Bidcorp 6M numbers - Lockdowns impact operations

The food services company Bidcorp released half-year numbers showing just how much the covid-19 global lockdowns have impacted the food business. The company operates in over thirty countries, spanning five continents.

Bidcorp saw earnings fall by 46.2% to R1.31 billion. Revenues were down 10.9% to R60.76 billion as restaurants, pubs, and travel related industries saw a big dip during the pandemic. Countries like Mzansi, the UK and Europe experienced much harsher lockdowns.

Even in countries where lockdowns weren't so harsh, the company saw very low demand for their services as people were getting reacquainted with their kitchens, getting the dust off their stoves and reigniting the flame with their Webers.

The company has had to withhold its dividend to save every penny they can. Dividend Papi (me) is unhappy, but you have to forgo a small dividend to get larger ones in the future. We look forward to the reopening of many hard-hit countries that Bidcorp operates in, this should help with both the earnings and share recovery.