Moroccan construction firm Société Générale des Travaux du Maroc (SGTM) has posted record profits for 2025, with net income reaching 1.34 billion dirhams, more than double the previous year.
The company’s revenue rose 36.6% to 15.16 billion dirhams, while EBITDA climbed 31.7% to 2.48 billion dirhams. Operating profit increased 38.3% to 1.95 billion dirhams.
SGTM said the growth reflects strong activity across all its divisions and a wave of major national projects. The company highlighted Morocco’s ongoing infrastructure expansion, including projects linked to the country’s 2030 World Cup bid with Spain and Portugal and the government’s 2021–2026 development plan to improve regional connectivity.
The company’s rising profit margins are attributed to a shift towards high-value projects such as dams and complex bridges, which offer higher returns than standard road or residential construction. Greater control over supply chains and the use of advanced equipment have also helped SGTM manage costs despite global material price increases.
SGTM remains a family-controlled business competing with international firms. Its order book stands at 35.1 billion dirhams, covering more than two years of work and providing clear visibility for future projects. Strong cash flow supports the proposed 12-dirham dividend per share for 2025.
Several flagship projects are driving growth. SGTM is leading or co-leading major works including the Grand Stade Hassan II in Benslimane, which will seat 115,000 and cost 3.2 billion dirhams for structural work alone. At Mohammed V Airport in Casablanca, SGTM won a 12-billion-dirham contract with TGCC for a new terminal, linked to the planned high-speed rail line. The company is also handling viaducts and civil engineering for the Tangier–Marrakech high-speed rail extension.
In water infrastructure, SGTM is working on the Mokhtar Soussi Dam in Souss-Massa (1.64 billion dirhams) and the Bou Ahmed Dam in Chefchaouen. The company is also preparing further inter-basin water transfer projects following its successful Sebou-Bouregreg “water highway.”
SGTM is expanding into maritime and industrial infrastructure. Projects include Dakhla Atlantique Port, a key Atlantic trade gateway, and the Nador West Med Mediterranean logistics hub. The company continues to partner with the OCP Group on industrial projects including the J2K Pipeline and phosphoric acid plant expansions.
The company said it enters 2026 with strong fundamentals and broad visibility across its business. Its late-2025 IPO raised over 4.8 billion dirhams, giving SGTM the resources to bid on larger multi-billion-dirham engineering and construction contracts.
