Morocco’s listed construction companies have entered a sharper test in 2026 as share prices fall despite record order books tied to major infrastructure projects and preparations for the 2030 World Cup.
Since January, SGTM shares have fallen 31.2%, Jet Contractors 24.5% and TGCC 20.6%, making construction stocks among the Casablanca Stock Exchange’s weakest performers even as the broader market has continued to rise.
The correction follows three years of strong gains driven by expectations that builders would benefit from an exceptional investment cycle in transport, stadiums, infrastructure and other projects linked to Morocco’s 2030 plans.
By the end of March, the combined order books of SGTM, TGCC and Jet Contractors had exceeded 77 billion dirhams, up from 62.8 billion dirhams a year earlier.
But the growth in contracted work has yet to translate at the same pace into revenue. The three companies generated combined first-half revenue of about 13.45 billion dirhams, down roughly 4.7% from a year earlier.
That gap is increasingly shaping investor sentiment. After years in which new contract announcements and rising backlogs helped support valuations, the market is now focusing more closely on how quickly projects are executed, billed and converted into profit.
Companies have cited factors including project start dates, the pace of construction, Ramadan, Eid al-Fitr and heavy rainfall as weighing on activity during the first part of the year.
Investors are now watching whether work accelerates as deadlines for major projects approach.
The sector’s long-term outlook remains supported by a large pipeline of contracted projects. But after much of the expected 2030 growth was priced into shares during the previous rally, companies face greater pressure to show that record order books can translate into higher revenue, stronger margins and cash flow
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