PTT Oil and Retail Business Plc (OR), Thailand's largest oil trader by volume, expects a minor impact to its financial performance this year after shuttering parts of its oil and non-oil operations in Cambodia amid ongoing border tensions.
Wilaiwan Kanjanakanti, senior executive vice-president for finance and chief financial officer at OR, said the conflict between Thailand and Cambodia had little effect on the company's first-quarter results.
The two countries have long-standing disputes over the border, which escalated last year into deadly clashes before a ceasefire was reached. Media reports of alleged renewed provocations by Cambodian military officers have since heightened tensions.
ML Peekthong Thongyai, chief executive of OR, announced late last year that the company would scale back investments in Cambodia after sales plunged by 50-60% year-on-year.
Cambodia's contribution to OR's net profit is relatively small, accounting for just 2-3% of overall earnings. Still, the unrest led to a sharp decline in Thai product sales and a reduction in the number of OR-operated outlets.
The company previously had around 200 petrol stations and 150 Café Amazon outlets in Cambodia. By the end of March, only 91 petrol stations and 136 cafés remained. Roughly 40-50 stations have switched to other brands following the conflict.
In the first quarter of 2026, OR reported total revenue of 176 billion baht, down 3.5% year-on-year. Overseas revenue fell 4% to 13.9 billion baht, representing less than 8% of total revenue.
Oil sales volume from overseas operations dropped 12.5% to 519 million litres, largely due to closures in Cambodia.
Net profit fell by 44% to 2.41 billion baht, compared with 4.38 billion baht a year earlier, mainly due to hedging costs against volatile jet fuel prices.
Despite the challenges, Ms Wilaiwan said OR remains committed to exploring new opportunities across the Asia-Pacific region.
Domestically, she highlighted growth potential through initiatives such as the "Thais Help Thais Plus" programme and rising demand in the non-oil segment, particularly for electric vehicle charging infrastructure.
