Analisis Kelayakan Usaha Industri Gula Merah PT. Santos Agro Abadi di Kabupaten Seram Bagian Timur

Abstract

This study aims to analyze the business feasibility and investment of the brown sugar industry of PT. Santos Agro Abadi (PT SAA) in Eastern Seram Regency, Maluku Province. The research will be conducted in 2024 with a focus on financial, technical, and institutional aspects that affect business sustainability. The results of the study show that the total initial investment and working capital reached IDR 24.33 billion, with an annual operational cost of IDR 2.93 billion. Sugarcane productivity has decreased from 97 tons/ha in 2020 to 40 tons/ha in 2024 due to soil degradation and pest attacks. The R/C ratio value is below 1 (0.9–0.7), indicating that the business is not financially viable. However, based on the simulation of land expansion up to 150 ha with a productivity of 80 tons/ha, the results of the analysis obtained a positive NPV of IDR 647 million, an IRR of 18.75%, an ROI of 80.44%, and a Payback Period of 7.9 years, indicating the feasibility of investment at an optimal scale. Socially, the sustainability of the sugarcane industry has the potential to increase labor absorption and encourage local economic growth.