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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

SGTM

GTM · Bourse de Casablanca · Consolidated statements

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Company details
Legal name
Société Générale des Travaux du Maroc S.A.
Listing
GTM on the Bourse de Casablanca, active · ISIN MA0000012783 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Revenue

    MAD 15.2 billion

    15,165,454 MAD thousands · p88

    +36.6% vs 2024

  • Operating profit / (loss)

    MAD 1.95 billion

    1,951,593 MAD thousands · p88

    +38.3% vs 2024

  • Profit / (loss) for the year

    MAD 1.34 billion

    1,341,942 MAD thousands · p88

    +127.6% vs 2024

  • Total assets

    MAD 16.7 billion

    16,660,408 MAD thousands · p87

    +33.8% vs 2024

  • Total equity

    MAD 3.55 billion

    3,550,399 MAD thousands · p87

    +35.6% vs 2024

  • Cash from operations

    MAD 1.61 billion

    1,614,497 MAD thousands · p88

    +4.4% vs 2024

Large amounts are rounded for reading (MAD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MAD thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Chiffre d'affaires 15,165,454 11,098,839
Variation de stocks de produits1 (7,669) (5,223)
Autres produits d'exploitation 9,382 18,539
Produits d'exploitation2 15,167,167 11,112,154
Achats et autres charges externes3 (10,310,356) (7,690,916)
Impôts et taxes4 (93,001) (72,471)
Charges de personnel (2,274,535) (1,446,173)
Autres charges d'exploitation (506) (13,012)
Dotations d'exploitation, nettes des reprises et transferts de charges5 (537,175) (478,415)
Charges d'exploitation6 (13,215,574) (9,700,986)
Résultat d'exploitation 1,951,593 1,411,168
Résultat financier7 (46,091) (75,338)
Résultat courant des entreprises intégrées8 1,905,503 1,335,831
Résultat non courant9 50,492 (303,330)
Résultat avant impôt 1,955,994 1,032,501
Impôt sur le résultat (614,052) (442,843)
Résultat net de l'ensemble consolidé 1,341,942 589,658
Intérêts minoritaires dans le résultat10 –11 (101)
  1. Printed “-”; reading unresolved, so no amount is shown. The 2025 cell prints a dash (no minority interest at 31 December 2025); no printed subtotal confirms the nil on its own row.
Notes and alternative reported figures (10)
  1. “Variation de stocks de produits” is an issuer-specific line, not mapped to a shared definition: Change in stocks of products, printed within operating income.
  2. “Produits d'exploitation” is an issuer-specific line, not mapped to a shared definition: Printed total of operating income.
  3. “Achats et autres charges externes” is an issuer-specific line, not mapped to a shared definition: Purchases and other external charges (note 6.5).
  4. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax.
  5. “Dotations d'exploitation, nettes des reprises et transferts de charges” is an issuer-specific line, not mapped to a shared definition: Operating depreciation and provisions, net of reversals and transfers.
  6. “Charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Printed total of operating charges (printed negative).
  7. “Résultat financier” is an issuer-specific line, not mapped to a shared definition: Net financial result (note 6.6).
  8. “Résultat courant des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Operating plus financial result of the consolidated entities.
  9. “Résultat non courant” is an issuer-specific line, not mapped to a shared definition: Net non-current result (note 6.7).
  10. “Intérêts minoritaires dans le résultat” is an issuer-specific line, not mapped to a shared definition: Minority share of the consolidated result.

