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SGTM’s Order Book Swells to DH35.1bn, Driving Strong Growth Across Morocco’s Infrastructure Projects

SGTM entered a new growth phase in 2025, backed by a record DH35.1 billion order book that gives the group solid visibility amid a wave of public‑sector investments. The company is now heavily involved in flagship transport, hydraulic, airport, port, industrial and energy projects across Morocco and is expanding its footprint in West Africa. Revenue surged 36.6% to DH15.2 billion, EBITDA rose to DH2.49 billion and net profit jumped 127.6% to DH1.34 billion, underscoring the profitability of its diversified pipeline and the firm’s ability to control costs while scaling up.

May 6th, 2026
2 min read
By boursenews.ma

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Market Outlook – 6 May 2026

Record Order Book Fuels SGTM’s Expansion Across Morocco and West Africa

SGTM has entered a new development phase, positioning itself at the heart of Morocco’s large‑scale infrastructure drive. By the end of 2025 the group secured a historic DH35.1 billion order book, providing strong visibility for future revenues as public‑sector spending ramps up.

The diversified pipeline spans several strategic sectors:

  • Transport infrastructure: involvement in the Casablanca Hub Terminal, the Agadir airport expansion, and the upcoming Kénitra‑Marrakech high‑speed line, including the 3.3‑km Rabat tunnel and high‑speed civil works capable of 320 km/h.
  • Hydraulic projects: construction of the Bou Ahmed dam (≈96 million m³) and the Ratba dam (≈1 billion m³) in Taounate.
  • Sporting venues: major works in Marrakech and Agadir, plus participation in the Grand Stade Hassan II project in Benslimane.
  • Aviation: key contracts for the Casablanca Hub Terminal and Agadir airport extension.
  • Ports, industry & energy: contracts for Nador West Med port super‑structures and terminal extensions, plus EPC‑style projects in mining and chemicals.
  • International expansion: ongoing projects in Benin and Côte d’Ivoire covering administrative buildings, housing and transport infrastructure.

2025 – A year of scale‑up

Consolidated revenue jumped 36.6 % to DH15.2 billion, driven by the influx of new contracts and higher activity across all segments. EBITDA reached DH2.49 billion and net profit rose 127.6 % to DH1.34 billion, reflecting strong operational leverage and disciplined cost management.

The order backlog grew to DH35.1 billion from DH16.5 billion a year earlier, ensuring a robust pipeline for the coming years. Investment in technical capacity rose 15.7 % to DH783 million, supporting the higher project load.

"The 2025 results demonstrate the complementarity of SGTM’s businesses. Port, industrial and tertiary activities accelerated, while hydraulic works are completing major assets and transport infrastructure is rebounding. This mix lifts profitability and confirms partner confidence," said Anouar Hajji, Deputy CEO – Finance.

With a reinforced footing in national megaprojects and a gradual diversification abroad, SGTM is positioned to benefit from Morocco’s infrastructure push, while maintaining margin discipline as project complexity rises.

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