Kuwait: KPMG MESAC (Middle East, South Asia and Caspian) announced a 22.4-percent growth in the aggregate revenue of KPMG member firms in the region for the fiscal year ending 30 September 2023. The announcement came in after KPMG International declared the annual globally aggregated revenues for KPMG firms of US$36b for FY23, marking an increase of 8 percent from FY22 (5 percent in US$).
The financial figures highlight robust year-on-year growth of the company, reinforced by a multi-disciplinary approach.
“The financial results for FY23 are an outcome of our continued investments in strengthening the quality and trust agenda as well as in expanding our capabilities. We are committed to making the most of our multi-disciplinary model, ensuring sustainable growth in every domain we operate in,” Dr Rasheed Al-Qenae, Chairman of the KPMG MESAC region and Managing Partner, KPMG in Kuwait, said.
“Despite increasing complexities in the economic and geopolitical landscapes, we are seeing new, more tangible opportunities emerge in the region. We are, both, well-equipped and well-positioned to cater to the needs of our clients, people, and the wider society, while maintaining a keen focus on driving progress in terms of our ESG initiatives,” he added.
KPMG member firms in the MESAC region also saw double-digit growth across all 3 core functions of Audit, Tax and Advisory, with the most notable upshot in Advisory revenue which climbed by more than 30% over the previous year. Globally, Audit revenues grew 9 percent on FY22, Advisory grew 7 percent, and Tax & Legal services grew 10 percent.
The primary focus for KPMG in the MESAC region in FY23 remained on strengthening capabilities with senior hires, particularly in areas such as digital and artificial intelligence (AI), project finance, deal advisory, managed services, forensic, dispute advisory and transfer pricing, as well as in sectors such as cities, defense, energy, and natural resources, among others. As a result, more than 4,200 people were hired across the KPMG MESAC region including 78 partners and directors, pushing the region’s combined talent pool upwards of 11,400 as of 30 September 2023.
Additionally, bolstering resource mobilization and delivery capabilities through strategic alliances, particularly in the technology space, delivery networks and regional corridors, were among the key areas of focus for KPMG in the MESAC region.
In line with this, the KPMG member firm in Kuwait appointed new Heads of Management Consulting, Audit, and ESG to propel its capabilities in the Advisory space further. Moreover, partners and employees of the firm are leveraging the KPMG Kuwait Impact Plan to ensure that businesses think beyond financial profits and move towards operational responsibilities for the collective good of the society.
“As the world faces economic and geopolitical uncertainty and increasing complexity, KPMG has remained focused on harnessing the full breadth of our multi-disciplinary model, which has enabled us to deliver sustainable growth across all areas of the business,” Bill Thomas, Global Chairman & CEO, KPMG International, said.
In the next phase of its global Collective Strategy, KPMG has outlined a collective investment of US$4.2b, placing a wider focus on high-impact opportunities, especially in technology, talent and ESG. It is anticipated that the extension in the term of present Global Chairman and CEO, Bill Thomas, to 30 September 2026, will ensure continuity of leadership and direction for KPMG for the next 3 years.