Balance sheet

Balance sheet, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Immobilisations incorporelles 2,209 2,945
Immobilisations corporelles 1,946,744 1,805,541
Immobilisations financières1 127,935 208,187
Total actif immobilisé 2,076,888 2,016,674
Stocks et en-cours 228,992 370,266
Clients et comptes rattachés2 9,885,520 6,854,501
Autres créances3 2,212,662 1,790,806
Valeurs mobilières de placement 357,813 605,766
Total actif circulant 12,684,987 9,621,340
Trésorerie - actif 1,898,533 809,577
TOTAL ACTIF 16,660,408 12,447,590
Capital 1,200,000 300,000
Réserve légale4 30,000 30,000
Écarts de conversion5 4,206 11,978
Réserves consolidées6 974,250 1,686,228
Résultat consolidé7 1,341,942 589,658
Capitaux propres de l'ensemble consolidé 3,550,399 2,617,864
Dont : Capitaux propres part du groupe 3,550,399 2,619,799
Intérêts minoritaires –8 (1,934)
Dettes de financement9 1,119,645 1,125,409
Provisions pour risques et charges10 45,853 39,944
Subventions d'investissement11 –12 1,436
Impôts différés passifs 169,584 238,952
Total dettes long terme et provisions13 1,335,082 1,405,741
Fournisseurs et comptes rattachés14 4,912,162 4,261,371
Autres dettes15 5,810,569 3,375,293
Total passif circulant16 10,722,731 7,636,664
Trésorerie - passif17 1,052,196 787,321
TOTAL PASSIF 16,660,408 12,447,590
  1. Printed “-”; reading unresolved, so no amount is shown. The 2025 cell prints a dash (no minority interest at 31 December 2025); no printed subtotal confirms the nil on its own row.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.native.co_f5fh76pjwf50.long_term_debts_and_provisions.
Notes and alternative reported figures (15)
  1. “Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Financial fixed assets (note 6.1.c).
  2. “Clients et comptes rattachés”: mapping to a shared definition is uncertain. Trade receivables only; other receivables are printed on a separate line ('Autres créances').
  3. “Autres créances” is an issuer-specific line, not mapped to a shared definition: Other current receivables (note 6.2.c), printed apart from trade receivables.
  4. “Réserve légale” is an issuer-specific line, not mapped to a shared definition: Legal reserve.
  5. “Écarts de conversion” is an issuer-specific line, not mapped to a shared definition: Currency translation differences within equity.
  6. “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves.
  7. “Résultat consolidé” is an issuer-specific line, not mapped to a shared definition: The year's consolidated result shown within equity.
  8. “Dettes de financement”: mapping to a shared definition is uncertain. Moroccan 'Dettes de financement' (long-term financing debt; no current portion is shown separately).
  9. “Provisions pour risques et charges” is an issuer-specific line, not mapped to a shared definition: Long-term provisions for risks and charges.
  10. “Subventions d'investissement” is an issuer-specific line, not mapped to a shared definition: Investment subsidies (within long-term liabilities).
  11. “Total dettes long terme et provisions” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: financing debts, provisions, subsidies and deferred tax liabilities.
  12. “Fournisseurs et comptes rattachés”: mapping to a shared definition is uncertain. Suppliers and related accounts only; other payables are printed on a separate line ('Autres dettes').
  13. “Autres dettes” is an issuer-specific line, not mapped to a shared definition: Other current payables (note 6.4).
  14. “Total passif circulant” is an issuer-specific line, not mapped to a shared definition: Trade and other payables; excludes trésorerie-passif.
  15. “Trésorerie - passif”: mapping to a shared definition is uncertain. Trésorerie-passif (bank credit balances and short-term treasury credit).

Cash flow

Cash flow, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Résultat net consolidé1 1,341,942 589,658
Amortissements des immobilisations incorporelles2 736 2,672
Amortissements des immobilisations corporelles3 511,654 431,416
Reprises nettes des provisions et subventions4 11,130 13,170
Variation des impôts différés5 (69,368) 27,964
Résultat de cession des immobilisations6 (9,547) (7,556)
Résultat de cession de filiales consolidés7 (62,545) 139,526
Capacité d'autofinancement des sociétés intégrées8 1,724,002 1,196,851
Variation du BFR lié à l'activité9 (109,505) 348,865
FLUX NET DE TRÉSORERIE GÉNÉRÉ PAR L'ACTIVITÉ 1,614,497 1,545,716
Acquisition des immobilisations incorporelles10 –11 (2,278)
Acquisition des immobilisations corporelles (783,612) (673,807)
Variation des créances financières12 (8,710) (84,610)
Prix de cession d'immobilisations13 28,466 23,854
FLUX NET LIÉ AUX OPÉRATIONS D'INVESTISSEMENT (763,856) (736,841)
Augmentation de capital14 100,000 –15
Variation des écarts de conversion16 (7,772) 15,072
Dividendes versés (500,000) (175,000)
Emissions (remboursements) d'emprunts, net17 (5,764) (35,595)
FLUX NET LIÉ AUX OPÉRATIONS DE FINANCEMENT (413,536) (195,523)
VARIATION DE TRÉSORERIE 437,105 613,352
Trésorerie d'ouverture 628,022 28,109
Trésorerie sur variation de périmètre18 139,023 (13,439)
Trésorerie de clôture 1,204,150 628,022
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (16)
  1. “Résultat net consolidé” is an issuer-specific line, not mapped to a shared definition: Starting line of the indirect cash-flow statement.
  2. “Amortissements des immobilisations incorporelles” is an issuer-specific line, not mapped to a shared definition: Non-cash adjustment.
  3. “Amortissements des immobilisations corporelles” is an issuer-specific line, not mapped to a shared definition: Non-cash adjustment.
  4. “Reprises nettes des provisions et subventions” is an issuer-specific line, not mapped to a shared definition: Non-cash adjustment (printed positive in both years).
  5. “Variation des impôts différés” is an issuer-specific line, not mapped to a shared definition: Non-cash adjustment.
  6. “Résultat de cession des immobilisations” is an issuer-specific line, not mapped to a shared definition: Non-cash adjustment.
  7. “Résultat de cession de filiales consolidés” is an issuer-specific line, not mapped to a shared definition: Non-cash adjustment.
  8. “Capacité d'autofinancement des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal before the working-capital change.
  9. “Variation du BFR lié à l'activité” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  10. “Acquisition des immobilisations incorporelles” is an issuer-specific line, not mapped to a shared definition: Investing outflow.
  11. “Variation des créances financières” is an issuer-specific line, not mapped to a shared definition: Investing flow.
  12. “Prix de cession d'immobilisations” is an issuer-specific line, not mapped to a shared definition: Investing inflow.
  13. “Augmentation de capital” is an issuer-specific line, not mapped to a shared definition: Financing inflow.
  14. “Variation des écarts de conversion” is an issuer-specific line, not mapped to a shared definition: Printed within financing activities.
  15. “Emissions (remboursements) d'emprunts, net” is an issuer-specific line, not mapped to a shared definition: Net borrowing flows, one line.
  16. “Trésorerie sur variation de périmètre” is an issuer-specific line, not mapped to a shared definition: Cash of entities entering or leaving the consolidation scope, added after opening cash.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)21 37 39
Profit / (loss) attributable to shareholders (MAD thousands)3 1,341,942 589,759
Notes and alternative reported figures (3)
  1. “Résultat par action (MAD)”: mapping to a shared definition is uncertain. Printed 'Résultat par action (MAD)', whole dirhams; the statement does not say basic or diluted.
  2. Earnings / (loss) per share: printed as “Résultat par action (MAD)”.
  3. Profit / (loss) attributable to shareholders: printed as “Résultat net part du Groupe”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividendes versés (500,000) MAD thousands Annual report, p88
31 Dec 2024 Dividends paid (cash flow statement) Dividendes versés (175,000) MAD thousands Annual report, p88

