TGCC Morocco reports rising order book amid increased debt

Moroccan construction firm TGCC reported a significant increase in its order book, which reached MAD 28.4 billion at the end of June, up MAD 9.3 billion from the previous year. This growth is driven by major infrastructure projects, including the new terminal at Casablanca’s Mohammed V airport, the Grand Stade Hassan II, and work on the Casablanca–Marrakech high-speed rail line.

However, the expansion has led to increased financing demands. TGCC’s net debt rose to MAD 2.08 billion in the first half of the year, up from MAD 609.8 million at the end of December. The company attributed this rise to working-capital requirements as numerous project sites enter their start-up phases. Despite the debt increase, the company noted that current levels remain below the June 2025 peak of MAD 2.99 billion, which was driven by the acquisition of STAM VIAS.