Deloitte Middle East revenues grow
Date: 26-07-2008
Source: Middle East Company News
Deloitte Middle East announced the results of fiscal year 2008 (May 31), with another very strong performance and an increase in revenues of more than 30%, once again achieving more growth than the global rate for Deloitte of 18.6%.
'This exceptional growth is fuelled by a marked increase in advisory service line participation in addition to healthy growth on the assurance side,' commented Omar Fahoum, CEO Middle East. 'That we can produce such results in a climate of a global downturn is a testament to our ability to be always one step ahead.'
While on a visit to the ME region recently, John Connolly, Chairman of DTT's Global Board of Directors, had already highlighted the growth: 'This part of the world is fast becoming more important to our network and we have well-developed plans to move people and invest in our business here,' said Connolly. 'While our Middle East firm is already growing at a fast pace, in excess of 30% a year, the nature of the things we do is pushing us to put ever deeper skills into our areas of specialty.'
Deloitte Touche Tohmatsu ('Deloitte') announced that fiscal year 2008 aggregate member firm revenue increased by 18.6% in U.S. dollars, and 13.0% in local currencies, to $27.4bn. This marks Deloitte's sixth consecutive year of U.S. dollar double-digit revenue growth from continuing operations.
Every service line and every geographic region delivered strong growth. Deloitte aggregate revenues were $23.1bn in FY2007.
Financial Advisory services grew at 26.6% to $2.4bn, followed by consulting services at 22.2 %to $6.3bn, tax and legal at 20.4% to $6.0bn, and audit at 14.8 %to $12.7bn.
When announcing the results, Deloitte Global CEO Jim Quigley said,
'Our people's continued focus on excellence and their demonstrated ability to work together across geographies to meet our clients' needs is fundamental to our success. Our results show that our client-centric business model built upon a global culture of consultation and collaboration-and delivery through strong member firms with global connections-is a winning strategy.'
In the past year, Deloitte grew by approximately 15,000 people with considerable growth in the emerging markets. Globally, Deloitte now has approximately 165,000 people operating in 140 countries.
Deloitte also remains committed to building upon its strong reputation as a responsible global citizen. Its professionals have always been passionate about making a positive impact on the communities in which they work and live.
Today, they are more dedicated than ever to strengthening corporate responsibility. As Omar Fahoum puts it, 'It's the right thing for all businesses to play their part in the overall corporate responsibility agenda. At Deloitte Middle East we recognize corporate responsibility as a strategic priority and strive to significantly elevate our impact on a regional level.'
Quigley remains confident about Deloitte's continued success because of the strength of its model, which combines local depth and global scale. 'These are clearly uncertain economic times. Our focus on innovation together with our strong global culture and diversity of skills will enhance our ability to assist our clients as they compete in these turbulent times. At Deloitte, we remain focused on our long-term success and will continue to invest in our people, new products and services, and maintain our long-standing commitment to corporate responsibility,' he said.
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