Filed on the Bermuda Stock Exchange [BSX]Polaris Holding reported its financial results, saying “After a period of economic depression caused by Covid-19, Polaris is back in the black.”
A complete filing will include the following: “On August 23, 2022, Polaris Holding Company Ltd. [Polaris]the parent company of Stevedoring Services Limited [Stevedoring Services] and East End Asphalt Company Limited [East End Asphalt]reported financial results for the fiscal year ended March 31, 2022.
“After a period of economic downturn caused by Covid-19, Polaris returned to profitability, reporting consolidated earnings of $1.13 million or $0.95 per share. [March 31, 2021 – [$511K] Also [$0.43] Per share]both Stevedoring Services and East End Asphalt reported earnings.
“Twenty feet worth of container unit movement [TEUs]which has traditionally been a signpost to Bermuda’s economic health, remained flat in fiscal 2022, with 34,217 TEUs displaced over the 12-month period, a one-third decrease of 114 boxes or 1% from the previous year’s TEU activity. Did.
“Combined with the fact that the country has not fully recovered from the global pandemic that struck the country in early 2020, and that Bermuda’s population base is at a low level not seen in more than 20 years, the volume of TEUs has fallen to 2,000. remains below what was enjoyed in the early 1980s, although strong breakbulk volumes, cost containment and a redesign of Stevedoring Services’ garage and operations mid-fiscal year 2021 facilitate a return to stability it was done.
“Having a solid pipeline postponed due to Covid-19, East End Asphalt made a strong comeback with revenues up 71.8% year-over-year and turning profitable for the first time since the acquisition.
“In June 2021, Polaris re-established its quarterly dividend after suspending its dividend last year. paid a reliable dividend of $0.10 per share to the company, which is expected to continue to be consistent.The company’s shares trade at $8.00 per share, slightly below book value, at a value of It represents a favorable dividend yield of 5.0%.”
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