Net income at the South African protective equipment maker slipped 21% to $9,960,453 last year from $12,574,437 in 2021, on 5% revenue growth to $76,335,539 against $72,475,813, despite a 53% plunge in Q4 sales to just $10.9 million. Gross margin contracted by 260 basis points to 40.8% for the year, while operating expenses increased 22% in dollars due to investments in sales, product development and marketing, and deleveraged 330 b.p. ... Log in to view full article.
