Polaris Holding Reports Latest Financial Results

November 19, 2021

In a filing with the Bermuda Stock Exchange [BSX], Polaris Holding Company reported its financial results for the six months ended September 30, 2021.

The full filing stated: “On November 15, 2021, Polaris Holding Company Ltd., parent company to Stevedoring Services Limited] and East End Asphalt Company Limited, reported its financial results for the six months ended September 30, 2021.

“Polaris reported a gain of $726K or $0.61 per share. It was a welcome turnaround from fiscal 2021’s bruising year where the Company reflected polar opposite results, losing [$727K] or [$0.61] per share over the first half of the year.

“The worldwide pandemic which began affecting Bermuda in March 2020, saw Stevedoring Services’ ocean freight volumes drop last year, and many customers defer paving contracts with East End Asphalt.

“Fiscal 2022’s first half has reflected a modicum of normalcy with twenty-foot equivalent container movements climbing to 17,986 over the six month period [fiscal 2021 – 16,100], up 11.7% year over year.

“Not to be outdone, East End Asphalt’s revenue rebounded by $1.29 million or 103.5% over the first six months of fiscal 2022, with the asphalt paving company reporting $2.54 million in first half revenue [fiscal 2021 - $1.25 million].

“Polaris’ consolidated revenue in the first half ended September 30, 2021 was $8.49 million, up $2.14 million from the prior year’s six month top line of $6.35 million.

“In addition to revenue growth, the Company has shed redundant costs and added operating efficiencies, most notably restructuring Stevedoring Services’ garage operations.

“The year’s brighter outlook has facilitated the Company restoring its dividend which was deferred during the four quarters of fiscal 2021.

“After issuing a dividend of $0.08 per share on June 30, 2021, on September 28, 2021 the Company paid a second quarter dividend of $0.10 per share, and is anticipated to continue that distribution in quarters three and four. The last time Polaris was able to provide consistent dividend distributions of $0.10 per quarter was fiscal 2009.”

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