Insider Business Revenue of €53.4 million for KPMG Cyprus

Revenue of €53.4 million for KPMG Cyprus

KPMG Cyprus results covering the financial year to September 2018 are on the positive side with total revenues rising to about €53.4 million, recording an increase of 8% compared to the same period the year before.

A rapid increase in the demand of advisory services was recorded amounting to €9.8 million and marking an increase of 28.1% on an annual basis. A significant revenue increase of 14.9% was recorded in the tax services, amounting to €10.1 million. At the same time, the main revenue source of the firm – audit services – amounted to €33.4 million, marking a 1.5% increase in revenue.

The results of the firm reflect what Christos Vasiliou who is the Managing Director of KPMG in Cyprus told INSIDER magazine in a recent interview.

He had said that a sharp increase in the provision of advisory and tax services was recorded over recent years and this trend is expected to continue.

The company’s total contributions and taxes to the state amounted to €17.2 million in 2018 compared to €15.6 million the year before.

At the same time, the administrative and managerial structure of KPMG Cyprus changed early in 2019 with Vasiliou and Michalis Antoniades assuming the positions of Managing Director and Chairman, respectively.

Vasiliou, who welcomed the 2018 results, sent the message that these were achieved within a highly challenging environment because of  increased supervision, the enforcement of the law on rotating auditors at specific companies and the need for more rigorous risk management procedures.

KPMG Cyprus operates out of six offices across the island and currently employs 925 personnel. The company has 45 partners today.

Read more:

Top Stories

‘Sailors do not need to die,’ warns captain of coronavirus-hit U.S. aircraft carrier

The captain of the U.S. aircraft carrier Theodore Roosevelt, in a blunt letter, has called on Navy leadership for stronger measures to save the...

Seven fined €150 to €450 for breaking Covid-19 decree

Famagusta district court on Tuesday handed down fines of between €150 and €450 to seven individuals for violating decrees to contain the spread of...

CBC calls for swift credit to “avoid credit crunch” due to Covid-19

The Central Bank of Cyprus in a circular issued on Tuesday called on Cypriot banks to provide swift credit to companies, self-employed persons and...

First batch of China-donated supplies arrives in Cyprus

Ambassador of China to Cyprus Huang Xingyuan has announced the arrival of the first batch of China-donated medical supplies to Cyprus. Huang Xingyuan said in...

Cyprus embassy in Madrid in contact with 30 Cypriots living in Spain

The Embassy of Cyprus in Madrid is in contact with around 30 Cypriots in Spain, mainly students as well as their families in Cyprus,...


Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....