Welcome
to our
Transparency
Report
A message from our Managing Director
During 2025, we will continue pursuing our Vision to be the most trusted and trustworthy professional services firm on the island 鈥攁 firm known for delivering high-quality services on a timely basis, in line with our 乐鱼（Leyu）体育官网 Global Collective Strategy. We will continue to capitalise on our existing growth pillars as well as develop new, innovative services tailored to our clients鈥� and the market鈥檚 needs.
Christos Vasiliou, Managing Director
I am very pleased to present to you our 2024 Transparency Report. The report contains insightful information about our strategy, our performance, our corporate governance and our quality control systems for 2024.
乐鱼（Leyu）体育官网 has been operating in Cyprus since 1948 and currently employs an average of 785 professionals working from 6 offices across the island. It is a member of 乐鱼（Leyu）体育官网 International Limited, a global organisation of independent professional services firms providing Audit, Tax and Advisory services. 乐鱼（Leyu）体育官网 operates in 142 countries and territories and has approximately 275,000 people working in member firms around the world.
乐鱼（Leyu）体育官网 in Cyprus is a leading professional services organisation with gross revenues amounting to 鈧�48.7m in FY24, compared to 鈧�52.3m in FY23 and 鈧�51.4m in FY22. Our net revenues amounted to 鈧�45.7m compared to 鈧�47.4m in FY23 and 鈧�46m in FY22. Our contribution to the government revenues including income tax, special contribution for defence, PAYE, VAT, GHS and social insurance contributions amounted to 鈧�17.5 m.
The year 2024 was once again challenging and demanding. We were called upon to continue navigating through the impact of the global pandemic, complex geopolitical tensions in regions such as Ukraine, Israel, energy crises, inflationary pressures and disruptions to economic activity worldwide. All these challenges inevitably affected our country鈥檚 economy, and consequently, our operations. Despite the above, by remaining committed to our Collective Strategy and Vision to be the most trusted and trustworthy professional services firm in Cyprus, we managed to lay the foundations for prosperity and growth for our Firm.
This year, we have achieved remarkable milestones, and I am excited to share some key areas where we continue to focus and grow. Our strategic pillars for growth will guide us as we look towards the next year:
Commitment to ESG: We are deeply committed to supporting Environmental, Social, and Governance (ESG) principles, which are more important than ever in today鈥檚 world. In 2024, we made significant strides in advancing our ESG initiatives both in terms of Advisory as well as Assurance, and this year we will continue to build on these achievements鈥攏ot only in our own operations but in the value we bring to our clients and communities. I am happy to share that we have successfully obtained the Green Office Certification for our offices in Nicosia and Limassol, issued by the Commissioner for the Environment in 2024.
Collaboration with the 乐鱼（Leyu）体育官网 Network: We have managed to significantly increase our collaboration with the 乐鱼（Leyu）体育官网 Network and deployed our expertise and credentials to other Member Firms, enlarging our market reach.
Embracing Technology and AI: The future of business lies in technology, and 乐鱼（Leyu）体育官网 in Cyprus is committed to being at the forefront of this transformation. By integrating cutting-edge technologies and harnessing the power of AI, we are improving the way we serve our clients, increasing operational efficiency, and shaping a future that is both innovative and sustainable. With a focus on clients鈥� complex issues, we are driving sustainable quality through the use of globally consistent audit and ESG assurance methodologies that are embedded in a state-of-the-art, cloud-based audit platform in 乐鱼（Leyu）体育官网 Clara. The quality of our audit and assurance engagements remains a top priority at 乐鱼（Leyu）体育官网 with a commitment across the organisation to serve our clients, stakeholders and the public with the highest professional excellence, ethics and integrity.
Our People Agenda continues to be a priority: We remained passionate in maintaining an environment in which our people can perform at their best. An environment which provides our people with the right career development prospects and professional growth opportunities. Through our BeWell@乐鱼（Leyu）体育官网 programme, we strive to create a workplace where everybody can thrive. This year we were particularly proud of not only renewing our Investors in People Silver certification but also obtaining the Investors in People Wellbeing certification for the first time. Never complacent, we remain committed to investing in our people鈥檚 professional development and wellbeing.
At the core of everything we do are our Values 鈥� Integrity, Excellence, Courage, Together, For Better. These values are not just words on paper; they guide our actions and decisions every day.
