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Hamilton, Bermuda:  19^th, November 2021 – In a filing with the Bermuda Stock Exchange (“BSX”), Polaris Holding Company Limited (the “Company”; Ticker: POLAR.BH) reports it financial results for the six months ended 30^th, September 2021. The full filing stated:

 

Polaris Holding Company Ltd.

Unaudited Consolidated Financial Statements for Six Months Ended

September 30, 2021

 

On November 15, 2021, Polaris Holding Company Ltd. (“Polaris” or the “Company”), parent company to Stevedoring Services Limited (“Stevedoring Services”) and East End Asphalt Company Limited (“East End Asphalt”), 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.

 

ABOUT POLARIS HOLDING COMPANY LTD.:

In addition to Stevedoring Services Limited and East End Asphalt Company Limited, Polaris Holding Company Ltd. operates Mill Reach Holding Company Limited, which holds real estate located at Mill Reach Lane, Pembroke. It also operates Equipment Sales and Rentals Limited, a company which owns and leases heavy operating machinery and equipment to Stevedoring Services Limited. All entities are wholly owned by Polaris Holding Company Ltd. with consolidated results incorporated in Polaris Holding Company Ltd.’s unaudited September 30, 2021 financial statements.  

 

 

 

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

The BSX is a full member of the World Federation of Exchanges (WFE) and is in an O.E.C.D. member nation and an affiliate member of IOSCO. The BSX is recognised by the US SEC as a Designated Offshore Securities Market. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.