KPMG’s globally aggregated revenue rises 5.1% to surpass US$ 38.4b mark; regional growth robust as aggregated revenue in the MESAC region increases by 19.1% (in local currency)

Despite challenging global market conditions, KPMG member firms across the Middle East, South Asia, Caucasus, and Central Asia (MESAC) region achieved a robust total revenue growth of 19.1% in local currency terms for the fiscal year ended 30 September 2024 (FY24) with double-digit growth across Audit, Tax and Advisory functions. In December 2024, KPMG International had announced that globally aggregated revenues for KPMG firms witnessed a 5.1% increase in local currency and 5.4% in US$ from FY23 to reach US$ 38.4b in FY24.
Commenting on the results, Dr. Rasheed Al-Qenae, Chairman of the KPMG MESAC region and Managing Partner, KPMG Kuwait, said, “FY24 has been an important year as we continued to assist clients navigate a dynamic environment, made meaningful positive impact, and invested for the future. We also announced significant integration plans to combine the two largest businesses within the MESAC region to provide greater scale, specialization, and further growth potential, with considerable progress made to date. A series of programs also provided exciting learning and advancement opportunities for our people.” 
During the period, KPMG member firms in the MESAC region significantly expanded their talent base, hiring an aggregated total of more than 3,500 people — including 91 partners and directors — to push the region's combined talent pool to reach a record high of over 12,500, as of 30 September 2024. Strategic senior appointments further bolstered KPMG MESAC member firms’ capabilities in areas such as digital, artificial intelligence (AI), cybersecurity, sustainability, audit, project management, talent transformation, governance, risk and compliance, defense, corporate tax, and indirect tax areas. Increased emphasis was placed on the introduction and enhancement of AI and emerging technology use across various functions, in addition to the continued focus on the trust, quality, and growth agenda.
Speaking about KPMG Kuwait’s performance and growth initiatives, Dr. Rasheed added, “Last fiscal year saw Kuwait’s business landscape undergo significant shifts, some of which included more initiatives towards tax transparency, an influx of technology, a renewed focus on environmental, social and governance (ESG) concepts, and rising interest among family business in initial public offerings (IPOs). 
To better cater to these changes, we strengthened our diversification efforts, expanded on the firm’s senior leadership to build on our capabilities, and continued to make a difference in our communities as a whole. These initiatives are in alignment with our vision to become the most trusted and trustworthy professional services firm and we want to continue in that direction.”
In FY24, KPMG Kuwait’s headcount grew by nearly 11%. The firm also saw a staggering promotion rate of 28% during the fiscal year. These promotions are aimed at building on KPMG’s capabilities, delivering services at speed and at scale, and further strengthening locally, regionally and in the wider MESAC region. Furthermore, there was a noticeable increase in the firm’s corporate social responsibility initiatives, which included the launch of KPMG Network of Women (KNOW) — a women-only platform intended to provide a safe space for women in business to network, support and empower each other for growth. 
“Looking ahead, we will continue leveraging KPMG’s multidisciplinary model, supported by our core values as the guiding system, to keep up our efforts to build a better ecosystem for our clients, our employees and the society as a whole,” Dr. Rasheed Al-Qenae concluded.