SGTM made more money in the first half of 2026, even as its sales fell. The construction group posted consolidated net profit of 793 million dirhams by the end of June, up 7.3% from 739 million dirhams a year earlier. Revenue fell 7.2% to 6.601 billion dirhams.
The different results came as several major construction projects were still getting started. SGTM had completed several large projects in 2025, including work for Mohammed VI Polytechnic University and sports facilities in Rabat. New projects started moving into the early stages in 2026.
The new terminal hub at Mohammed V International Airport in Casablanca was among the projects still in the study, installation and mobilisation stages during the first half of the year. Construction activity is expected to increase as work moves forward.
The same pattern affected SGTM’s dams and water infrastructure business. The group completed the Sidi Abbou and Aït Ziat dams in 2025 and then started new projects, including the Bou Ahmed dam.
Maritime and port projects continued at a faster pace. They included Dakhla Atlantique, Nador West Med and the passenger port at Tanger Med.
SGTM also improved its operating performance. EBITDA rose 13% to 1.416 billion dirhams from 1.253 billion a year earlier.
The EBITDA margin increased to 21.4% from 17.6%.
Operating profit rose 13.8% to 1.129 billion dirhams, compared with 992 million dirhams in the first half of 2025.
SGTM linked the improvement to tighter project management, its integrated business model and greater control over its operations.
The group had an order book worth 34.8 billion dirhams at the end of June. That was slightly below the 35.1 billion dirhams recorded at the end of 2025. The order book still represents more than two years of revenue.
Standalone revenue fell to 5.8 billion dirhams from 6.9 billion dirhams a year earlier. Standalone net profit dropped to 611 million dirhams from 650 million dirhams.
SGTM was founded in 1972 and works on transport infrastructure, dams and other water projects, buildings, ports, mining and energy projects. It operates in Morocco and several African countries.
The board approved the first-half 2026 financial statements on 18 September.
