Polaris hit by challenging economic environment
Polaris Holding has reported a 59.3 per cent dip in profits for the six months ending September 30, 2025.
The firm is parent company to operating subsidiaries Stevedoring Services, Surface Experts and Ornamental Concrete Products acquired on September 1.
It recorded consolidated profits of $371,000 for the first half of fiscal 2026 compared with the prior year’s profit of $913,000, or $0.77 per share.
Polaris blamed a challenging economic environment with reduced paving activity in the private and residential sector across the island.
Twenty-foot equivalent container unit movements saw modest growth, with the first half’s 18,630 TEU showing an improvement from the prior half’s 18,351 TEU moves.
The break-bulk cargo side, which includes heavy equipment imports, construction material and loose cargo coming into the island, rose 19.7 per cent from 11,868 freight tons in the prior year to 14,209 freight tons during the six months ended September 30.
Stevedoring Services revenue was $6,244,690 at the end of the first six months of 2026, a drop of 0.6 per cent, year-over-year.
Surface Experts Ltd saw a 3.3 per cent decline in its paving revenue and an 11.2 per cent year-over-year decrease in third-party asphalt sales.
As a result, overall division revenue fell by 4.7 per cent and SEL reported a net loss for the first half of fiscal 2026.
Chief executive Randy Rochester said notwithstanding the economic challenges, Polaris maintained a strong cash position, enabling it to sustain quarterly dividends at $0.05 per share, as well as a special $0.10 per share dividend in October 2025.
The company continues to reduce its debt and increase working capital.
• For more on Polaris, see Related Media
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