In 2019 while focusing on our business, we did not forget to care about the society, play sports and have fun.
In 2019 while focusing on our business, we did not forget to care about the society
Message from local Senior Partner
The World Economy has experienced an intense year with the ongoing US-China trade wars and the aggressive foreign policy of US. In first three quarters of our fiscal year, Turkish economy experienced shrinking, but entered a recovery process in the 4th quarter with a positive growth due to the effect of equilibration steps and interventions for financial attacks. Nevertheless KPMG Turkey had a good year in terms of both growth and profitability through right market positioning despite challenging market conditions.
As of the fiscal year-end 2019, KPMG Turkey became the most growing KPMG country among the European, Middle Eastern and African countries in KPMG network with 32% growth, and has solidified its position in the top three of the most growing countries list.
Our Tax Accounting business has accelerated its growth with the biggest merge in Turkish Big4 history incorporating Erdikler YMM which was one of the most reputable local tax accounting firms in Turkey. Through Erdikler merger at the end of the 1st quarter, Tax function closed 2019 with a significant growth rate of 41%. While our Tax function became the pioneer of this growth, Audit showed an outstanding performance by 24% growth. Our newly launched services called “Strategic Growth Initiatives” such as; Restructuring, Actuary & Insurance Advisory, Robotic Process Automation & Process Improvement, IFRS16, Technology Enablement & Digitalization and Fintech have also contributed significantly to growth of 32% in Advisory. Towards the end of 2019, KPMG Turkey has taken a major step forward to expand our Advisory services with 5 new partners joining our Advisory Department as of September 2. I believe this move will make differentiate KPMG in the market with our new service lines of Digital Advisory, Mergers & Acquisition and Capital Debt Advisory; as well as strengthened services such as Transaction Services and Forensic. Focusing on expanding our digital capability, we also made an agreement with SAS Turkey that advanced with analytical and artificial intelligence experience, and move Advisory Department's power to the next level in order to offer more integrated and technological services to our clients.
This year, we have adopted Global Strategy and created our 3-year master plan and 1-year detailed business plan, focusing on 6 priorities. As we set challenging targets on this plan for KPMG in Turkey, we believe we can only achieve those targets with the contribution of all our employees who are truly engaged to their job and company. We started GPTW (Great Place to Work) project, which will last for 1.5 years with the motto of “Bolder Together”. The expected outcome of this project for us is to realize the “cultural transformation” and make our company “a great place to work”.
We have sustained the good relationships with our clients by positioning their demands and requests as a first priority. We have executed a more structured account management strategy in FY19, which is more aligned with the sector management.
In 2019 while focusing on our business, we did not forget to care about the society, play sports and have fun. A total of 458 volunteers participated in our Social Responsibility Projects we conduct every month. With our increasing number of Sports and Social clubs each year, we have been together outside of work and contributed ourselves in many aspects.
The KPMG network delivered strong growth and revenues of USD24.44 billion for the 2015 fiscal year, an increase of 8.1 percent in local currency terms over the prior year, recording growth across Audit, Tax and Advisory. Revenues rose in all three regions – the Americas; Europe, Middle East and Africa (including India); and Asia Pacific, with double-digit gains in many of the world’s fastest growing economies, including India (18.3 percent), MESA (Middle East and South Asia) (12.7 percent), Africa (9.5 percent) and China (8.5 percent).
The quality and breadth of professional services we offer, combined with significant investments we’ve made to strengthen and broaden our services and capabilities, has enabled us to achieve strong and sustainable growth.