KPMG International has announced record aggregated network revenues of $29 billion for the fiscal year ending September 30, 2018 (FY18), representing a 7.1 per cent increase in local currency terms on FY17.

KPMG firms grew across all three geographic regions: Americas revenues grew 6.2 per cent in FY18, up from 4.4 per cent in FY17; Asia Pacific delivered strong growth with revenues increasing 8.7 per cent in FY18, an increase on the 8.1 per cent recorded in FY17 and Europe, Middle East and Africa (EMA, including India) revenues increased 7.3 per cent in FY18, up from 4.0 per cent in FY17

In the Middle East and South Asia region, member firms reported aggregated revenue growth of 17.2 per cent (in local currencies) for the fiscal year ended 30 September 2018. Revenues across the core functions of Audit, Tax and Advisory increased in double digits.

Global member firms progress was driven by investments in quality, technology, innovative services, alliances and a record number of new recruits. The Advisory business is increasing at 9.9 per cent, the fastest growing of KPMG’s three functions, while Audit and Tax services have also grown.

In total, member firms have made more than 55,000 new hires, including 39,000 new graduates and other entry-level professionals, with almost 10,000 new jobs created, taking the global workforce to a record-high of 207,000 people.

Member firms also continue to focus on building an inclusive and diverse culture, increasing female diversity among leadership ranks to 24 per cent of Partners and Directors, while broadly maintaining gender parity across the total workforce.

“We are making record investments in our business to help clients capitalize on the unprecedented transformation they are going through. We are committed to continuously improving the quality of every service we provide, recognizing the vital role we perform for clients and capital markets,” remarked Bill Thomas, Chairman, KPMG International.

"KPMG is continuing with a multi-year global investment program, investing more than US$4 billion in innovative new services, technology, and acquisitions over the next four years. This investment program is focused on transformative technologies, such as artificial intelligence and intelligent automation, cyber security, and our intelligent audit and tax platforms," he stated.

"Just as we are working with our clients around the world to transform their businesses, we’re also harnessing the power of digital transformation to drive our growth and raise the level of efficiency, innovation and quality," he added.

Reyaz Mihular, the chairman of KPMG’s Middle East and South Asia regionm, said: "This year, we achieved double digit growth in MESA for the fifth consecutive year, driven by investments in technology and talent. Our recent investments in the technology space included an Insights Center, a Digital Village, a Learning Hub and an acquisition to enhance mobile capabilities."

"The region’s alliance network with several technology companies was further strengthened. In the talent space, we hired over 2,500 professionals and associates, and continued to leverage a number of strategic corridors to meet the evolving needs of our clients," he added.

KPMG in Bahrain’s Managing Partner, Jamal Fakhro, said: “We have been operating in the kingdom for 50 years and we have been growing in size and reputation despite of the challenging market conditions. I believe our commitment to help businesses keep up with market developments as well as the interdisciplinary skillsets of our people are the main factors behind our success."

"With the roll out of value-added tax and the implementation of Bahrain’s Personal Data Protection Law in 2019, we are looking forward to continue working closely with our clients to help them maintain their business growth," he added.

Audit revenues for the year grew globally by 4.8 per cent to US$11.15 billion, up from US$10.39 billion and 3.1 per cent growth in the year prior. The 5.7 per cent Audit growth in EMA was our strongest this decade.  

KPMG firms continued to win a number of significant audit appointments, particularly in Europe, where the impact of the second full year of EU audit reforms continues to drive increased movement of audit engagements.

Tax revenues grew 6.3 per cent in FY18 to US$6.34 billion up from 5.9 per cent growth in FY17, driven by strong demand for Tax Compliance services and further enhanced by Domestic and International Tax Advisory Services. Also performing strongly were Transfer Pricing and VAT & Sales Tax Advisory.

Advisory, as the fastest growing function, grew its revenues by 9.9 per cent in FY18 to US$11.47 billion a strong increase from the 6.0 per cent growth in FY17. This included the 4th year of double digit advisory growth in Asia Pacific, said the top official.

Exceptionally strong consulting growth supporting our clients’ highest priorities, including transformative business solutions and cyber-security; double-digit growth across Deal Advisory, driven by exceptional Transaction Services growth; and continued high demand for Accounting Advisory Services, he added.-TradeArabia News Service