PricewaterhouseCoopers has reported total global gross revenue of Sh3.6 trillion for the financial year ended 30 June 2015.
PwC enjoyed double digit growth across the board with firms in the Middle East and Africa posting a revenue growth of 16 per cent ahead of North America and the Caribbean with 12 per cent, and Australasia and Pacific Islands with 11 per cent.
At constant exchange rates, PwC’s total global revenues rose by 10 per cent up from the previous year marking the strongest year-on-year growth that the network has seen since 2007.
“The global business environment remains challenging, with a continuing patchy economic picture, geopolitical issues creating uncertainty for business and fierce competition in the professional services market. Despite these challenges, the PwC network performed exceptionally well in FY15 with growth of 10 per cent, pushing revenues over the $35 billion (Sh3.6 trillion) mark for the first time,” said Dennis Nally,
Chairman of PricewaterhouseCoopers International Ltd.
“Our strongest growth for eight years is a result of the significant investment we have made in recruiting the best people, enhancing the quality of our services and building new product offerings such as data analytics. We have also continued to make key strategic acquisitions to complement and expand our core business,” he added.
FUTURE PLANS
PwC Africa chief executive Hein Boegman said that the global firm expects much significant growth from emerging markets in the next few years.
“We embarked on an ambitious investment strategy in Africa in 2012 to build PwC into the leading network in Africa, which is paying dividends. We have invested substantially in the region and our people, and are firmly embedded in the local communities,” he said.
Mr Boegman added due to the great confidence PwC has in Africa, the firm was investing heavily in talent and skills development of its personnel to be able to take advantage of future growth opportunities.
“We clearly see the opportunity in Africa is huge for a number of reasons. For instance, the level of political democracy has improved significantly over the past 20 years and in the past five years we have seen the discovery of oil and gas reserves in countries such as Mozambique, Tanzania, Ghana and Angola, which require skilled human capital to exploit,” he said.
By MOSES OMUSOLO
