MPC Caribbean, which remains listed on the Jamaica Stock Exchange, has announced that it will no longer pursue new investments in Jamaica after recording a sharp decline in net profits for the March quarter.
The company's net profits fell to US$22,000, down from US$232,000 a year earlier.
The company says it will instead focus on its renewable energy projects in Central America and the Dominican Republic.
The decision follows the sale of its stake in Paradise Park — Jamaica's largest solar farm — for US$5.9 million.
MPC says its exit from Jamaica comes after facing economic and weather-related challenges since entering the market in 2018.
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