The holding company that owns docks operator Stevedoring Services Ltd has more than doubled its net profit for 2025 over the year before, but there are no plans to raise its dividends.

Expressing concerns over global trade instability that could impact both the company and the country, Polaris Holding Company Ltd has opted for prudence with regard to the return of capital to shareholders.

For the year ended March 31, Polaris reported a net profit of $1.62 million, or $1.36 per share, up from $741,000, or 62 cents per share, in fiscal 2024.

Polaris is the parent company of Stevedoring Services, Surface Experts Ltd and Duck’s Puddle Properties Ltd. It also operates Equipment Sales and Rentals, a company that owns and leases heavy operating machinery and equipment to Stevedoring Services.

Polaris said in a statement that the prior year’s financial results were driven primarily by non-operational gains, including the sale of the company’s former investment property of 7 and 11 Mill Reach Lane, Pembroke, and the reversal of lease interest in Surface Experts.

Operationally, the company said: “Fiscal 2025 20ft equivalent container unit volume movements totalled 34,740 [fiscal 2024: 33,523] and were up 1,217 TEUs, or 3.6 per cent, versus fiscal 2024.

“Notwithstanding the favourable position, cargo remains off pre-pandemic levels, with a 7.4 per cent, or 2,792, decline in TEU volumes compared to fiscal 2020.

“Break-bulk volumes of 26,457 freight tonnes for the year [fiscal 2024: 27,068] were down 611 freight tonnes, or 2.3 per cent, versus fiscal 2024. This has impacted SSL's financial performance, reducing both revenue and net income.

“Following a strong financial year, East End Asphalt Company rebranded as Surface Experts Ltd, reinforcing its commitment to service excellence and aligning with its long-term growth strategy.”

With quarterly dividends at a nickel per share, the company foresaw no immediate change.

The earnings statement noted: “In fiscal 2025, Polaris declared a dividend of $0.20 per share [fiscal 2024: $0.30 per share]. Polaris maintained a dividend of $0.05 per share per quarter throughout fiscal 2025. This level was set in December 2023 following challenges at SEL and a prolonged plant closure that pressured liquidity.

“Given the global economic uncertainty and the looming threat of trade disruptions which could adversely impact Bermuda and the company, maintaining the dividend at $0.05 per share is considered a prudent decision.

“Polaris continues to prioritise financial discipline by limiting discretionary capital spending and focusing on the repayment of high-interest-bearing debt to safeguard its financial position against future challenges.”