TGCC: Net Profit Up 60.6% in H1 2025, Record Order Book at MAD 19.1bn

TGCC reported consolidated revenues of MAD 5.6bn in H1 2025, up 43.6% YoY, driven largely by the acquisition of 60% of STAM VIAS, which now represents 26% of sales. On a pro forma basis, growth was 2%, reflecting a transition phase between completed projects and the ramp-up of new strategic contracts.

EBITDA surged 123.8% to MAD 1.18bn (+49.3% pro forma), supported by scale effects from STAM VIAS integration, higher value-added projects, and disciplined cost management.

Net income attributable to shareholders rose 60.6% to MAD 416m (+58% pro forma).

The order backlog doubled to MAD 19.1bn, up 122% YoY, with infrastructure projects representing 45%, dams 23%, and residential/commercial real estate 11%.

Outlook: With a record backlog, the STAM VIAS integration, and strong visibility ahead of the 2025 Africa Cup of Nations and 2030 FIFA World Cup, TGCC is positioned to accelerate its strategic projects and reinforce its role in Morocco’s development programs