Polaris Holding Company Limited – the parent company of Stevedoring Services — reported its financial results for the year ended March 31, 2018.
“The Company announced profits of $1.30 million or $1.10 per share [March 31 2017 [restated] – $1.36 million or $1.15 per share]. The year reflected a now consistent pattern of stability and success for the once beleaguered Company,” a spokesperson said.
Reflecting on the changes Warren Jones opined “We are not the company you read about and may remember from a half dozen years ago.
“That company had lost its way and by nearly every measure was in cardiac collapse. Today’s Stevedoring Services is a model for the country. We are a healthy, focused, customer-centric business and we anticipate a successful future ahead”.
“Since onboarding as Polaris’ CEO in January 2014, Mr. Jones has helped resurrect the Company, with Polaris growing its equity by $2.8 million in the past three years, moving its annual dividend up 60%, from $0.20 to $0.32, and steering the BSX trading price of its stock north 61%, from $3.11 to $5.00 per share,” a spokesperson said.
“Polaris’ evolution is more fully dissected in the Company’s annual report, which can be accessed here.”
When CEO Warren Jones was asked about Stevedoring Services’ terminal operating license which expires in February 2021, he said, “We believe we have been doing a solid job managing Bermuda’s Hamilton port; at least that is what the freight lines, our customers and our staff have been telling us. We are hoping for a long term renewal.
“I along with many others have put our hearts and souls into Stevedoring Services’ turnaround. Beyond just three consecutive years of financial success, Stevedoring Services has invested over $5.0 million in cranes and heavy equipment during the past 30 months to ensure the long term strength of the business.