cost, when you put the solar in the station, I think it’s about 10%, more or less,” Topline President and Chief Executive Officer Eugene Erik C. Lim told reporters on Friday last week.
“The good thing [is] we also have a renewable affiliate. So basically, the one who’s installing solar is also our additional business,” he added.
Topline Energy and Power Development Corp. is among the affiliate companies of the fuel retailer, focusing on “clean and green technology.”
Topline started in the leasing and real estate business but eventually entered the fuel industry in 2017 and is now active in commercial trading, depot operations, and retail fuel in the Visayas region.
Through its subsidiary engaged in the fuel retail sector, Light Fuels Corp., the company introduced its first service station in Mandaue City, Cebu, last year.
The company has allocated approximately P210 million to finance the construction of its nine fuel stations to expand its footprint this year.
Two of the nine stations are set to open next month, while the rest are expected in the fourth quarter.
Asked about its plan to expand outside Cebu, Mr. Lim said that they “would probably focus here for the meantime and then eventually we’ll see.”
For 2023, Topline said that its revenues grew by 33% year on year to P2.8 billion, driven by strong fuel demand in Cebu province and Metro Cebu.
“We are primed for growth and expansion in the Visayas region by serving the underserved segments of the market,” Mr. Lim said.
He said that the company will bolster its efforts to synergize its 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.”
Another subsidiary of the company, Topline Logistics and Development Corp., aims to engage in the importation, trading, distribution, and marketing of petroleum-based products. — Sheldeen Joy Talavera
