DOHA: KPMG International (KPMG) has announced record-high combined revenues of $23.03bn for the fiscal year ending September 30, 2012, representing a 4.4 percent increase over the previous year. The Europe, Middle East and Africa (EMA) region reported increased revenues of 4 percent across the region, despite the ongoing economic uncertainty caused by the Eurozone crisis.
The Asia Pacific region reported revenue growth of 1.1 percent, reflecting subdued growth in North Asia. At a regional level, the Americas delivered strong growth for the year, with revenues rising by 7 percent.
Jamal Fakhro, Managing partner, KPMG in Qatar, said: “One of KPMG’s core global strategies is to help build our market presence in developing economies, including the high growth GCC economies.”
“The GCC continues to be a beacon of growth and prosperity and KPMG in Qatar is well-placed to take advantage of this growth and to leverage the thought leadership and resources of the broader firm.”
“Despite tough competition and challenging market conditions, the firm achieved solid revenue growth in Qatar,” said Mr Fakhro. “We also continued to enhance our service offering by recruiting subject matter experts and developing our internal capabilities.”
Michael J. Andrew, Chairman of KPMG International, said: “2012 was a year of two distinct halves; with growth strongest at 6.4 percent in the first six months of the year and relatively weaker growth of 2.1 percent in the six months to September.
“Growing our business against such a challenging economic backdrop is testament to the quality of our people and the strength of their relationships with clients.”
KPMG recorded increased revenues across all functions with particularly strong growth generated in financial services, industrial markets and infrastructure, government and health care. Advisory revenues grew by 8.3 percent, to $7.86bn. Tax revenues grew by 6.3 percent, to $4.86bn; and Audit revenues grew by 0.9 percent to $10.31bn.
“The growth in Advisory and Tax underlines the strength of client demand for professional services,” said Michael.
“On the Audit side, the market has never been more competitive and we are focused on continuing to improve audit quality, as evidenced by our significant investments in our global audit platform that surpassed $50m, in addition to the $100m invested over the past several years. KPMG member firms are also actively engaged with their regulators around the world in constructive dialogue, with the goal of continuing to improve audit quality.”
The Peninsula
