Analysis of the Feasibility of Tiger Prawn and Finfish Polyculture Business Using Land with Different Ownership Status In The Coastal Area of Pinrang Regency

Abstract

The objective of this research was to assess the financial feasibility of tiger prawns polyculture (Penaeus monodon) with finfish (milkfish, tilapia, and white snapper) using a leased land system and privately owned land. The sample of respondents was determined by purposive sampling technique in which the number of respondents each was 34 people for privately owned land and leased land. The primary data were collected through direct interviews with respondents. To determine the variations in financial feasibility parameters between the two polyculture cultivation systems, the data were examined using quantitative descriptive analysis, business financial analysis, and a t-test. The results showed that the polyculture business of tiger prawns and finfish using privately owned land with leased land had a significant difference in the income parameters, R/C ratio, and return on investment (ROI) and was not significantly different for the payback period (PP) parameter. The average value of the parameters of the financial feasibility analysis are: income of Rp. 7.043.771/year, R/C ratio of 1,44, PP of 4 years 1 month, ROI of 40,97%, NPV of Rp. 35.375.216, IRR of 77.32%, Net B/C 2,98 for privately owned land systems and income of Rp. 4.007.466/year, R/C ratio of 1,28, PP of 4 years 10 months, ROI of 24,88%, NPV of Rp. 21.492.203, IRR of 50,36%, Net B/C 2,12 for leased land system. Financially, the cultivation system on private land is more profitable than the polyculture cultivation system on leased land. However, in general, both polyculture cultivation systems are profitable and feasible to be continued and developed.