Polaris Adjusts Dividend Payout For Q3 2023/24
Polaris Holding Company announced that the dividend payout for the third quarter of its 2023/24 fiscal year will be $0.05 per share,
In a filing with the Bermuda Stock Exchange, Polaris said, “As a result of increased investment in the equipment and vehicle fleet at Stevedoring Services Limited [SSL], coupled with a large purchase of aggregate at East End Asphalt Company Limited [EEA], Polaris Holding Company Ltd. [Polaris] announced today that the dividend payout for the third quarter of its 2023/24 fiscal year will be $0.05 per share, rather than $0.10 per share which has been the dividend payout that shareholders have enjoyed for each quarter since September 2021. During this short-term cash flow squeeze, the Company plans to defer half of the dividend to shareholders in anticipation of returning to normalcy by or during the first quarter of fiscal 2024 when the Company hopes to move the dividend back to $0.10 per share.”
Polaris CEO, Mr. Randy Rochester explained, “As over 95% of all goods arriving on the island pass through the Hamilton Docks, it is imperative that we maintain our vehicles and equipment at SSL to the highest standards. The goal at SSL is to ensure all imported goods are moved from the port in a timely manner, therefore, investment in the maintenance and repairs of our assets, as well as the purchasing of large machinery to move the variety of imported items such as lumber, construction goods, motor vehicles and boats, including 20 and 40-foot containers, is critical. A similar approach to investing in equipment at EEA has been undertaken in an effort to ensure the asphalt plant remains operationally efficient as we work together with our industry partners.
