Why are these NZX-listed food stocks in focus today?

September 14, 2022 12:07 PM NZST | By Jasmine Anand
Follow us on Google News:

Highlights:

  • My Food Bag Group organises its Annual Meeting
  • PGG Wrightson to pay a dividend next month

New Zealand food companies have been dealing with rising food prices, a high proportion of health-related staff absences, supply constraints, shipping delays, as well as an extremely tight labour market.

With this overview, let us look at the three well-known NZX food stocks, namely, My Food Bag Group, Burger Fuel Group, and PGG Wrightson.

Source: © Davizro | Megapixl.com

My Food Bag Group Limited (NZX:MFB)

With more than NZ$145 million as its market cap, My Food Bag Group Limited functions as an online food delivery business, having delivered over 84 million meals to NZers since its inception.

Last month, MFB organised its Annual Meeting. The Board supported the resolutions passed by the shareholders. The resolutions were the election of Cecilia Robinson as MFB’s director and the re-election of Tony Carter as one of its directors. Also, the Board has been empowered to determine MFB’s auditor’s remuneration for 2023.

On 14 September, at the time of writing, My Food Bag Group was climbing 1.59% to NZ$0.640.

Burger Fuel Group Limited (NZX:BFG)

Burger Fuel Group Limited is a big name in NZ’s hospitality sector and its current market capitalisation stands at more than NZ$15 million.

A few days ago, the Company conducted its 2022 Annual Meeting of its Shareholders, in which its FY22 performance was highlighted. Despite a year marked by COVID-19 disruptions, BFG’s FY22 Group revenue remained the same as that of last year at NZ$21.0 million. However, its NPAT declined 19.2% to NZ$575,869  because of higher costs, investment in its new brands, and some abnormal yet significant one-off costs, etc.

With the dampening of the COVID-19 pandemic, the Company is reloading its growth pipeline with site locations and new franchisees and is confident of improved results in the future.

On 14 September, at the time of writing, Burger Fuel Group was up 1.64% to NZ$0.310.

PGG Wrightson Limited (NZX:PGW)

Engaged in an agricultural supply business, PGG Wrightson Limited has a market cap of over NZ$330 million.

Recently, the Company delivered an exceptional FY22 performance, with operating EBITDA rising 20% to NZ$67.2 million and revenue climbing 12% to NZ$952.7 million, majorly on account of an impressive performance by its retail and water businesses. It has declared 16.0 cps as a dividend, to be paid on 3 October, thus taking the full-year dividend to 30.0 cps.

On 14 September, at the time of writing, PGG Wrightson was gaining 0.46% to NZ$4.400.

Bottom Line

NZ food companies not only have to battle escalating food costs but also have to deal with labour shortages, supply disruptions, as well as rising labour costs. However, they remain optimistic about the financial year ahead.


Disclaimer

The content on this website, including, but not limited to, any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (“Content”) is a service provided by Kalkine Media New Zealand Limited (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide financial advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests users seek financial advice from a financial advice provider, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all liability to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without any express or implied warranties of any kind. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit a source wherever it is indicated or is found to be necessary or desirable.

Top Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK