Julphar exits Scientific Pharmacy business in Oman after approvals

Gulf Pharmaceutical Industries Co. (Julphar) divested its Scientific Pharmacy business in Oman after securing all required regulatory approvals, the company said.

The sale covers the pharmacy's operations and related assets in the sultanate. Julphar did not disclose the buyer or the transaction value.

The exit follows Julphar's broader restructuring push, which has included asset sales and cost cuts in recent quarters. The company has been working to shore up its balance sheet after a period of losses and regulatory scrutiny.

Julphar said the divestment aligns with its strategy to focus on core markets and manufacturing. The company continues to operate its main pharmaceutical production facilities in the UAE.

Oman represents a small share of Julphar's total revenue. The company's annual report for 2023 showed Middle East and North Africa sales of about 1.2 billion dirhams, with Oman accounting for a fraction of that figure.