Aggregate revenues of KPMG member firms in the Middle East, South Asia, and Caspian (MESAC) region grew by 18.3 percent in local currency terms for FY22, beating the 14 percent revenue increase achieved by KPMG firms globally.
KPMG International announced annual aggregated revenues for of $35 billion for the fiscal year ending 30 September 2022 (FY22), despite economic and geopolitical uncertainty.
The 14 percent increase more than doubled the growth achieved in the previous financial year, with KPMG Advisory achieving particularly strong numbers.
Advisory revenue in MESAC mirrored the growth internationally, increasing by nearly 30 percent compared to the previous fiscal year. Globally, Advisory achieved the largest growth increase, up 19 percent on FY21 across the company. It was driven by the success of Transaction and Deal Advisory services, as well as continued demand for innovative technologies and advanced cyber security solutions.
It was a tumultuous year for KMPG in the region, with the firm being slapped with a $2 million fine over the auditing of Abraaj accounts, and the decision of CEO Nader Haffar to step down from his current position on December 31.
However, the customers continue to have their faith in the firm, and Haffar commented: “FY22 has been an extraordinary year for the MESAC region, and this is reflected in the results achieved during this period. We continued to invest in building capabilities across key service and solution areas as well as across priority and emerging sectors.
“We strengthened resource mobilisation and delivery capabilities through strategic corridors and delivery networks as well as working arrangements with key global and regional alliances, particularly in the technology space. We also continued to invest in strengthening the quality and trust agenda.”
The Middle East and South Asia region expanded reach by welcoming the Caspian cluster which brought KPMG member firms in six more countries and territories into the MESAC region, which now covers KPMG member firms in 20 countries and territories.
Tax & Legal Services experienced 10 percent growth while Audit grew eight percent.
In a new milestone, the number of employees in the MESAC region exceeded 10,000 people for the first time. Worldwide, KPMG’s added 29,000 new roles and the headcount increased by 12.4 percent in FY22. This growth has led to the addition of specialists and subject-matter experts at all levels. The firm’s commitment to inclusion, diversity and equity (IDE) remains strong, with women representing nearly half (48.5 percent) of all KPMG professionals.
Follow us on
