Dakhla, Nador, Tangier, Casablanca: SGTM amasses 35 billion dirhams in construction projects

The figure appears in the second-quarter indicators published by SGTM with the AMMC on August 31. As of June 30, the group’s order book stood at exactly 34.8 billion dirhams, a level that was virtually unchanged from the 35.1 billion recorded at the end of 2025.

Behind this sum are several of the largest projects currently under way in Morocco. SGTM directly cites Dakhla Atlantique, Nador West Med and the Tanger Med passenger port. Maritime and river works also progressed sharply in the first half of the year thanks to the simultaneous advancement of these three infrastructure projects.

Nador West Med and Dakhla Atlantique are set to significantly strengthen Morocco’s port capacities. The former is due to gradually enter service before Dakhla Atlantique, while the Kingdom is simultaneously investing heavily in the infrastructure needed to connect these new ports to the rest of the country.

On Bladi.net : Autoroute Guercif-Nador, Port Dakhla Atlantique: the 2026 budget accelerates the construction projects

In Casablanca, SGTM is also involved in the new Hub terminal at Mohammed V Airport. The group says the project is still in its initial study and installation phases, before ramping up.

This new Mohammed V terminal is one of the largest airport projects ever launched in Morocco. It is expected to enable Casablanca to change scale radically and become a genuine international hub, with additional capacity for several tens of millions of passengers.

Investments surge by 47%

This accumulation of major projects is beginning to show in SGTM’s accounts. The group invested 377 million dirhams during the first six months of the year, compared with 256 million a year earlier, representing an increase of 47.3%. In the second quarter alone, investments reached 247 million dirhams, up 68.3%.

SGTM explains that this spending is primarily used to mobilize the equipment and resources required to launch and then ramp up its new projects.

This acceleration also comes with a financial cost. The group’s net debt rose from just 156 million dirhams at the end of December 2025 to 2.4 billion as of June 30, 2026. SGTM explains this sharp increase by the substantial resources that must be mobilized at the beginning of the works, before project progress gradually generates cash receipts.

Revenue is currently following the opposite trend. It stood at 6.6 billion dirhams in the first half, down 7.2% year on year. In the second quarter, the decline reached 14.2%, with revenue of 3.578 billion dirhams. The group attributes this decline to a transition period between the major projects completed in 2025 and those currently getting under way.

The structure of the 34.8 billion dirhams in orders also shows the weight of major institutional clients: 70.9% of the portfolio comes from the semi-public sector, 26.8% from the public sector and only 2.3% from the private sector.

On Bladi.net : Casablanca Airport Expansion 2026 New Terminal Zone

In addition to the ports and Casablanca airport, SGTM is also working on new hydraulic structures. Following the delivery in 2025 of the Sidi Abbou and Aït Ziat dams, the group notably cites the start of work on the Bou Ahmed dam.

This multiplication of projects comes a few months after the stock market listing that brought greater exposure to SGTM and the fortune of its chairman M’hammed Kabbaj. With nearly 35 billion dirhams in orders still to be executed, the group now has a portfolio representing more than five times its revenue generated in the first half.