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • SGTM — Rapport Financier Annuel 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: JS Conseil; PwC Maroc (commissaires aux comptes), unmodified opinion · signed

    Auditor's sign-off: Jalil Safrioui, Associé, JS Conseil; Mounsif Ighiouer, Associé, PwC Maroc

    Final status: Rapport des commissaires aux comptes sur les états de synthèse consolidés, exercice du 1er janvier au 31 décembre 2025 (PDF pp93-94, image pages): unqualified opinion (p93), closing 'Casablanca, le 29 avril 2026' with handwritten signatures over the stamps of JS Conseil (Jalil Safrioui, Associé) and PwC Maroc (Mounsif Ighiouer, Associé) (PDF p94, page image). No board approval date for the consolidated statements is printed.

    Document date
    29 Apr 2026
    Auditor's report
    29 Apr 2026
    Board approval
    date not found in this document
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · MAD thousands (printed “(En Milliers de dirhams)”)
    • Earnings per share is printed in whole dirhams (37; 2024: 39), without saying basic or diluted. Share capital rose from 300 000 to 1 200 000 thousand dirhams in 2025 (900 000 capital increase, 800 000 from reserves, changes in equity p88).
    • Moroccan consolidated layout: trésorerie-actif and trésorerie-passif are printed outside the current-asset and current-liability totals. Cash-flow trésorerie (opening 628 022, closing 1 204 150) is net of trésorerie-passif and includes valeurs mobilières de placement (1 898 533 - 1 052 196 + 357 813 = 1 204 150); the cash change is reconciled through 'Trésorerie sur variation de périmètre' (139 023; 2024: (13 439)), recorded natively. Validation fails explained: cf.closing_cash (opening + change omits the scope-change line) and cf.opening/closing_equals_balance_sheet (net trésorerie including placement securities against trésorerie-actif). Kept as printed.
    • Thousands of dirhams rounded line by line: printed totals differ by 1 from the sum of their printed lines in places (2025 equity components sum to 3 550 398 against 3 550 399; 2025 operating charges sum to (13 215 573) against (13 215 574); 2025 résultat courant and résultat avant impôt). Kept as printed.
    Technical details
    File
    101 pages, with a text layer
    SHA-256
    d83efa5c40b3c77547eaac6105c3a6555379f7b48fda1687e04ad22e5b249a13
    Entity as printed
    Société Générale des Travaux du Maroc (SGTM S.A), 2 boulevard Zerktouni, Casablanca, et ses filiales (Groupe SGTM) (auditors' report, p93)
    Regulator copy
    retrieved 2026-10-08T18:36:19Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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