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Hamilton, Bermuda:  23^rd, August 2022 – In a filing with the Bermuda Stock Exchange (“BSX”), Polaris Holding Company Limited (the “Company”; Ticker: POLAR.BH) Reports its Financial Results for the Year Ended 31^st, March 2022. The full filing stated:

 

Polaris Holding Company Ltd.

 

On 23 August 2022, Polaris Holding Company Ltd. (“Polaris”), parent company to Stevedoring Services Limited (“Stevedoring Services”) and East End Asphalt Company Limited (“East End Asphalt”), reported its financial results for the year ended March 31, 2022.

 

After an economically depressed period, caused by Covid-19, Polaris returned to profitability, reporting a consolidated gain of $1.13 million or $0.95 per share [March 31, 2021 – ($511K) or ($0.43) per share], with both Stevedoring Services and East End Asphalt reporting profits.

 

Twenty-foot equivalent container unit moves (“TEUs”), traditionally a guidepost to Bermuda’s economic health, remained flat in fiscal 2022, with 34,217 TEUs moved during the 12 months, down 114 boxes or 1/3^rd of 1% from prior year’s TEU activity.

 

As a result of not fully recovering from the worldwide pandemic which enveloped the country in early 2020, coupled with Bermuda’s population base sitting at lows not seen in more than two-decades, TEU volumes remain below that enjoyed in the early 2000’s; however, strong breakbulk cargo volumes, cost containment, and a re-engineering of Stevedoring Services’ garage and operations in the middle of fiscal 2021, aided in its return to stability.

 

East End Asphalt, which saw a solid pipeline of work get deferred in the wake of Covid-19, experienced a strong rebound, with revenue up 71.8% year over year, and the division shifting into profitability for the first time since acquisition.           

 

Having halted dividends last year, in June 2021 Polaris re-established its quarterly distributions, first at $0.08 per share, then effective September 2021 and over the past four quarters, paid a reliable dividend of $0.10 per share per quarter; ongoing consistency is anticipated. The Company’s stock last traded at $8.00 per share, slightly below book value, with that value representing a palatable dividend yield of 5.0%.

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 March 31, 2022 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.