In spite of today’s economic uncertainty, PwC Cyprus’s resilience and adaptability are demonstrated by its financial results for 2023, as presented at its established Annual Meeting, on September 15, 2023.
Showing exceptional impetus in the new market conditions, the financial results of PwC Cyprus achieved record levels as its total revenues reached €87 million compared to €83 million the previous year. In addition, the organisation’s contribution to state revenues amounted to €30 million, while during the financial year under review, PwC Cyprus invested in the development of its people and increased the number of its employees, which exceeded 1,100. Specifically, PwC Cyprus hired 230 people, of which 112 are new university graduates.
“Full compliance with the sanctions of PwC’s global network, resulted in our organisation suffering a loss of more than 20 per cent of its revenues, compared to the previous year,” noted Philippos Soseilos, CEO & Senior Partner of PwC Cyprus. “Nevertheless, thanks to the immediate implementation of our ambitious growth strategy, together we succeeded in creating new sources of revenues, while laying strong foundations for the continued evolution of our organisation.”
Transition success
2023 has been the year in which PwC transitioned successfully to a new, modern and resilient operating model. The organisation managed to cope with the challenges arising due to geopolitical developments and the rapid change in the way markets operate. By implementing PwC’s global strategy “The New Equation”, the organisation now has a competitive advantage to meet the modern needs of its clients.
It is not by chance that, in a qualitative Client Experience Survey, where participants were asked whether they would recommend PwC Cyprus to peers, the aggregate score given was 9.26 out of an absolute 10. The overall percentage of our clients’ satisfaction with PwC Cyprus rose to 9.05. Indicators showed an additional improvement from the corresponding survey last year.
Transformation focus
This year’s PwC Cyprus annual meeting was focused on the strategic transformation of the organisation, in the context of the general global changes and trends that are rapidly unfolding. In his welcome address, President Nikos Christodoulides analysed the government’s plan for a sustainable economy, and for further cooperation with the private sector. Moreover, Blair Sheppard, Global Leader, Strategy & Leadership of PwC in the US, provided a detailed analysis of Strategy and Leadership trends, highlighting the great opportunities for the Cypriot economy.
PwC Foundation creates new momentum of giving
The establishment of the pioneering, non-profit organisation, PwC Foundation, in 2022, brought with it a new lease of life. In the financial year under review (July 1, 2022, to June 30, 2023), the organisation donated a total of €436,300 under its three main pillars of action: Education & Culture, Youth Entrepreneurship, and Offering Our Hearts and Minds. In addition, the people of PwC Cyprus spent over 1,500 hours in voluntary service last year.
The PwC Cyprus Annual Review, which includes the financial results and main actions of the organisation for 2023 is now available at: https://www.pwc.com.cy/en/annual-review/assets/annual-review-2023.pdf.
