3 penny stocks to buy for 2022 and beyond!

I’m searching for the best cheap UK shares to buy for my investment portfolio 2022. Here’s a cluster of top-quality penny stocks I’d buy for next year and look to hold for the long term.

Timber titan

The soaring price of raw materials makes Woodbois Limited (LSE: WBI) an attractive buy, in my view. This penny stock produces, manufactures and supplies sustainable African hardwood and hardwood products. Latest financials showed revenues rocketed 41% during the three months to September, a result also driven by record quarterly production of sawn timber and wood veneer.

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Woodbois is flying, but I don’t think it’s just a flash in the pan. I expect demand for its raw materials to steadily rise as the economic recovery clicks through the gears. It also continues to grow its land holdings to meet future demand and, in the third quarter, added 71,000 hectares of forest to its holdings in Gabon. I think the stock’s a great buy, even though militant activity in Mozambique could cause problems for its operations there.

A formidable UK food share

I think having exposure to emerging markets is a critical element of any winning portfolio. These regions promise plenty of growth potential for companies as population levels and disposable incomes rise rapidly. Edita Food Industries (LSE: EFID), which manufacturers a broad range of snack foods, is a penny stock I’d buy to capitalise on these fast-growing markets.

Edita is a big player in the Egyptian food sector, putting it in the box seat to exploit soaring demand for edible goods. Revenues in the country’s food market are tipped to grow at a heady compound annual growth rate of 7.1% though to 2026, according to Statista.

However, Edita’s markets are highly competitive so explosive sales growth is far from guaranteed. Still, I’m confident that the exceptional brand power of its goods should help it come out slugging.

A penny stock for the energy revolution

Getting in on the energy transition phenomenon offers plenty of opportunity for UK share investors too. With the climate emergency worsening, governments and big business are stepping up attempts to switch from fossil fuels and towards sources with lower emissions. This plays into the hands of alternative fuel provider Velocys (LSE: VLS).

This UK share produces fuels for aeroplanes and heavy goods vehicles from household and corporate waste and wood waste that can be found on the forest floor. Velocys recorded revenues of £8.2m between January and June, thanks to its first major customer contract, up from £200,000 a year earlier.

US lawmakers are introducing legislation to boost the use of sustainable fuels by the aviation sector, a development that should help Velocys rack up additional significant contracts. I think this penny stock’s a great buy, despite the threat posed by other low-carbon technologies to those of the company.

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Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.