Casablanca – SGTM hosted journalists, analysts, and partners in Casablanca to present the full story behind its upcoming stock market listing — a 20% share sale worth up to MAD 5.04 billion, set to become the biggest IPO in Morocco since Maroc Telecom in 2004.
For a company that has spent more than 50 years shaping the country’s major infrastructure projects, the listing marks what its leadership repeatedly described as a “strategic turning point” for SGTM and for the sector.
At the start of the conference, speakers reminded the room that SGTM’s identity was built slowly, project after project, long before any financial ambitions came into play.
“Before the numbers, SGTM has always been a human story,” said the group’s executives. They also highlighted the emotional attachment many Moroccans feel toward the company’s works, saying, “Each Moroccan is proud to say we achieved this together — these projects belong to the country.”
The group walked the audience through its five core business lines, its history in dams, ports, buildings, transport structures, and industrial projects, and its expansion across Africa.
SGTM also emphasized its financial performance with more than MAD 11 billion in revenue in 2024, a project backlog of MAD 37 billion, and stable margins supported by diversification.
“The fundamentals are solid — a healthy balance sheet, disciplined growth, and visibility that goes far beyond 2025,” they said.
A company balancing legacy, governance, and ambition
A large part of the presentation focused on governance — a sensitive transformation for a long-standing family group.
SGTM confirmed the arrival of three independent directors and a board that will now follow modern standards with two key committees: audit & risk, and strategy & sustainability.
“Equality, balance, and respect have always been part of our DNA. Today, we are modernizing them, not replacing them,” the executives noted.
The IPO is not just financial but structural, noted the company’s leadership. “Listing on the stock exchange brings the permanence the group needs to grow over time,” one of the executives explained, adding that the goal is to keep the company Moroccan, solid, and transparent while opening it to new investors.
The family confirmed that both branches will remain equally represented after the listing. “We decide fast and we decide together,” they said.
The company also addressed concerns about timing and market conditions. In response to questions about volatility, the management clarified, “A financial market goes up and down. What matters is the quality of the company, and SGTM is ready.”
Looking ahead, SGTM is determined to continue positioning itself as a key player for Morocco’s next cycle of investment, from water and energy to transport, industrial development, and the 2030 World Cup.
“Prudence does not mean absence,” clarified leadership regarding their projects in Africa. “We choose projects backed by strong international financing, and we grow step by step.”
The conference ended on a unifying message that SGTM wants to honor the legacy of its founders while embracing a more transparent and demanding future.
“We enter the market with an equilibrium between tradition and modernity,” the SGTM leadership said. “SGTM is ready for the next step — ready to build bigger, further, and together.”
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