After the two national leaders, namely the TGGC and SGTM groups, another construction player is quietly taking off. This is STAM (Société de travaux agricoles marocains) which is preparing to exceed the 4 billion dirham mark in consolidated turnover in 2024.
This group, created in 1965 in Meknes by a certain Louis BAUDRAND, is on the verge of completing the best year in its history thanks to the completion of several colossal projects, including the FASK dam, the largest in southern Morocco, work on which began in 2018 and which required a public investment of 1.5 billion dirhams.
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It should be said that STAM and its subsidiary VIAS, specializing in road development, have been on an upward trajectory since 2020, the year in which the group currently chaired by Louis-Raymond Baudrand (the founder’s eldest son) still claimed “only” two billion dirhams in consolidated revenue.
A trajectory that can be explained as much by endogenous success factors, including in particular STAM’s know-how in the construction of major civil engineering works such as dams or major agricultural developments (STAM’s historical businesses), but also the breakthrough of its subsidiary VIAS in sub-Saharan Africa and particularly in Mauritania, as by an exogenous boost relating to the weakening or even disappearance of certain direct competitors such as SINTRAM, one of the four Moroccan operators capable of building works as complicated as dams (whose opening of liquidation in March 2024 punctuates a violent fall since 2021), or Bioui Travaux (which has since become SBTX, to distance itself from the name of the founder currently mired in the “Escobar of the desert” affair).
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How far will the STAM group go now that it is firmly positioned on the third step of the Moroccan construction podium? To be continued.
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