PwC Cyprus has successfully entered the new era by adapting its business model
In 2023, PwC Cyprus invested in the development of its people and increased the number of its employees, who exceeded 1,100.
The resilience and adaptability of PwC Cyprus, despite adversity and volatility, are demonstrated by the financial results of the organization for 2023, which were presented at the established annual conference on Friday, September 15, 2023.
Showing excellent momentum in the new market conditions, the financial results of PwC Cyprus reached record levels as its total revenue reached €87 million compared to €83 million recorded the previous year. In addition, the organization'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, who exceeded 1,100. Specifically, it proceeded to hire 230 employees, of which 112 are new university graduates.
“Full compliance with PwC's global network sanctions policy resulted in us losing more than 20% of our revenue compared to the previous year. However, thanks to the rapid implementation of our ambitious strategy, we have collectively and determinedly succeeded in creating new sources of revenue, while at the same time laying strong foundations for the continued evolution of our organization”, explains Filippos Sosylos, CEO of the organization.
2023 is the year in which the transition of the organization to a new, modern and durable operating model is successfully established. The organization has managed to cope with the challenges that have arisen due to geopolitical developments and the rapid change in the way markets operate. By implementing PwC's global strategy “The new Equation”, it is now in a comparatively competitive position to meet the modern needs of its clients. It is no coincidence that in a qualitative customer survey conducted by the organization, when asked whether they would recommend PwC Cyprus to partners and colleagues, the aggregate score given was 9.26 out of an absolute 10. The overall percentage of customer satisfaction with PwC Cyprus , rose to 9.05. The Indicators show further improvement from last year's corresponding survey.
Focus on transformation
This year's annual conference of PwC Cyprus was focused on the strategic transformation of the organization in the context of the general international changes and trends that are rapidly unfolding. The conference was welcomed by His Excellency the President of the Republic, Nikos Christodoulidis, who analyzed the government's plan for a sustainable economy and for further cooperation with the private sector. Additionally, Blair Sheppard, Global Leader, Strategy & Leadership of PwC in the USA, proceeded to a detailed analysis of trends in Strategy and Leadership, highlighting the great opportunities for the Cypriot economy.
New data with the PwC Foundation
The establishment of the pioneering non-profit organization PwC Foundation in 2022 brought a new lease of life. In the financial year under review (1 July 2022 to 30 June 2023), the organization offered a total of €436,300 under its three main pillars of action: Education & Culture, Youth Entrepreneurship and Offer from the people of the organization. In addition, the people of PwC Cyprus spent more than 1,500 hours in voluntary actions last year. The annual review of PwC, which includes the financial results and the account of the main actions of the organization for 2023 is available on the website https://www.pwc.com.cy/en/annual-review/assets/annual-review -2023.pdf.
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