KPMG International posts $29.75bn record revenues

MANAMA: KPMG International has announced record revenues of $29.75 billion for the fiscal year ending September 30, 2019 (FY19), representing a 6.2 per cent increase in local currency terms on FY18.

Revenue growth was driven by solid FY19 performance across all KPMG regions, with Asia Pacific delivering the fastest growth of 9.3pc driven by 14.1pc growth in advisory.

The Americas region saw growth of 6.6pc and in Europe, Middle East and Africa, and India, the growth was 4.7pc.

“We are pleased to have achieved strong growth during an important transitional year for KPMG as we focus on making significant investments as part of our multi-year collective strategy implementation,” said Bill Thomas, global chairman and chief executive, KPMG International.

In the Middle East and South Asia (MESA) region, the aggregated revenue of KPMG member firms grew by 11.6pc in local currency terms for the fiscal year ended 30 September 2019, marking the sixth consecutive year of double-digit growth.

Reyaz Mihular, chairman of KPMG MESA, said “As we strive to create sustainable value for clients, we are embracing disruption and collaborating seamlessly as a region. This emphasis is reflected in the latest propositions that we are bringing to the market and also in milestone projects being delivered in these countries.”

The KPMG MESA region spans 14 countries and territories, and covers more than 30 office locations, including Bahrain.

The region’s workforce grew further to a record high of over 8,000 professionals and associates with more than 2,200 new hires in the year.

These milestones contributed to placing MESA among the fastest growing sub-regions in the KPMG network.

KPMG in Bahrain managing partner Jamal Fakhro said, “We are excited to witness KPMG member firms’ year-on-year growth despite challenging market conditions. On behalf of the team in Bahrain, we reaffirm our commitment to achieve further growth in the coming year and beyond amidst the global and regional growth.

“There has been an increasing interest in the local market towards public-private sectors partnership to complete key economic projects, which we are supporting with our knowledge and deep-expertise.

“This is in addition to our ongoing investment in our people and digital transformation to bring innovative solutions to our clients across audit, tax and advisory,” Mr Fakhro added.

Source: http://www.gdnonline.com/Details/715687

 

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