Marrakech – Moroccan construction and engineering group SGTM closed 2025 with a consolidated revenue of MAD 15.2 billion ($1.52 billion), marking a 36.6% increase from MAD 11.1 billion ($1.11 billion) recorded in 2024. The company attributed the growth to an acceleration of ongoing projects and the ramp-up of new large-scale infrastructure programs.
In the fourth quarter alone, consolidated revenue reached MAD 4.9 billion ($490 million), up 8.7% from MAD 4.5 billion ($450 million) in the same period a year earlier. Social revenue for the full year stood at MAD 14.6 billion ($1.46 billion), compared to MAD 10.4 billion ($1.04 billion) in 2024.
The year was notably shaped by progress on major sports infrastructure projects. These included the Moulay Abdellah Sports Complex, Moulay El Hassan Stadium, and the athletics stadium in Rabat. Projects carried out for Mohammed VI Polytechnic University (UM6P) and several integrated tertiary operations also contributed to the activity.
Port works played a significant role as well. SGTM advanced construction on the new port of Safi, extensions of the Nador West Med port, and the Dakhla Atlantique port.
In the industrial and energy sectors, the Stellantis plant extension, work for the OCP Group, and the scaling up of EPC-mode projects further supported the revenue increase. The company also completed several hydraulic projects, including the OCP J2K Pipeline and various dam structures.
On the investment front, SGTM spent MAD 783 million ($78.3 million) during the year, a 15.7% increase from MAD 677 million ($67.7 million) in 2024. The spending went toward renewing and expanding its equipment fleet and reinforcing technical capacity.
The group’s consolidated net debt dropped sharply to MAD 156.1 million ($15.6 million) at the end of 2025, down by MAD 675.9 million ($67.6 million) from the previous year. The company said this reduction reflected its ability to generate sufficient operational cash flow to fund growth while strengthening its balance sheet.
The consolidated order book stood at MAD 35.1 billion ($3.51 billion) as of December 31, 2025, more than double the MAD 16.5 billion ($1.65 billion) recorded at the end of 2024 – a 113% jump. The semi-public sector accounted for 74.42% of the backlog, up from 41.7% in 2024. The public sector’s share fell from 51.4% to 21.9%, while the private sector represented 3.9%.
During the final quarter, SGTM secured several new contracts. These include the construction of the Bou Ahmed dam in Chefchaouen province, Lot 2 of the Grand Stade Hassan II in Benslimane covering structural works ahead of international sporting events by 2030, and the new Hub terminal at Casablanca’s Mohammed V Airport – described as the largest airport construction project ever undertaken in Morocco.
The fourth quarter also saw SGTM complete its listing on the Casablanca Stock Exchange. The MAD 4.8 billion ($480 million) IPO ranked as the second-largest in the exchange’s history.
