Annual Review 2024

Key Performance Indicators

Financial Performance

€88,1m Revenues

€29,2m total contribution to government revenues including income tax, special contribution for defence, PAYE, VAT, GHS and social insurance contributions.

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Our Clients

  • *9 Likelihood to recommend PwC to peers and colleagues
  • *8,84 Overall satisfaction average
  • 68% Net promoter score

*Out of a maximum score of 10

Figures based on an online Client Experience Survey carried out in June 2024.

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Our People

  • Around 1100 People, including 385 Qualified accountants and 971 University graduates
  • 7 Pancyprian awards in the Associate of Chartered Certified Accountants (ACCA) professional examinations
  • 2 New Partners, 4 New Directors and 128 Promotions and role enhancements to all other grades as of 1 July 2024
  • 5 New Directors and 86 Promotions and role enhancements to all other grades as of 1 January 2024
  • 200 New recruits including 110 New University Graduates
  • 62 Newly qualified accountants
  • 17 Outbound international assignments in other PwC firms around the world
  • 10 Inbound international assignments from other PwC firms around the world
  • 30 Nationalities
  • 75% People Engagement Index

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PwC Foundation

  • €196.000 towards our Entrepreneurship,Education & Culture and Offering our Hearts & Minds initiatives
  • €345.000 worth of pro-bono and discounted services to community organisations and charitable institutions
  • 3.560 hours of volunteering

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CEO Message 2024

FY24 proved to be a consolidation year for PwC Cyprus, enabling us to stabilise our business, finalise our bold geopolitical de-risking and business re-orientation strategic initiative, accelerate the transformation of certain parts of our business, and complete a successful 2-year bounce-back adjustment journey. This transformation journey focused on replacing historic revenues by leveraging the quality of our people and services, to pursue new opportunities within our local market, and to further export our services outside of Cyprus in support of international clients and PwC Network member firms.

Following a very dynamic FY23, the deteriorating global economic environment of the past year slowed down our growth momentum.

Cyprus Annual Review 2024

In the face of challenging and volatile conditions during FY24, we are very proud of how we continued to demonstrate agility in adjusting our business plans and staying on track with the implementation of our responsible business model reinvention.

Philippos Soseilos, CEO & Chairman of PwC Cyprus

Our Services

Our assurance business sits at the core of our strategy and brand especially in these times where trust has become more important than ever before.

Helping our clients to navigate the regulatory complexity and to strengthen their organisational trust and transparency is a priority for us.

In FY24 we continued our journey of continuous improvement of our audit quality through our people, our technology and our quality management systems and processes. Maintaining high quality in whatever we do is central to our existence.

We have successfully navigated the regulatory complexities, risks and reputational matters, staying close to our colleagues and upholding our brand in all our dealings with clients and stakeholders.

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PwC is the leading provider of Tax and Legal services (T&L) in Cyprus, in terms of size, expertise and reputation.

We provide the full range of direct tax, indirect tax and legal services to support our clients such as provision of professional advice on key tax and legal issues, compliance with regulations and statutory filings, tax and legal due diligence as well as transfer pricing support in relation to related party transactions.

We have specialised teams with the appropriate expertise to serve both local and international clients for their corporate and/or private business matters with a focus always to add real value and ensure tax and legal compliance in the current demanding regulatory framework.

Our T&L service line in FY24 had the following key competencies:

  • Direct Tax
  • Indirect Tax
  • Legal

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Increasingly, organisations are looking to maximise their value by concentrating on their core and critical business functions whilst looking for support on important but not critical functions. By running these important but not critical functions for our clients we allow the necessary time for them to devote their time exclusively on the issues that create value.

Since the creation of our Managed Services teams we have initially built and subsequently increased our capabilities to work seamlessly with our clients in providing tailored solutions using human expertise and appropriate technologies.

For us it is very important to understand the client’s business so that together we can co create sustainable solutions with the knowledge that we can also run those solutions for them. We “Run” so that they can “Accelerate”.

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We create value to our local and international clients, public and private companies as well as private equity funds by bringing together multi-skilled solutions and expertise to meet the increasingly complex business needs, across a wide range of industries. 

Our Deals team is dedicated in the value creation for enterprises and helps organisations identify and execute successful transactions that involve mergers, acquisitions, disposals and restructurings. During FY24 we have acted as lead financial advisors on important, high profile transactions and we have successfully completed, on behalf of our clients, the disposal of companies in the technology, retail, insurance and other sectors, whilst we have advised our clients in executing the acquisition of important businesses or assets including NPL portfolios, hospitals, photovoltaic parks etc.

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Clients & Markets

Building trust in society and solving important problems.

In retrospect, this year has been marked by significant disruptions across industries, sectors and regions, posing a myriad of interconnected financial and non-financial challenges for our clients, who were expected to navigate a complex, volatile and uncertain landscape, encompassing economic uncertainty, regulatory changes, an accelerated demand for digital transformation, cybersecurity risks, sustainability pressures, market competition dynamics and an enhanced necessity for financial resilience, amidst economic fluctuations.

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People

Our People are at the heart of who we are and what we do.

This past year, our strategy has been centred on fostering a culture of inclusivity, collaboration, continuous development, and innovation .

We continue to embrace flexibility and adaptability, recognising the diverse needs and lifestyles of our people. Our initiatives around flexibility and wellbeing have seen enthusiastic acceptance and participation and have been instrumental in maintaining high levels of engagement and productivity.

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Risk & Quality

The quality of our work is at the heart of our organisation and we invest significant and increasing resources in its continuous enhancement across all of our businesses.

This investment is targeted into many different areas, including training (technical, ethical and behavioural), methodologies, adding resources in key areas and exploring new ways of delivering our work. Each investment reflects a common determination to understand the factors that drive quality and identify opportunities for enhancement. We are also investing heavily in new technology to drive continuous improvement in the capabilities and effectiveness of all of our services.

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Digital Transformation

Accelerating our investment in our digital transformation through the integration of artificial intelligence capabilities.

Our digital transformation journey is an on-going process. To-date we invested significantly in introducing tools and upskilling our people in the more efficient use of data in servicing our clients but also in addressing our own internal needs.

We strive to stay ahead of technological developments to understand the impact and opportunities they present for our business and our clients’ business. The recent advancements in Artificial Intelligence (AI) and more specifically generative artificial intelligence (GenAI) highlight the importance of the PwC’s human-led, tech-powered global strategy. 

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digital transformation

Annual Review 2024

Learn more on our Annual Review

Contact us

Konstantina Logotheti

Head of Marketing and Communications, PwC Cyprus

Tel: +357-22555108

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