SGTM Secures 34.8 Billion MAD in Projects in Morocco
Moroccan Group SGTM Continues Expansion in Construction Sector with Order Book Reaching 34.8 Billion Dirhams by June 2026
The Moroccan construction group SGTM is advancing its expansion in the building and public works sector, with an order book totaling 34.8 billion dirhams by the end of June 2026. Although this represents a slight decrease from the 35.1 billion dirhams recorded at the end of 2025, this portfolio reaffirms the company’s significant involvement in major infrastructure projects within the Kingdom.
Dakhla, Nador, and Tangier at the Heart of Major Projects
A substantial portion of SGTM’s contracts involves several strategic infrastructures currently under construction in Morocco. The group is notably engaged in the Dakhla Atlantic Port, Nador West Med, and the Tangier Med passenger port.
These projects have significantly boosted SGTM’s activities in maritime and river works during the first half of 2026. They are also aligned with Morocco’s strategy to enhance its port capacities and improve connectivity between new infrastructures and the rest of the country.
In Casablanca, SGTM is also involved in the development of the new Hub terminal at Mohammed V Airport. This project is still in its initial phase, focused primarily on studies and groundwork, with a gradual ramp-up of construction activities expected.
SGTM’s Investments Surge by 47%
The scale of the projects underway is already reflected in the group’s investment figures. SGTM allocated 377 million dirhams to its investments during the first six months of 2026, a significant increase from 256 million dirhams in the same period the previous year, marking a 47.3% growth.
In the second quarter alone, investments reached 247 million dirhams, reflecting a robust increase of 68.3%. These expenditures are primarily aimed at mobilizing the necessary equipment and resources for the launch and expansion of new construction sites.
Net Debt Reaches 2.4 Billion Dirhams
This surge in investments is accompanied by a substantial increase in indebtedness. SGTM’s net debt rose from 156 million dirhams at the end of December 2025 to 2.4 billion dirhams by June 30, 2026.
The group attributes this increase to the significant financing requirements at the initiation of major projects. Costs associated with equipment and project launches arise before the advancement of construction work allows for the gradual generation of corresponding cash inflows.
Revenue Declines by 7.2%
Despite a notably high order book, SGTM’s revenue stood at 6.6 billion dirhams for the first half of 2026, a decrease of 7.2% year-on-year.
In the second quarter, revenues reached 3.578 billion dirhams, down by 14.2%. SGTM explains this decline as a transitional period between the completion of major projects in 2025 and the gradual ramp-up of new projects entering their execution phase.
Order Book Dominated by the Public Sector
The structure of the 34.8 billion dirham order book highlights the significance of institutional clients in SGTM’s operations. The semi-public sector accounts for 70.9% of the order book, compared to 26.8% for the public sector and merely 2.3% for the private sector.
Beyond port and airport infrastructures, the group continues its activities in hydraulic engineering. Following the delivery of the Sidi Abbou and Aït Ziat dams in 2025, SGTM has announced the commencement of work on the Bou Ahmed dam.
A Portfolio Exceeding Five Times the Semiannual Revenue
With 34.8 billion dirhams worth of projects yet to be executed, SGTM enjoys significant visibility regarding its future operations. This portfolio represents more than five times the revenue generated by the group in the first half of 2026.
This development comes just months after SGTM’s listing on the Casablanca Stock Exchange and underscores the group’s growing role in Morocco’s major infrastructure programs. With projects spanning ports, airports, dams, and other critical works, SGTM finds itself at the center of numerous key initiatives aimed at transforming the country by 2030.