Our commitment to the community is also fundamental to our values. Together we made a positive impact to the society through several specific CSR initiatives under four different pillars: education, health, environment and social inclusion.
All the above could not have been achieved without the help of our most valuable asset, our people, to whom we are deeply grateful.
Transparency and accountability have always framed, and will continue to frame, the way we deliver our work.
During 2025, we will continue pursuing our Vision to be the most trusted and trustworthy professional services firm on the island鈥攁 firm known for delivering high-quality services on a timely basis, in line with our 乐鱼（Leyu）体育官网 Global Collective Strategy. We will continue to capitalise on our existing growth pillars as well as develop new, innovative services tailored to our clients鈥� and the market鈥檚 needs.
All our partners and staff are fully engaged maintaining 乐鱼（Leyu）体育官网 as the Clear Choice for our Clients, our People and Society as a whole.
How we鈥檝e performed
Total gross revenue
Tax contributions
Gross revenue
26.7mStaff
360Audit
Upholding Quality Through Values 鈥� Our Commitment, Our Compass
In a world where complexity continues to grow and stakeholder expectations evolve rapidly, our purpose remains constant: to deliver high-quality audits that reinforce confidence in financial reporting. At 乐鱼（Leyu）体育官网, we know that quality is not just a metric鈥攊t is a mindset, a discipline, and a shared responsibility. And it is our values鈥擨ntegrity, Excellence, Courage, Together and For Better鈥攖hat drive the rigorous processes we follow, the ethical standards we uphold, and the accountability we demand from ourselves. They guide how we lead, how we listen, how we challenge, and how we support each other and our clients.
Over the past year, we have made meaningful strides in strengthening our system of quality management, investing in innovative technologies and enhanced training to support professional judgment and consistency across our engagements. But the foundation of audit quality lies in our people. Their ethical compass, critical thinking, and commitment to doing the right thing鈥攃onsistently and without compromise鈥攁re what truly build trust.
In Cyprus, our economic landscape is shaped by a diverse mix of entities鈥攆rom listed companies and regulated financial institutions to privately held and family-owned businesses. Each plays a vital role in our economy and deserves the same unwavering commitment to audit quality. Trust in financial reporting must extend beyond capital markets. It must reach every corner of our business community, because transparency, accountability, and confidence are essential not only for investors, but also for lenders, regulators, suppliers, employees, and society at large.
At 乐鱼（Leyu）体育官网 in Cyprus, we are deeply aware of this broader public interest. We combine local expertise with global capabilities to deliver audits that are relevant, rigorous, and responsive to the needs of today鈥檚 stakeholders. Our responsibility goes beyond compliance鈥攊t is about contributing to a culture of integrity and sustainable growth.
As we look to the future, we remain firmly committed to raising the bar on quality, guided by our values and driven by purpose. That is how we serve the public interest. That is how we sustain trust. And that is how we make a meaningful difference鈥攆or our clients, for our profession, and for society.
I thank our people for their professionalism and dedication, and our clients and stakeholders for their continued trust.
* average staff numbers for Year 2024
Gross revenue
10.0mStaff
123Tax & Legal
2024 is a clear indication that careful planning and investment with a long-term outlook.
Given the volatility of the last couple of years and the rapidly changing environment, an adjustment period was forecasted in terms of growth and business transformation across the market in general.
Tax could not remain neutral in this rapidly changing environment.
Keeping in line with our long-term plan, in 2024 we continued to implement and reinforce our services, adjusting them to new conditions and demands, continuing to focus on designated areas in need of development, we have experienced a steady growth rate.
In 2024, significant openings have been made to new markets forming new relationships and strengthening our core business whilst at the same time expanding and growing in key targeted areas in accordance with the business plan.
During the year, we diversified our client pool expanding into new industries and areas of the tech world whilst maintaining our strong presence in all major industries including banking, financial services, insurance companies, utilities, and corporates. We have further continued and tightened our collaboration with other 乐鱼（Leyu）体育官网 member firms providing our services abroad in the areas of Pillar II, Transfer Pricing, M&A and Global Compliance Management Services among others.
The time and resources we invested during previous years to understand and assess our clients鈥� needs in an attempt to develop tailor-made solutions for them has started to bear fruit as we were able to address their needs effectively and in a cost-efficient manner.
The year was especially pivotal for our Transfer Pricing team; valuable work was won and delivered and our presence as Transfer Pricing experts further solidified. Our Pillar II team has started to gain traction and our GCMS service has expanded considerably.
