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PwC Cyprus posts record revenues despite challenging conditions

pwc cyprus ceo
PwC Cyprus CEO Philippos Soseilos

PwC Cyprus on Friday announced during its annual general meeting that it generated record revenues of €83 million during the 2022 fiscal year, meaning the period between July 1, 2021, and June 30, 2022.

The company explained that its financial results for 2022 reflect its resilience, flexibility, and the substantial focus that it has placed on sustainability.

“Under unprecedented and challenging circumstances, PwC Cyprus’ financial results were particularly positive, reflecting its dynamic growth, as the organisation achieved an all-time record revenue of €83m compared to the €80m it announced last year,” the company said.

Correspondingly, PwC Cyprus explained, the organisation’s contribution to the state’s revenues also increased, with its total contribution amounting to €31 million, compared to €29.7 million in 2021.

“It is worth noting that the organisation’s overall annual footprint on the economy, society and environment is estimated at €168.4 million, compared to €166.8 million during 2018,” the company said.

“The firm placed particular emphasis on providing strengthened technological solutions and new, innovative services,” it added, noting that at the same time, it continued to invest in approximately 1,000 members of staff by helping them to upgrade their skillsets.

Furthermore, PwC Cyprus said that 2022 is shaping up to be a defining year for the firm and its operating model.

This is not only because the organisation continued to manage the ongoing effects of the pandemic, but also because it managed to cope with the multiple issues that were created by the invasion of Ukraine.

The company explained that in full alignment with the direction of the Global PwC Network, the organisation in Cyprus similarly exited all work for Russian entities and individuals subject to any sanctions passed anywhere in the world, in other words, not only those imposed by the EU.

“Although the decision had an effect on our revenues, we nevertheless immediately adapted to the new conditions and I am particularly proud that with joint and collective effort we demonstrated resilience, extroversion, and adaptability,” PwC Cyprus Chief Executive Officer Philippos Soseilos said.

“We implemented an ambitious recovery strategy, accelerating the evolution of the organisation and focusing on new opportunities and sources of revenue offering the highest level of quality and in full compliance with all regulations,” he added.

As a result, Soseilos explained, the company managed to “secure important new international partnerships with the PwC network and gave its employees the opportunity to work on pioneering projects and enrich their experiences”.

PwC Cyprus stated that the positive financial results are complemented by the quality results of a recent clients’ experience survey, which were particularly positive.

In the survey, with a maximum possible score of 10, clients gave an average satisfaction score of 8.82 and 8.98 to the possibility of recommending PwC to their associates, friends, and colleagues.

PwC Cyprus noted that the company managed to achieve the above results within the framework of the organisation’s global strategy, titled ‘The New Equation’, which focuses on building trust and achieving sustainable results.

“Building trust is of paramount importance,” Soseilos said, before adding that the company has a responsibility to support all of its clients, so that they can implement their transformation strategies, gain the trust of their own clients and partners, and achieve sustainable results.

PwC, in addition to achieving its business goals, also said that it acknowledges the responsibility of its contribution to the development and well-being of the local economy and Cypriot society.

In the financial year under review, the organisation offered a total of €383,500 in the context of its corporate responsibility actions.

In more detail, the value of the services provided free of charge or at a significant discount to public and charitable organisations reached €230,000 in total.

In addition, €100,000 was invested in start-up business initiatives, while €53,500 was donated to non-profit organisations to support charitable actions.

The company noted that it is equally important that its employees devoted a total of 1,800 hours to charitable initiatives.

“2022 marks the year in which the Corporate Responsibility actions and contribution to society are strengthened further and placed within a specific context,” the company said, noting that the creation of the non-profit PwC Foundation is another important decision of the organisation.

The PwC Foundation will focus on empowering the local community and improving the lives of people in it by providing diverse support across three pillars, education and culture, entrepreneurship, as well an area the firm describes as ‘offering our hearts and minds’.

Specific actions of the PwC Foundation are already in the process of implementation and will be announced soon.

“As PwC Cyprus, we are fully committed to working together with all stakeholders to create a better and more sustainable future, within the framework of the ‘Vision 2035’, which aims to transform Cyprus into one of the best countries in the world to live, work and do business”, PwC Cyprus CEO Philippos Soseilos stressed.

“Challenges have made us stronger; all of us at PwC Cyprus united will continue with persistence and passion to realise our goals and vision,” he concluded.

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