Polaris Holding Company Ltd is back in the black, reporting a net profit of $741,000 for the 2024 fiscal year ending March 31.

That is a turnaround from the prior fiscal year when a $1.1 million goodwill adjustment pushed the company into the red to the tune of $482,000.

Polaris has declared a dividend of $0.30 per share and for the first quarter of 2025 has declared a dividend of $0.05 and said it planned to maintain its conservative dividend payout for the second quarter.

The company is the parent to Stevedoring Services Ltd, East End Asphalt Company Ltd, Mill Reach Holding Company Ltd and Duck’s Puddle Properties Ltd, and operates Equipment Sales and Rentals Ltd, which owns and leases heavy operating machinery and equipment to Stevedoring Services.

At the end of April 2023, the company said, MRH sold 7 and 11 Mill Reach Lane in Pembroke to its two tenants, for gross proceeds of $1.85 million. The gain on sale, before closing costs, was $634,000, with the net gain after legal spending, $597,000.

In May 2023, Polaris acquired DPPL through amalgamation, making it a wholly owned subsidiary.

DPPL owns a 2.55-acre waterfront property, 8 Duck’s Puddle Drive, Hamilton Parish, which houses the operations of EEA.

The acquisition was funded using proceeds from the sale of MRH’s properties and from working capital.

As part of this restructuring, Polaris said, EEA’s long-term lease at 8 Duck’s Puddle Drive ceased. The changes in lease accounting resulted in a $456,000 gain in May 2023.

This gain, combined with the sales at Mill Reach Lane properties, triggered a nearly $1 million non-operation gain in fiscal 2024.