Fourth Quarter Performance Overview
The fourth quarter of 2025 saw a slowdown in activity, primarily attributed to the natural cycle of long-term projects. Following a robust first half driven by the productive phase of major initiatives, these projects have now transitioned into their closing stages.
Meanwhile, new projects are still in the early stages of development, contributing to the subdued performance during this period.
Impact of Technical Reclassification
The fourth quarter results were further influenced by a significant technical operation involving the reclassification of revenue from the first half of the year. Following the signing of an amendment, Stroc Industrie executed a cross-cancellation of re-invoiced charges and the corresponding revenue.
This adjustment neutralized the initial accounting entry without affecting the project's net profitability or the annual operating results.
Annual Revenue Growth
Despite the fourth quarter's challenges, Stroc Industrie reported a substantial annual revenue growth of 48%. As of December 31, 2025, the cumulative revenue reached 173.9 million dirhams, a significant increase from 117.7 million dirhams in 2024.
The fourth quarter alone contributed 1.0 million dirhams to this total, reflecting the impact of the aforementioned technical reclassification and the transitional project cycle.
Financial Position and Investment Activity
Financial debt experienced a slight increase during the 2025 fiscal year, rising to 219.6 million dirhams by December 31, 2025, compared to 213.8 million dirhams at the end of 2024.
Notably, Stroc Industrie did not undertake any significant investments during the fourth quarter of 2025.
