PwC Cyprus: Positive financial results again in 2016

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PwC presented its financial results for the financial year 2016 during the organisation’s Annual Meeting on Friday, 16 September, in Limassol. Specifically, the organisation achieved revenues of €79.8m and contributed €28.5m to state coffers.

The Minister of Finance, Mr Harris Georgiades, and Bank of Cyprus CEO Mr John Patrick Hourican honoured the meeting with their presence, sharing their views on matters relating to the economy and analysing the current international business and banking environment as well as the challenges they face. The Annual Meeting was also addressed by senior executives of the organisation from Cyprus and its international network.  Mrs Eloiza Savvidou, CEO of Junior Achievement, a non-profit organisation that specialises in providing education on youth entrepreneurship and which PwC Cyprus has supported over the past two years, spoke on behalf of the organisation. At the focus of the discussions was the progress of the Cyprus economy, developments in various sectors as well as the current state of affairs in the professional services sector.

PwC Cyprus CEO Mr Evgenios Evgeniou took stock of the past year, noting the significant successes achieved by the organisation. In addition, he referred to the goals and strategic priorities set out for next year, expressing the organisation’s intention to invest in new technologies and services, as a response to the needs of the market.

During the Annual Meeting, Minister of Finance Mr Harris Georgiades said: “It is with great pleasure that I attend this year’s PwC Cyprus Annual Meeting, where I was given the opportunity to repeat, on behalf of the government, how significant the services sector is considered to be. Obviously, Cyprus has the competitive advantages necessary for the sector, which has contributed in the Cyprus economy’s recovery. We shall keep collaborating with the private sector and the services sector in particular to constantly improve this competitive advantage. As an economy, we are now in a positive momentum, having succeeded significant levels of recovery. However, we must not be led to complacency. We should keep on facing the difficulties and expand our advantages. Our collaboration with PwC towards this direction is and will remain important”.

Commenting on the meeting, Bank of Cyprus CEO Mr John Patrick Hourican said: “The banking sector in Cyprus has been through a thousand days of what I would describe as transformation. It was broken but it is now ready to stand and compete again. What we need to do is get back to looking at the future while fixing the problems of the past. That is what we all need to do and that is what Cyprus needs to do; to phase into a competitive landscape and compete on the world stage, not on its own stage”.  

It is worth noting that PwC Cyprus continued to implement a targeted Social Responsibility programme throughout 2016, as part of its effort to promote entrepreneurship among young people.

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Konstantina Logotheti

Director - Marketing & Communications, PwC Cyprus

Tel: +357-22555108

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