Polaris Holding Company Ltd, parent of Stevedoring Services Ltd and recently-acquired East End Asphalt Company Ltd, has reported a net profit of $801,000 for the fiscal year ending March 31, 2019.

Operating profit was $1.07 million, the company said, before taking into account acquisition costs of $210,000 and start-up losses of $56,000 in relation to Polaris’ acquisition of EEA in March.

This marked the fourth consecutive year of operating profits in excess of $1 million, the company said.

After accounting for the EEA acquisition and start-up costs, Polaris reported a gain of 90 cents per share, with a return on equity of seven per cent. At the current 32 cents per share annual dividend distribution and based on Polaris’ most recent BSX price of $5.10, the company said, its dividend yield was 6.3 per cent.

A company spokesman said: “Polaris has demonstrated once again that it is a steady pair of hands — true to its motto — ‘quietly powering Bermuda’. Without interruption or disruption, Polaris through its subsidiaries has ensured that the goods and products that are required by and for its community are delivered safely in a timely and efficient manner.

“With the recent acquisition of EEA, Polaris is primed for growth in another service industry where its proven management experience, coupled with the expertise of the EEA staff will ensure that entity to be another successful performer in the Polaris portfolio.”

In addition to Stevedoring Services and EEA, Polaris owns and operates Mill Reach Holding Company Ltd, which holds real estate located at Mill Reach Lane, Pembroke and Equipment Sales and Rentals Ltd, which owns and leases heavy operating machinery and equipment to Stevedoring Services.