PwC remains the largest Big Four in Cyprus (by a distance)

24 September 2020 2 min. read

PwC in Cyprus has booked a solid performance in its latest financial year, retaining its position as the largest Big Four on the island of 1.2 million people.

In its broken financial year, which ran from the summer of 2019 to the summer of 2020, PwC grew its revenues by 2% to just over €82 million. According to the firm’s CEO for Cyprus Evgenios Evgeniou, the performance was a “true joint effort from all team members” at a time when staff have been facing unprecedented change.

“Our positive results in a challenging year is proof of the quality of the services we offer as an organisation, supporting our clients every day in every challenge,” he said. 

Nearly three quarters of total revenues are generated by the Tax & Legal Services division, which is led by Theo Parperis. This unit helps clients with the full range of services such as provision of expert advice on key tax and legal issues, compliance with regulations and filings, tax, legal and execution support in relation to mergers and acquisitions, as well as tax reporting. 

PwC Cyprus net revenues 2020

PwC’s traditional Assurance division – led by Yiangos Kaponides – now generates 27% of fee income, with most of the revenues coming from five offerings; financial statement audits, risk assurance, IFRS reporting, corporate reporting and accounting advisory services. 

Meanwhile, the smallest division – Advisory – generated just over €9 million in fees. “Our Advisory service line offers multi-skilled solutions to business problems. We deliver value to our local and international clients, public and private companies by bringing together a diverse team of experts who work together to meet increasingly complex client needs, across a wide range of industries,” said PwC’s Head of Advisory Constantinos Constantinou. 

PwC’s consultants worked on several high profile, flagship projects of national strategic significance, including the determination of the National Digital Strategy as well as the commencement of the formulation of Cyprus’ Long Term Economic Growth Strategy. 

Preparing for a period of rapid change for clients, “during FY20, we further enhanced our technology capabilities, which together with our capabilities in strategy, operations, people, cyber & privacy, data & analytics and sustainability, enable us to provide end-to-end business transformation services,” said Constantinou.

At the helm of the Big Four

PwC in Cyprus employs more than 1,000 staff of 26 different nationalities. The firm’s three main rivals, all generate significantly lower revenues: number two in size KPMG generates to the tune of €56 million, Deloitte booked around €40 million in its latest year, while EY’s fee income hover around the €28 million mark.