- KPMG delivers strong global revenues, reporting 14% growth in FY22
- Revenue of member firms in (MESAC) region grew by 18.3%
KPMG International announces strong annual aggregated revenues for KPMG firms globally of US$35 billion for the fiscal year ending 30 September 2022 (FY22) — an increase of 14%. *
Amidst continued economic and geopolitical uncertainty, robust numbers and consistent growth were achieved across all functions. Advisory achieved the largest growth increase — up 19% on FY21 across KPMG firms globally. Growth was driven by the success of Transaction and Deal Advisory services, as well as continued demand for innovative technologies and advanced cyber security solutions. This is also a significant indicator of the appetite within the marketplace in relation to strategic M&As, and the ongoing investment in technology-based solutions by companies within the global marketplace.
Tax & Legal Services experienced a 10% growth while Audit grew by approximately 8%, benefiting from a combination of the investments made in technology and our KPMG firms’ globally connected local knowledge.
Commenting on this milestone, Jamal Fakhro, Managing Partner of KPMG in Bahrain said “KPMG firms’ financial performance is a testament of our ongoing commitment to providing innovative solutions to our critical business challenges and risks within the marketplace. Collaboration also played a key role in our success story over the past few years. Our professionals across borders and disciplines had to collaborate more closely than ever to help businesses stay on top of market trends while remaining competitive. Within the local marketplace, we are also witnessing cautious optimism amongst business leaders, who are more strategic in terms of their investments, but are also building their awareness and understanding of the risk radar that might impact the industry they are operating within. As a firm, we continue to invest in building our capabilities across key service and solution areas that will serve our clients and the Kingdom well. We remain committed to our priorities including cybersecurity, digital transformation, enterprise risk management, audit quality, tax and corporate services, people & change/ HR advisory services and Environment, Social and Governance (ESG) services.”
MESAC Region expansion
Our regional capabilities expanded by welcoming our member firms within the Caspian cluster (6 countries – Kazakhstan, Kyrgyzstan, Armenia, Georgia, Azerbaijan and Uzbekistan) into the MESAC region. Together with these, the MESAC region now covers KPMG member firm presence in 20 countries and territories.
The aggregate revenue of KPMG member firms in the Middle East, South Asia, and Caspian (MESAC) grew by 18.3% in local currency terms for FY22, more than doubling the growth rate achieved in the previous financial year. In a new milestone, the talent pool within the MESAC region exceeded 10,000 people for the first time. Particularly strong growth was achieved in Advisory where revenue grew by nearly 30% over the prior year.
Talent
The KPMG global organization’s worldwide headcount continues to grow, increasing by 12.4% in FY22, bolstered by more than 29,000 net new roles created. On this Mr. Fakhro stated, “This growth has led to the addition of specialists and subject-matter experts at all levels, helping to enable high-quality and multi-disciplinary services designed to solve the complex problems of modern organizations around the world. Our multi-disciplinary approach means that we are positioned well to draw on our global, regional, and national network of resourceful experts across Audit, Tax and Advisory to support our clients’ professional needs.”
Technology
The past year has seen the demand for technology-enabled transformation rise dramatically, reshaping many businesses, including our own. KPMG continues to make significant investments across the organization in digital transformation, including the appointment of Lisa Heneghan, as our new Global Chief Digital Officer. Over the last year, KPMG professionals have helped clients transform their business model through the power of our alliance-driven digital solutions with globally recognized technology organizations. Manav Prakash, Partner, Advisory Services. KPMG in Bahrain stated, “Many organizations across the Kingdom are making significant investments in their digital transformation journey. We have been working with our clients to adapt their organization’s strategy and operating model to capture opportunities enabled by digital technologies and create value in entirely new ways, whilst protecting them against potential cyber threats as they embark on their transformation journey. We are also leveraging our global alliance-driven solutions to be able to support our clients enhance their workforce productivity, business systems and processes, and helping them to enhance their effectiveness and responsiveness to the rapidly changing business environment, by adapting the most suitable technology-based solutions including lo-code and other traditional options.”
Environmental, social and governance (ESG)
ESG remains the watermark running through the organization and steady financial growth has underpinned investment in industry-leading global environmental, social and governance (ESG) solutions – in line with the US$1.5 billion commitment we made in 2021.
Jeyapriya Partiban, Partner and Head of Advisory Services, KPMG in Bahrain stated, “ESG has been a significant priority for KPMG at a global and national level for over a decade and, we have been providing Sustainability related Advisory Services for clients in the Kingdom and across the region for over 10 years. As a priority, we are committed to raising awareness and understanding within the marketplace and within our own firm in relation ESG. To date, almost 100,000 KPMG professionals globally have successfully completed their specialist ESG 101 training as a part of our lifelong learning initiative. With the growing priority around ESG risks, we focus on delivering multi-disciplinary client solutions to optimize challenges and opportunities presented by the ESG agenda, with the support of our resident professional team in Bahrain.”
About KPMG International
KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.
KPMG firms operate in 143 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
For more detail about our structure, please visit kpmg.com/governance guarantee. KPMG International Limited and its related entities do not provide services to clients.
