- Staying resilient and future-focused, KPMG member firms in the MESA region built on strong global growth
- Significant investments in people, technology, solutions, and alliances pay off for the KPMG MESA region, with 7.8% aggregate revenue growth recorded in FY21
KPMG International announced annual aggregated revenues for KPMG firms globally of $32.13 billion for the fiscal year ending 30 September 2021 (FY21). Reporting a 10% increase in US dollar revenues from FY20, this follows an extensive period of investment and focus on priority services and solutions addressing the challenges faced by businesses across the globe. Strong growth was achieved across functions: Advisory growing at 17%, Audit at 4% and Tax & Legal Services at 8%.
The aggregate revenue of KPMG member firms in the Middle East & South Asia (MESA[i]) region grew by 7.8% in US dollar terms for FY21, more than doubling the growth rate achieved in the previous year. The positive results demonstrate the deep and impactful investments that KPMG firms in the MESA region have been making in people, technology, solutions, and alliances.
[i] The KPMG MESA region is one of the sub-regions within the KPMG network of member firms. The KPMG MESA region covers more than 25 office locations across 15 countries and territories, including Bahrain, Bangladesh, Egypt, Iraq, Jordan, Kuwait, Lebanon, Maldives, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sri Lanka and the United Arab Emirates.
Commenting on the region’s performance, Nader Haffar, Chairman of KPMG MESA said “Throughout the unpredictability of recent months, our priorities have remained steadfast: we are working closely with our global network and strategic alliances, particularly in the technology space, to deliver more composite value-led propositions to our clients and meet their business needs amidst increasing digital disruption. Opportunities lie at the crux of every challenge and we remain laser-focused on leveraging them for our clients.”
KPMG in Bahrain’s Managing Partner, Jamal Fakhro, also stated: “I believe our commitment towards helping businesses navigate through markets’ challenges and keep up with new trends, as well as the interdisciplinary skillsets of our people are the main factors behind our success. The post Covid-19 era requires businesses to cater, more than ever before, for the changing customers’ experience; also, the value-added tax (VAT) increase in Bahrain will require companies to review their infrastructure and contracts to ensure ongoing compliance. We are looking forward to continue working closely with our clients to help them maintain their competitiveness and business growth.”
Haffar added, “With environmental, social and governance (ESG) moving upwards on the business agenda, we are making a positive impact on the communities where we operate. The foundation for our future growth is built on our commitment to diversity and inclusion across our firms. As the MESA region enters a new era of growth and progress, we continue to drive transformation across industries, and to deliver quality across all core functions, be it audit, tax or advisory.”
During FY21, the global organization committed to a more than $1.5 billion investment to focus on a multi-year program to accelerate the delivery of its global ESG plan and solutions. KPMG is in its third year of a $5 billion commitment to digital transformation, focused on purpose-driven technology, people and innovation. The organization continued to invest significantly as part of its $1 billion investment in Tax and Legal technology to enable solutions like KPMG Digital Gateway.
Investing in talent is a key area for the KPMG MESA region which expanded its workforce to over 8,250 with more than 2,200 hires this year, including 80 new partners and directors. These were in areas including: cloud transformation, cyber security, finance transformation, people & change, ESG, major project advisory, infrastructure advisory, strategy & deals, risk & compliance. New partners have been recruited with experience in public sector, real estate and healthcare.
KPMG’s global headcount in FY21 reached more than 236,000 partners and employees, securing its position as a leading employer of choice and being ranked as one of the World’s Most Attractive Employers for business, IT and engineering students.[i]
KPMG firms garnered numerous accolades this year, including leading the Consultancy-me.com rankings of the top consulting firms in the Middle East in six areas of specialization and eight industry categories[ii].
For further information, please refer to: https://home.kpmg/xx/en/home/media/press-releases/2021/12/kpmg-reports-global-revenues-of-usd-32-billion-for-fy21.html