SGTM's Commanding Position in Infrastructure Development
As of mid-2026, SGTM, the leading Moroccan construction giant, boasts an impressive portfolio of orders totaling 34.8 billion dirhams. This substantial figure reflects the company's ongoing commitment to significant infrastructure projects, including the Dakhla Atlantic and Nador West Med ports, as well as the upcoming terminal at Mohammed V Airport in Casablanca. The latest statistics were released in the Q2 report by SGTM to the Moroccan Capital Market Authority (AMMC) on August 31. Compared to the end of 2025, where the order book stood at 35.1 billion dirhams, SGTM's figures indicate a stable performance, maintaining a robust presence in the construction sector.
SGTM is directly involved in some of Morocco's most ambitious projects, which are set to enhance the country's maritime and logistical capabilities significantly. The Dakhla Atlantic and Nador West Med ports, in particular, are expected to revolutionize the nation's port capacities. The former is anticipated to start operations gradually, ahead of Dakhla Atlantic, while substantial investments are being made to ensure these new ports are well-connected to the national infrastructure.
Significant Investments and Financial Strategies
In Casablanca, SGTM is also developing the new Hub terminal at Mohammed V Airport, which is currently in the initial phases of study and installation, poised for a significant escalation in development pace. This terminal represents one of the largest airport projects ever initiated in Morocco, aiming to transform Casablanca into a major international hub with the capacity to handle tens of millions of additional travelers.
The influx of large projects is beginning to reflect positively in SGTM's financials. The group invested 377 million dirhams during the first half of the year, marking a 47.3% increase compared to 256 million dirhams the previous year. Specifically, in Q2, investments surged to 247 million dirhams, a notable 68.3% increase. These expenditures primarily mobilize necessary equipment and resources for the commencement and scaling up of new projects.
However, this rapid growth comes with financial implications. SGTM's net debt has risen sharply from just 156 million dirhams at the end of December 2025 to 2.4 billion dirhams by June 30, 2026. The company attributes this increase to the substantial resources required at the outset of projects before revenue starts to flow in as they progress. In contrast, SGTM's revenue has followed a downward trend, totaling 6.6 billion dirhams in the first half of the year, down 7.2% year-on-year. The second quarter alone saw a 14.2% decline, bringing in 3.578 billion dirhams, attributed to a transitional phase between completed major projects in 2025 and those currently underway.
The breakdown of the 34.8 billion dirhams in orders highlights the influence of major institutional clients, with 70.9% of the portfolio sourced from the semi-public sector, 26.8% from the public sector, and only 2.3% from private entities. In addition to the ports and the airport in Casablanca, SGTM is also involved in new hydraulic structures, with projects like the Bou Ahmed dam on the horizon following the delivery of the Sidi Abbou and Aït Ziat dams in 2025.
This surge in projects comes just months after SGTM's stock market introduction, which has increased visibility for the company and its president, M’hammed Kabbaj. With nearly 35 billion dirhams in orders yet to be fulfilled, SGTM now boasts a portfolio that exceeds five times its revenue from the first half of the year.
As reported by bladi.net.