In accordance with our long-term business plan, we will continue to transform and expand our business through diversification and identifying new markets and industries; our goal is maintained in shielding our business, and our people, from the adverse impact of the international political climate and its impact on the economy and our business.
Our commitment to growth is unquestionable; we will continue pushing forward and identifying opportunities.
In this regard, we will continue and intensify our efforts to seek out niche talent and diversified resources. With targeted recruits, we aim to expand in diverse sets of capabilities and mindsets, take the innovative route and grow our human capital alongside any investment in technology; though the effects and impact of AI are unquestionable and impactful to our business, our drive of excellence cannot be achieved without our greatest asset, our human capital.
Our commitment to success is granted.
* average staff numbers for Year 2024
Gross revenue
12.0mStaff
160Advisory
Throughout 2024, we remained committed to supporting our clients both locally and abroad, extending our expertise through collaboration with other 乐鱼（Leyu）体育官网 member firms and clients on strategic projects, in the areas of digital transformation, data analytics, financial modelling, actuarial, risk and regulatory services.
Our Advisory team consisted of c. 160 professionals and nine Board Members, across the Consulting and Deal Advisory functions, achieved remarkable milestones including the:
- Delivery of over 600 proposals and engagements.
- Delivering and leading of significant strategic projects, to numerous countries across the globe such as, Saudi Arabia, UK, Germany, Malta, Greece, Jordan, Kazakhstan, etc.
- Delivery of groundbreaking projects across corporate, financial services, and governmental sectors.
We continued to invest in understanding our clients鈥� evolving needs, developing tailor-made solutions in areas such as regulatory advice, data analytics, financial modelling, change management, transformation, strategy and deals.
We successfully won valuable, challenging work that allowed us to demonstrate the depth of our knowledge, our talent and the quality of our service offering, enabling us to support our clients in overcoming the challenges they face in an ever-evolving landscape.
Our successes extended beyond client engagements:
- We participated in more than 30 events as presenters and/or organisers, sharing our knowledge and expertise on several specialised areas.
- We signed four important agreements and strategic partnerships, enhancing our offerings.
- We implemented more than 30 campaigns including campaigns on ESG, transformation and Artificial Intelligence.
Our People will always be our most valuable asset, and we are very proud of our highly skilled, talented, results-driven professionals, who continue to push boundaries. As we look ahead, we remain focused on attracting top talent to support our growth strategy, while at the same time ensuring that our practice remains ahead of the competition and the top choice for employment.
Driven by our values, we will continue to evolve, to think and act boldly in all interactions and to work collaboratively with our colleagues both within 乐鱼（Leyu）体育官网 in Cyprus and abroad. We remain committed to working tirelessly for a better future, to drive change, foster innovation and to deliver high-quality services for the benefit of our clients, Board Members, and our People.
* staff numbers as of 31st December 2024
A message from our Chairman
When you set high standards, you need the appropriate level of professionals to adequately respond to challenges and deliver quality at the highest levels. This is of primary importance to our vision: to be the most trusted and trustworthy firm in Cyprus.
Michael Antoniades, Chairman
乐鱼（Leyu）体育官网 has been monitoring worldwide developments in recent months. Continuing wars in Ukraine and Middle East, rising inflation with a tendency to continue - partially driven by transportation costs that are affected by the wars -market penetration efforts initiated by China, economic challenges faced by major European countries, and international tariff policies pursued by the new government in the US are all contributing factors.
So, one would expect that globalisation, targeted by western conglomerates, may be delayed. At the same time, global economic power may be shared with China, especially in areas of renewable energy, where China is aggressively pushing forward, making competition more difficult and costly. Cyprus is systemically too small and thus bound to be affected by most challenges of the global economy.
Given these circumstances, we are deploying our knowledge and expertise to help our clients navigate through the uncertainties. As professionals, we have a major role to serve stakeholders, the economy and our society -and this is what makes our profession special. Technology, especially AI, is becoming embedded in our tools, and together with ESG, is becoming a major driver of value for our clients.
Delivering high-performing, effective, and cost-efficient professionals continues to be a challenge, especially in the area of audit. When you set high standards, you need the appropriate level of professionals to adequately respond to challenges and deliver quality at the highest levels. This is of primary importance to our vision: to be the most trusted and trustworthy firm in Cyprus.
The impact we鈥檝e made
Cyprus offices 6