- Global inflationary pressures are being felt as prices of food and petrol surge.
- My Food Bag Group to distribute an interim dividend on 16 December.
- Cooks Global Foods witnesses enhanced earning in 1H 2021, looks optimistic for the future.
Countries across the globe are witnessing rising inflation, directing the price rise for food, petrol, and other products.
Nations are still experiencing the aftermath of the coronavirus pandemic even after coming out of lockdowns and a rebound in markets.
Moreover, the detection of the new coronavirus variant, Omicron, has threatened the global economic recovery, thereby putting more pressure on global commerce, and further escalating prices.
That said, let us look at the two NZX food stocks worth investing amid global inflationary pressures.
Image source: © 2021 Kalkine Media, data source- Refinitiv
My Food Bag Group Limited (NZX:MFB)
New Zealand’s famous online meal kit provider is My Food Bag Group Limited. A few days back, the Group released its strong half-year results for the period ended 30 September 2021.
Its NPAT jumped by 24.6% to NZ$9.4 million, and EBITDA grew by 11.6% and clocked NZ$16.0 million, bolstered by operational achievements and further product innovation.
Moreover, when compared to H1 FY21, MFB’s active customers rose by 3.1%.
It will distribute an interim dividend of 3.0 cps on 16 December and has even forecasted an EBITDA guidance of NZ$34.2 million for FY22.
On 1 December, at the time of writing, My Food Bag Group gained 0.84% at NZ$1.200.
Cooks Global Foods Limited (NZX:CGF)
Another famous NZ company operating in the food sector is Cooks Global Foods Limited. In its recently published six-month performance, the Company’s total revenue stood at over NZ$4 million and its operating profit was recorded at NZ$626,000 for the period ended 30 September 2021, underpinned by a recovery of markets from the initial shock of the pandemic.
Moreover, the acquisition of Triple Two and cost reductions have also contributed positively to its growth plan.
Further, CGF plans to undertake a capital raise of up to $8 million through the rights issue sometime in December.
The Company looks optimistic about delivering positive results and increased profitability for the year ahead.
On 1 December, at the time of writing, Cooks Global Foods was trading flat at NZ$0.033.
Food stocks fear transport challenges and the closure of ports and freight yards due to the detection of a new deadlier coronavirus variant.