Polaris Holding Company 2019 Annual Report
Polaris Holding Company Ltd. – parent company of Stevedoring Services and the recently acquired East End Asphalt Company — announced their most recent financial results
A spokesperson said, “Polaris Holding Company Ltd., parent company for Stevedoring Services Limited and the recently acquired East End Asphalt Company Limited realized a 2019 net profit of $1.07 million before reflecting $266K in acquisition and start-up costs associated with the Company’s purchase of East End Asphalt Company Limited [EEA]. This represents the fourth year in a row of achieving over a one million dollar gain.
“Polaris has demonstrated once again that it is a steady pair of hands – true to its motto – ‘Quietly powering Bermuda’. Without interruption or disruption, Polaris through its subsidiaries has ensured that the goods and products that are required by and for its community are delivered safely in a timely and efficient manner.
“With the recent acquisition of EEA, Polaris is primed for growth in another service industry where its proven management experience, coupled with the expertise of the EEA staff will ensure that entity to be another successful performer in the Polaris portfolio.
“After accounting for the EEA acquisition and start-up costs, Polaris reported an $801K, or $0.90 per share gain, with its return on equity 7.0%. At the current $0.32 per share annual dividend distribution and based on Polaris’ most recent BSX price of $5.10, its dividend yield is a pleasing 6.3%.
“For a comprehensive analysis of Polaris, the fiscal year’s results, and its vision for the future go here to access its fiscal 2019 annual report.”
