Holding Company for Pharmaceuticals (Holdipharma ) profits fell by $8.96 million in 2010, compared to the previous year. The company's net profit for year 2009/2010 was $34.98 million. Declining profits were attributed to the high costs, fixed price ceilings along with intense competition. A number of affiliates held a large portion of their profits for debt payments. The Minister of Industry and Trade Rachid Mohamed Rachid called for the comapny to restructure and modernise to raise its efficiency. This came during a meeting of the Ordinary General Assembly of the Holding Company for Pharmaceuticals and Medical which has eleven public companies under its umbrella. The report of the Administration Board for 2009/2010 was presented by the company's chairman Magdi Hassan, who emphasized exploiting the available resources and searching for new markets. Holdipharma is an Egyptian pharmaecutcal company established in 1934 by Mohamed Hegazy. Later Hegazy Laboratories was merged with Kahira Pharmaceutical Company, one of the holding current affiliates. Egypt's Holding Company for Pharmaceuticals has opened the first of its pharmacy chain, a $605,000 investment, in Bab El Louk, according to AME info.