- Food stocks remain unaffected by the COVID-19 pandemic, instead, witness a surge in consumer demand.
- Burger Fuel Group passes the resolution for the re-election of its director in its Annual Meeting.
- Restaurant Brands New Zealand posts impressive half-year performance, owing to strong sales growth of its brands like KFC, Carl Jr., etc.
Food stocks comprise those companies which offer food and non-alcoholic beverage products. Despite the global effects of the pandemic, food is one of the few industries which remained unimpacted. On the contrary, it thrived, given its essential business nature and consumer connection.
It is noted that the global food industry revenue surged by nearly 20% and clocked $8.2 trillion owing to the huge demand amid the COVID-19 outbreak.
That said, let us check out the five famous NZ-listed food stocks worth following this month.
Image source: © 2021 Kalkine Media New Zealand Ltd, data source- Refinitiv
Burger Fuel Group Limited (NZX:BFG)
Burger Fuel Group Limited is NZ’S famous gourmet burger concept. In its Annual Meeting, resolutions were passed by the shareholders regarding the re-election of its director, Alan Dunn, and also to authorise the Board to fix the auditor's expenses.
Which are 5 popular NZX food stocks to explore in October
Also, BFG has intimated its stakeholders about the departure of its Chief Operating Officer, Tyrone Foley.
At the time of writing, Burger Fuel was trading flat at NZ$0.370, on 14 October.
My Food Bag Group Limited (NZX:MFB)
NZ’s famous meal kit home delivery service is My Food Bag Group Limited. Recently, the Company held its Annual Shareholders’ Meeting, wherein a resolution was passed to empower its directors to determine MFB auditor’s remuneration.
At the time of writing, on 14 October, My Food Bag was up by 0.83% at NZ$1.210.
Restaurant Brands New Zealand Limited (NZX:RBD)
Auckland-based Restaurant Brands New Zealand Limited is the country’s leading fast food company. In its half-yearly report, RBD reported its group sales at NZ$540.6 million.
The Company’s 1H 2021 NPAT and EBITDA stood at NZ$34.5 million and NZ$89.9 million, respectively, underpinned by the strong sales performance of its brands, particularly, KFC and Carl’s Jr.
Despite the uncertainties associated with the pandemic, Restaurant Brands is expected to grow with the opening up of more stores in the remaining part of the year and continues to deliver solid growth across all its geographic markets.
On 14 October, at the time of writing, Restaurant Brands New Zealand was up by 0.19%, at NZ$15.73.
Cooks Global Foods Limited (NZX:CGF)
Another Auckland-based integrated food and beverage retail company is Cooks Global Foods Limited. The Company conducted its Annual Meeting in September-end.
CGF carried out resolutions related to the re-election of Graeme Keith Jackson, its director, and also empowered its directors to fix the Company auditor’s salary.
At the time of writing, Cooks Global Foods traded flat at NZ$0.030, on 14 October.
Comvita Limited (NZX:CVT)
Famous honey producer, Comvita Limited, focuses on using the medicinal properties of honey and developing innovative natural health and wellbeing products. Recently, the Company has updated its stakeholders about a solid improvement in its Q1 earnings.
CVT recorded a growth of 10.6% in its EBITDA for Q1 FY22 on pcp. Also, it has forecasted a full-year EBITDA in the range from NZ$27 million to NZ$30 million, mainly on account of its refined business model and long-term growth strategy.
Shares of Comvita rose by 0.26% at NZ$3.790, on 14 October, at the time of writing.
Amid the outbreak of the Delta variant, food stocks remain ripe for further growth and expansion due to strong consumer demand.