Strong Performance in Q4 2025
The fourth quarter of 2025 was pivotal for SGTM, highlighted by its successful listing on the Casablanca Stock Exchange. This IPO, valued at MAD 4.8 billion, underscored investor confidence in the company's robust business model and growth prospects.
During this quarter, SGTM reported a revenue increase of 8.7% compared to Q4 2024, reaching MAD 4.9 billion.
Consolidated Revenue Growth
By December 31, 2025, SGTM's consolidated revenue totaled MAD 15.2 billion, reflecting a remarkable 36.6% rise from 2024. This growth is attributed to the heightened activity across various sectors of the company, driven by ongoing projects and robust national infrastructure programs.
Key Infrastructure Developments
The year was marked by significant progress in delivering major sports infrastructure, including the Moulay Abdellah Sports Complex, Moulay El Hassan Stadium, and the athletics stadium in Rabat. These projects showcased SGTM's capability to execute complex operations within tight timelines.
Additionally, SGTM's work for Mohammed VI Polytechnic University and various integrated tertiary operations across multiple sectors contributed to the year's momentum.
Port and Industrial Projects
The company also benefitted from the advancement of port projects, including the new Safi port, expansions at Nador West Med, and the construction of the Dakhla Atlantic port.
In the industrial and energy sectors, the expansion of the Stellantis factory, intensified work for the OCP Group, and the ramp-up of EPC-mode projects further supported SGTM's growth.
Financial Strength and Investment
In 2025, SGTM invested MAD 783 million, a 15.7% increase, reflecting ongoing renewal and expansion of its equipment fleet and enhancement of technical capabilities for project execution.
Consolidated net debt was reduced to MAD 156.1 million by the end of 2025, down from MAD 675.9 million in the previous year, demonstrating the company's ability to generate sufficient operational cash flow to finance its growth while strengthening its financial position.
Social Revenue Indicators
In Q4 2025, SGTM's social revenue reached MAD 4.5 billion, up from MAD 4.0 billion in Q4 2024. For the entire year, social revenue amounted to MAD 14.6 billion, compared to MAD 10.4 billion in 2024.
Robust Order Book
As of December 31, 2025, SGTM's consolidated order book stood at MAD 35.1 billion, a significant increase from MAD 16.5 billion at the end of 2024, representing a 113% growth over the year and providing substantial visibility across the company's various segments.
Future Prospects
In the last quarter of the year, SGTM confirmed its involvement in several major projects, further enhancing its order book and diversifying its project portfolio. Notable contracts include the construction of the Bou Ahmed dam in Chefchaouen, aimed at securing regional water resources.
Additionally, SGTM is set to undertake Lot 2 of the Grand Stade Hassan II in Benslimane, which will host significant international events by 2030, focusing primarily on major structural works.
The company will also construct a new terminal hub at Mohammed V Airport in Casablanca, which is expected to be the largest airport project ever undertaken in Morocco, significantly enhancing the country's capacity and international connectivity.
