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Polaris Holdings Company Ltd. – 2023 Q2 Interim Statement

17 November 2023

Hamilton, Bermuda 17 November 2023 – In a filing with the Bermuda Stock Exchange (“BSX”), Polaris Holding Company Ltd. (Ticker: POLAR.BH) provided the following Interim Statement:

Polaris Holding Company Ltd.

Unaudited Consolidated Financial Statements for Six Months Ended September 30, 2023


On November 17, 2023, 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, 2023.

Polaris reported profits of $910K or $0.76 per share for the six-month period [fiscal 2023’s first half - $261K or $0.22 per share].

Twenty-foot equivalent container units (“TEUs”) imported and exported from the island through Stevedoring Services totaled 17,232 during the first half, down (691) TEUs or (3.9%) vs. fiscal’s 2023’s first half, when 17,923 TEUs were carried.

 Nearly 50% of the decline in year over year containerized cargo was due to timing, with the current half reflecting less voyages than the prior year. With that said, the volume of cargo, a proxy from Bermuda’s financial health, continues down from pre-pandemic levels, and remains more than (20%) below Bermuda’s high-water mark of fiscal 2018.

Breakbulk cargo, which includes everything from motor vehicles, heavy equipment imports and construction material, was up from fiscal 2023, but the level of construction, and the associated loose cargo, continued light during the first half of the year.

The volume of work at East End Asphalt was much weaker than hoped, with the division recording a modest ($35K) loss in the first six months, a position it anticipates reversing in the second half of fiscal 2024.

The six-month period benefited from a $601K gain on the sale of Mill Reach Holding Company Limited’s property, which was liquidated in the first quarter of fiscal 2024. Those funds were utilized by Polaris to purchase a new wholly owned subsidiary, Duck’s Puddle Properties Ltd., which owns the Hamilton Parish real estate used in East End Asphalt’s operations, and previously rented by EEA from a third party.

The Company continued profitable, and in a stable cash position, allowing it to maintain its quarterly dividends at $0.10 per share, with consistent dividends for the past 11 quarters, including September 30, 2023. Based on Polaris’ most recent share price of $7.25 per share, its $0.40 per year dividend is delivering a 5.5% annual return to shareholders.  



In addition to Stevedoring Services Limited and East End Asphalt Company Limited, Polaris Holding Company Ltd. operates Mill Reach Holding Company Limited, currently a dormant company, and Duck’s Puddle Properties Ltd., which holds the real estate used in East End Asphalt’s operations. 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, 2023 financial statements. 


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