Global accounting and consulting firm EY Hanyoung announced on the 27th that it achieved total sales of 803.5 billion KRW for the fiscal year 2022 (July 2022 to June 2023). After entering the 600 billion KRW range for the first time last year, it surpassed 800 billion KRW within a year, recording a steep growth trajectory.
EY Hanyoung, composed of Hanyoung Accounting Corporation and EY Consulting, recorded total sales of 803.5 billion KRW by combining Hanyoung Accounting Corporation’s sales of 504.8 billion KRW and EY Consulting’s sales of 298.7 billion KRW. This represents a 28% increase compared to the previous year and is the highest growth rate in the past decade.
All business sectors including audit, tax, strategy and financial advisory, and consulting recorded double-digit growth rates, with the consulting sector standing out with a high growth rate of over 50%.
The audit sector entered the 200 billion KRW sales range for the first time, supported by its leadership in digital auditing and the trust and preference of clients. Major audit clients include Hyundai Motor Company, Hyundai Mobis, Hyundai Steel, Hyundai Engineering, SK Telecom, Samsung C&T, Hanwha, Hanwha Life, LG Household & Health Care, Amorepacific, Naver, IBK Industrial Bank of Korea, Meritz Financial Group, Korea Electric Power Corporation, Doosan, KT&G, Lotte Chemical, and Hankook Tire & Technology.
The strategy and financial advisory sector continued its double-digit growth last year despite a sharp decline in mergers and acquisitions (M&A) transactions due to increased uncertainty from worsening macroeconomic conditions and interest rate hikes. This was driven by comprehensive consulting capabilities including growth strategy advisory for large and mid-sized companies and private equity (PE) portfolio companies, financial due diligence, valuation, business portfolio value-up strategies, and restructuring advisory for heavy and chemical industries.
The tax sector achieved double-digit growth, supported by responses to tax audits for large corporations, tax dispute advisory, inbound M&A advisory, and global tax compliance. Additionally, following the introduction of Pillar 2 related to BEPS 2.0, EY is leading the advisory market based on its global network.
The consulting sector recorded a high growth rate of over 50% by conducting performance-driven digital transformation consulting for leading companies in technology, consumer goods, and distribution industries. The consulting division supports key digital challenges of domestic companies through expertise and experience in core digital technologies such as artificial intelligence (AI), big data, and cloud.
Meanwhile, the financial business sector grew by more than 30%, providing external audit services for financial companies and IFRS17 audit services for insurance companies, as well as conducting large-scale complex consulting projects that efficiently integrate customer-centric services and IT through digital transformation and platformization for financial institutions’ innovation. Going forward, it plans to offer various consulting services for the advancement of domestic financial institutions, including digital, new technologies, regulatory response, and discovery of new growth engines.
On the other hand, EY Global announced in 2021 that it would invest 10 billion USD (approximately 13 trillion KRW) by 2024 in audit quality, innovation, technology, and talent, and recently launched the EY.ai AI platform with an investment of 1.4 billion USD (1.86 trillion KRW). EY.ai is an integrated platform combining EY’s vast business experience with AI technology platforms and solutions, supporting companies to confidently adopt AI and innovate their businesses. In line with EY Global’s AI strategy, EY Hanyoung plans to incorporate AI-centered services into each division as a future growth engine.
Park Yong-geun, CEO of EY Hanyoung, stated, "Based on the remarkable growth achieved this year, we will continue to solve customers’ challenges and support their growth as a trusted and differentiated professional organization in a rapidly changing environment."
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