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.

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