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| Illustration by Ai |
The purse seine fishing business at the Kasiwa Fish Landing and Fish Management Base (PPI) in Mamuju Regency, West Sulawesi, shows positive financial performance and is considered financially feasible to operate and develop. The finding was reported by Padrul, Kamaruddin, Hardianti Nur, Femiliani Novitasari, and Widya Utami from Muhammadiyah University of Mamuju in a 2026 article published in the International Journal of Applied and Advanced Multidisciplinary Research (IJAAMR). The study, conducted at PPI Kasiwa from April to June 2026, examined investment requirements, operating costs, revenue, profit, and the financial feasibility of purse seine fishing businesses.
Purse seine fishing is an important method for catching pelagic fish, including
tuna, skipjack tuna, scad, and mackerel. For coastal communities, capture
fisheries provide both food and income. PPI Kasiwa serves as a landing center
for fish and a base for purse seine fishing operations in Mamuju Regency.
The business, however, requires
substantial capital. Vessel purchases, engines, fishing nets, lighting
equipment, navigation devices, and other fishing facilities require significant
initial investment. Operating costs can also be high, particularly fuel, crew
payments, maintenance, ice, and other supplies.
These conditions make financial
analysis important for determining whether the capital invested in purse seine
fishing can generate sufficient returns for business owners and fishermen.
Initial Investment Reaches
Rp822.6 Million
The study found that one purse
seine fishing business unit at PPI Kasiwa requires an initial investment of
approximately Rp822.6 million.
The largest components include a
vessel of approximately 28 gross tons (GT), valued at Rp350 million, main and
auxiliary engines worth Rp180 million, and a purse seine net valued at Rp210
million.
The investment also covers lights
and generators worth Rp40 million, fish aggregating devices valued at Rp30
million, and supporting equipment such as GPS and fish finders worth Rp12.6
million.
The total annual depreciation of
these investment components was estimated at approximately Rp101.35 million.
Annual operating costs were
substantially higher, reaching approximately Rp1.736 billion.
Fixed costs accounted for around
Rp344.85 million, while variable costs reached approximately Rp1.391 billion.
Fuel was one of the major operating expenses, costing about Rp340 million per
year.
Crew wages and profit-sharing
payments represented the largest variable expense, reaching approximately
Rp883.02 million annually. Other expenses included ice and salt, provisions,
auction-related costs, vessel maintenance, repairs, licensing, and administration.
Annual Revenue Reaches Rp2.25
Billion
The fishing businesses analyzed
in the study recorded average annual production of 90,000 kilograms.
With an average selling price of Rp25,000 per kilogram, annual revenue was
calculated at approximately Rp2.25 billion.
After operating costs were
deducted, annual profit reached approximately Rp514.125 million.
The researchers used several
indicators to assess the business performance. The Revenue-Cost Ratio (R/C
Ratio) was 1.30, meaning that every Rp1 spent generated approximately
Rp1.30 in revenue.
The Return on Investment (ROI)
reached 62.5 percent, while the estimated Payback Period was 1.6
years, or approximately one year and seven months.
The Break-Even Point (BEP)
analysis showed that the business would need to produce approximately 36,132
kilograms of fish to reach the production break-even point. The break-even
selling price was estimated at Rp19,288 per kilogram.
Both figures were below the
actual average production of 90,000 kilograms and the average selling price of
Rp25,000 per kilogram.
Investment Analysis Shows
Positive Long-Term Returns
The researchers also evaluated
the investment over a projected 10-year economic life, using a 12
percent annual discount rate.
The analysis produced a positive Net
Present Value (NPV) of Rp2.655 billion. The Net Benefit-Cost Ratio (Net
B/C) reached 4.23, while the Internal Rate of Return (IRR)
was 74.5 percent.
According to the investment
criteria applied in the study, an NPV above zero, a Net B/C above one, and an
IRR higher than the discount rate indicate financial feasibility.
The IRR of 74.5 percent was
substantially higher than the 12 percent discount rate used in the analysis.
Together, these indicators supported the researchers' assessment that the purse
seine fishing business at PPI Kasiwa is financially feasible to operate and
develop.
Fuel Efficiency and Cold Chain
Management Remain Important
Although the financial indicators
were positive, the researchers identified several factors that could affect the
sustainability of the business.
Fuel and crew wages or
profit-sharing payments represent major components of annual operating costs.
Changes in these expenses can therefore affect business profitability.
The researchers also highlighted
the perishable nature of fish catches. Maintaining fish quality after landing
is important because deterioration can reduce the economic value of the catch.
One recommended measure is the
implementation of a cold chain system, which can help maintain catch
quality during handling, storage, and distribution. Improved catch handling
could support both product quality and long-term business sustainability.
The study also recommends
improving access to capital and business assistance for fishermen. Local
governments and financial institutions could support the development of purse
seine fishing businesses through financing access and business assistance.
The authors further suggest that
future studies should involve larger samples and examine how changes in fuel
and fish prices could affect financial feasibility.
About the Authors
The article was written by Padrul,
Kamaruddin, Hardianti Nur, Femiliani Novitasari, and Widya Utami, all
affiliated with Muhammadiyah University of Mamuju. Kamaruddin is listed
as the corresponding author.
The source article provides the
authors' names and university affiliation but does not provide academic degrees
or specific fields of expertise for each individual author.
There is also an inconsistency
within the source manuscript regarding the study sample. The abstract describes
a case study involving three active purse seine business units, while
the methodology section states that the population consisted of 78 active
purse seine vessels and that 65 business units were selected as
respondents. The manuscript does not further explain this difference.
Therefore, these figures are presented separately rather than reconciled or
interpreted beyond what the source states.
Research Source
Article Title: Financial
Analysis of Purse Seine Fishery Business at the Kasiwa Landing and Fish
Management Base (PPI), Mamuju Regency, West Sulawesi Province
Authors: Padrul, Kamaruddin, Hardianti Nur, Femiliani Novitasari, Widya
Utami
Affiliation: Muhammadiyah University of Mamuju
Journal: International Journal of Applied and Advanced
Multidisciplinary Research (IJAAMR)
Volume: 4, No. 8
Year: 2026
Pages: 749–756
DOI: https://doi.org/10.59890/ijaamr.v4i8.301
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