By - Jasmine Anand
- Experts warn that La Nina will hit the country next year, giving rise to extreme weather conditions.
- Comvita to conduct its Annual Meeting on 29 September.
- Marlborough Wine Estates Group delivers a sound FY22 performance amid challenging conditions.
According to experts, New Zealand may face extreme weather conditions when La Nina, a colder climate pattern, hits the nation next year for the third time in a row. It will give rise to weather extremes, which will affect the growing season, thus making it difficult for farmers and growers.
With demand for food products remaining high, a limited supply of the same will lead to a further rise in prices of foodstuffs.
Amid this backdrop, let us discuss the three F&B stocks listed on the NZX, namely, My Food Bag Group, Comvita and Marlborough Wine Estates Group.
Source: © Draghicich | Megapixl.com
My Food Bag Group Limited (NZX:MFB)
First on the list is My Food Bag Group Limited, an online food delivery business, which has delivered over 84 million meals to NZers since it commenced trading.
A few days ago, the Company conducted its Annual Shareholders' Meeting. Resolutions were passed for the election and re-election of Cecilia Robinson and Tony Carter, respectively, as MFB directors. Also, the Board was authorised to fix the remuneration of its auditor for the forthcoming year.
On 8 September, at the time of writing, My Food Bag Group is dipping 1.59% to NZ$0.620.
Comvita Limited (NZX:CVT)
Known for producing and supplying top-quality Manuka Honey, Comvita Limited has a market cap of about NZ$233.54 million.
It will hold a virtual Annual Meeting of Shareholders on 29 September. It intends to carry out resolutions for re-appointing KPMG as its auditor as well as electing and re-electing a few of its directors. Further, the Company intends to revoke its existing constitution and adopt a new one with effect from the close of the Annual Meeting.
On 8 September, at the time of writing, Comvita is down 1.19% to NZ$3.310.
Marlborough Wine Estates Group Limited (NZX:MWE)
Marlborough Wine Estates Group Limited is one of the well-known wine-producing and distributing companies across New Zealand, having nearly NZ$54 million as its market cap.
Recently, it published its FY22 performance, with reported revenue clocking NZ$7.96 million, a growth of 18% on previous year and the gross profit jumped to NZ$2.91 million, representing a 127% Y-o-Y growth, on account of a significant expansion of its premium branded wines through international market distributors despite facing disruptions and cost pressures across all its key markets.
MWE continues to focus on further premiumisation of its branded wines and aims to expand its supply and distribution channels.
On 8 September, at the time of writing, Marlborough Wine Estates Group was gaining 5.56% to NZ$0.190.
With uncertain global economic conditions and rising cost pressures, economies all over the world are getting impacted. Even the food sector is getting affected by supply issues, escalating costs and labour woes.