Audit, Tax and Advisory firm records double-digit growth for third consecutive year
KPMG in the Middle East and South Asia (MESA) region reported a 10.7% growth in aggregated revenues of member firms across the MESA region for the fiscal year ended 30 September 2016. This was the third consecutive year for the region to record double-digit growth, placing it among the fastest growing regions within the KPMG network.
During the year, KPMG across the MESA region had over 2,500 new joiners including 12 new Partners. A further 15 Partners were appointed through internal promotions. By the year-end, KPMG’s resource pool within the region had expanded to nearly 7,000 professionals and associates with member firms present in 14 countries and covering 30 office locations, including Bahrain.
KPMG in Bahrain’s Managing Partner, Jamal Fakhro commented: “KPMG’s strong FY16 results, in what remains a slow-growth global environment, are a testament to the passion and innovative thinking we bring to our work. In today’s volatile business climate, our strategic investments in technology, alliances, and our people, are fuelling our growth across our geographies and service lines.”
On KPMG’s global priorities, John Veihmeyer, Chairman, KPMG International said: “We continued to prioritize strategic investments in new services and technologies in FY16, focusing on the areas where we see businesses facing the greatest challenge and disruption. We are also working closely with a number of the world’s leading technology companies, in alliances that bring together world-class innovation, business expertise and leading edge technology.”
Commenting on KPMG’s operations in the region, Abdullah Al Fozan, Chairman of KPMG MESA and Member of KPMG’s Global Board said: “Today, KPMG is one of the most resourced professional service networks in the region with a vast clientele comprising public sector institutions, multinationals, regional and local companies, enterprise businesses as well as other organizations. We also continue to work alongside some of the largest economic transformation programs, assisting the institutions driving these initiatives in working towards achieving macro level objectives.”
Highlighting the significance of KPMG’s impact in the marketplace, KPMG member firms in the region received a number of accolades including the Best Audit Services Award at MENA Fund Manager Fund Services Awards and at the MENA Insurance Review’s Insurance Awards – 2016, the Accounting Firm of the Year at the CFO Middle East Awards earlier in the fiscal year and continued to be ranked as a ‘Top Tier Firm’ in the Gulf Cooperation Council (GCC) region according to the International Tax Review since 2015.
In the wider Global context, KPMG International announced aggregated network revenues of US$25.42 billion for the fiscal year ended 30 September 2016 (FY16), representing an 8.0% increase in local currency terms. In FY16, more than 37,000 new graduates and other entry-level professionals joined KPMG member firms, and more than 300 new external partners and more than 600 promoted KPMG partners were welcomed into the leadership ranks. KPMG’s global workforce grew by more than 8% to almost 189,000 partners and staff, the highest number of individuals ever employed across the network.