SGTM revenue jumps to $1.52 billion as order book doubles

Tuesday 03 - 14:40

By: Dakir Madiha

SGTM revenue jumps to $1.52 billion as order book doubles

Moroccan construction and engineering group SGTM reported consolidated revenue of MAD 15.2 billion, or $1.52 billion, in 2025, up 36.6 percent from MAD 11.1 billion in 2024. The company linked the increase to faster execution of ongoing projects and the launch of major infrastructure programs.

Fourth-quarter revenue reached MAD 4.9 billion, compared with MAD 4.5 billion in the same period a year earlier, representing an 8.7 percent rise. Annual social revenue totaled MAD 14.6 billion, up from MAD 10.4 billion in 2024.

Large sports infrastructure projects drove activity during the year. SGTM advanced work on the Moulay Abdellah Sports Complex, the Moulay El Hassan Stadium, and the athletics stadium in Rabat. Projects for Mohammed VI Polytechnic University and several integrated tertiary developments also supported performance.

Port construction contributed significantly to growth. The group progressed on the new port of Safi, expansion works at Nador West Med, and the Dakhla Atlantique port.

Industrial and energy projects added further momentum. The extension of the Stellantis plant, contracts with OCP Group, and the expansion of engineering, procurement and construction projects strengthened revenue. The company also completed hydraulic infrastructure, including the OCP J2K Pipeline and several dam projects.

SGTM invested MAD 783 million during the year, a 15.7 percent increase from 2024. The spending focused on upgrading equipment and reinforcing technical capacity.

Consolidated net debt fell to MAD 156.1 million at the end of 2025, a decline of MAD 675.9 million from the previous year. The company said stronger operating cash flow enabled it to finance expansion while reducing leverage.

The consolidated order book reached MAD 35.1 billion as of December 31, 2025, more than double the MAD 16.5 billion recorded a year earlier, a 113 percent increase. Semi-public clients accounted for 74.42 percent of the backlog, compared with 41.7 percent in 2024. The public sector share declined to 21.9 percent from 51.4 percent, while private sector contracts represented 3.9 percent.

In the final quarter, SGTM secured new contracts including the Bou Ahmed dam in Chefchaouen province, structural works for Lot 2 of the Grand Stade Hassan II in Benslimane ahead of international sporting events scheduled by 2030, and construction of the new hub terminal at Mohammed V Airport in Casablanca, described as the largest airport project undertaken in Morocco.

During the same period, SGTM completed its listing on the Casablanca Stock Exchange. The MAD 4.8 billion initial public offering ranked as the second-largest in the exchange’s history.