ANALISIS KELAYAKAN FINANSIAL BUDIDAYA UDANG VANAME (Litopenaeus vannamei) SISTEM INTENSIF (HDPE) DI PT. ESAPUTLI PRAKARSA UTAMA PARIGI MAUTONG, SULAWESI TENGAH

Abstract

This study aims to analyze investment costs, operational costs, revenue, financial feasibility, and the sensitivity level of intensive system HDPE pond Vaname shrimp (Litopenaeus vannamei) farming at PT. Esaputli Prakarsa Utama, Parigi Moutong, Central Sulawesi. This research is a quantitative case study that collected data through active participation, observation, and documentation study. Financial feasibility analysis utilized the criteria of Net Present Value (NPV), Internal Rate of Return (IRR), Net Benefit-Cost Ratio (Net B/C), and Payback Period (PP) at a 6% discount rate over a 20-year project lifespan. Sensitivity analysis was evaluated using a scenario method with a 10% change in shrimp selling price and feed costs. The results showed an initial investment of IDR 9,273,068,200 for 16 ponds, generating a Net Cash Flow of IDR 2,288,463,478 per year. The business was declared highly feasible financially, with an NPV of IDR 16,978,125,202, an IRR of 24.08%, a Net B/C ratio of 2.83, and a PP of 4.05 years. Sensitivity analysis confirmed that the business remains feasible despite a 10% decrease in shrimp selling price or a 10% increase in feed costs, with the impact of the selling price drop proving to be more significant. This business demonstrates good profitability and resilience; thus, it is recommended that the company maintain feed efficiency and optimize mitigation strategies for market price fluctuation risks.