BOURSSOLE Logo
BOURSSOLEYour smart investing compass
Stocks Market

Stocks Market

SGTM Kicks Off 2026 with Order Book Surging to 37.3 bn MAD and Revenue Up 2.6%

In the first quarter of 2026, SGTM reported a consolidated turnover of MAD 3.0 bn, a 2.6 % rise on a year‑on‑year basis. The group’s order book expanded to MAD 37.3 bn (+6.3 % versus end‑2025), underpinning a stronger pipeline of construction projects across ports, infrastructure, and large‑scale public works. Investments jumped 15.9 % to MAD 129.9 m, while net cash improved to MAD 12.8 m, signalling solid financial health. Key projects include the Dakhla Atlantic port, Tanger Med & Nador West Med expansions, the Laâyoune viaduct, Agadir airport extension, and the new terminal at Casablanca’s Mohamed V airport. The growing order book and diversified portfolio give SGTM a clear visibility for medium‑term growth.

May 26th, 2026
2 min read
By boursenews.ma

Listen to this article

Unlock audio versions of premium articles and more with a Pro subscription.

Upgrade to Unlock

Quarterly Revenue Highlights

SGTM posted a consolidated turnover of MAD 3.0 bn for Q1 2026, reflecting a +2.6 % increase over the same quarter in 2025. Social turnover – the core construction business – contributed MAD 2.5 bn. The uplift is driven by the completion of several large‑scale projects in 2025 and the continued ramp‑up of new contracts that have entered the order book.

Key Projects Delivered and Underway

  • Dakhla Atlantic Port – ongoing civil works.
  • Tanger Med and Nador West Med – additional berths and terminal upgrades.
  • Laâyoune Viaduct – structural works progressing.
  • Agadir Airport Extension – runway and terminal enhancements.
  • Benslimane Stadium – façade and roofing package awarded.
  • Mohammed V Airport – New Terminal – preparatory works started.

Investments and Financial Structure

The group invested MAD 129.9 m in the quarter, a +15.9 % rise YoY, to expand its fleet of lifting, handling and logistics equipment. This capital boost aligns with the higher workload from the growing order book.

Financially, SGTM reported a net cash position of MAD 12.8 m as of 31 March 2026, against a net debt of MAD 156.1 m at the end of 2025, indicating improved liquidity.

Order Book and Market Visibility

At 31 March 2026, the order book stood at MAD 37.3 bn, up +6.3 % from year‑end 2025. New contracts include the façade and roof works for the Benslimane stadium and several tertiary‑building projects in Benin. The expanding pipeline confirms SGTM’s position as a multi‑specialist leader in Morocco’s construction sector.

Outlook

With a robust order book and diversified project mix, SGTM has a solid base to sustain growth throughout 2026 and beyond. The depth of the backlog provides clear visibility on future revenues and cash generation.

Discussion (0)