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Record revenues of €83 million - PwC Cyprus achieves dynamic growth despite ongoing challenges

23/09/2022 10:30

PwC Cyprus' financial results for 2022 portray resilience, flexibility, and a substantial focus on sustainability. The results were presented at the organization’s Annual Meeting on 23 September.

Under unprecedented and challenging circumstances, PwC Cyprus’ financial results were particularly positive, reflecting its dynamic growth, as the organization achieved an all-time record revenue of €83m compared to the €80m it announced last year. Correspondingly, the organization’s contribution to the state’s revenues also increased, since the total contribution amounted to €31 million compared to €29.7 million in 2021. It is worth noting that the organization’s overall annual footprint on the economy, society and environment is estimated at €168.4 million, compared €166.8 million during 2018.

The firm placed particular emphasis on providing strengthened technological solutions and new, innovative services. At the same time, it continued to invest in upgrading the skills of its more than 1,000 people.

Durability in practice

2022 is shaping up to be a defining year for PwC Cyprus and its operating model. Not only because the organization continued to manage the ongoing effects of the pandemic successfully, but also because it managed to cope with the multiple issues caused by the invasion of Ukraine. In full alignment with the direction of the Global PwC Network, the organization in Cyprus exited all work for Russian entities and individuals subject to any sanctions passed anywhere in the world i.e. not only those imposed by the EU.

Philippos Soseilos spoke on the above: “Although the decision had an effect on our revenues, we nevertheless immediately adapted to the new conditions and I am particularly proud that with joint and collective effort we demonstrated resilience, extroversion, and adaptability. We implemented an ambitious recovery strategy, accelerating the evolution of the organization and focusing on new opportunities and sources of revenue offering the highest level of quality and in full compliance with all regulations.

As a result, we secured important new international partnerships with the PwC network and gave our People the opportunity to work on pioneering projects and enrich their experiences.”

Trust in action

The positive financial results are complemented by the quality results of a recent client’s experience survey, which were particularly positive. Specifically, with a maximum score of 10, clients gave an average satisfaction score of 8.82 and 8.98 to the possibility of recommending PwC to their associates, friends, and colleagues. PwC Cyprus managed to achieve the specific results within the framework of the organization’s global strategy “The New Equation” which focuses on building trust and achieving sustainable results. The CEO of PwC Cyprus, Philippos Soseilos, noted: “Building trust is of paramount importance. We have a responsibility to support all our clients, so that they can implement their transformation strategies, gain the trust of their own clients and partners, and achieve sustainable results.”

Corporate responsibility in action

PwC, in addition to achieving its business goals, recognizes the responsibility of its contribution to the development and well-being of the local economy and society.

In the financial year under review (1 July 2021 - 30 June 2022), the organization offered a total of €383.500 in the context of Corporate Responsibility actions. More specifically, the value of the services provided free of charge or at a significant discount to public and charitable organizations reached €230.000. In addition, €100.000 was invested in start-up business initiatives and €53.500 was donated to non-profit organizations to support charitable actions. Equally important is the fact that the people of PwC Cyprus devoted a total of 1.800 hours to charitable initiatives.

Creation of the PwC Foundation

2022 marks the year in which the Corporate Responsibility actions and contribution to society are strengthened further and placed within a specific context. The creation of the non-profit “PwC Foundation” is another pioneering decision of the organization. The PwC Foundation will focus on empowering the local community and improving the lives of people in said community by providing diverse support across three pillars: Education & Culture, Entrepreneurship and Offering our hearts & minds. Specific actions of the PwC Foundation are already in the process of implementation and will be announced soon.

“As PwC Cyprus, we are fully committed to working together with all stakeholders to create a better and more sustainable future, within the framework of the ‘Vision 2035’, which aims to transform Cyprus into one of the best countries in the world to live, work and do business”, Philippos Soseilos emphasized. And he concluded, “challenges have made us stronger. All of us at PwC Cyprus united will continue with persistence and passion to realize our goals and vision''.

PwC Cyprus’ Annual Review 2022, which includes the financial results as well as an overview of the organisation’s main activities, is available on