Electronic Theses and Dissertation

Penelitian ini bertujuan menganalisis struktur biaya, penerimaan, dan kelayakan finansial usahatani kelapa sawit rakyat di Kecamatan Dolok Masihul, Kabupaten Serdang Bedagai, Sumatera Utara. Sampel terdiri dari 85 petani yang dipilih dengan teknik disproportionate stratified sampling berdasarkan empat fase umur tanaman yaitu TBM (0–3 tahun), TM I (4–7 tahun), TM II (8–18 tahun), dan Tanaman Tua (19–25 tahun). Data primer diperoleh melalui wawancara terstruktur, sedangkan data sekunder dari BPS dan Dinas Perkebunan. Analisis menggunakan deskriptif kuantitatif dan kelayakan finansial dengan indikator NPV, IRR, Net B/C, dan DPP pada tingkat diskonto 12 % yang mengacu pada suku bunga Kredit Usaha Rakyat (KUR).
Hasil menunjukkan biaya investasi awal sebesar Rp32.280.329 per hektar, didominasi biaya pembukaan lahan dan pembelian bibit. Biaya operasional tertinggi pada fase TBM sebesar Rp16.599.745 per hektar per tahun dan terendah pada fase tanaman tua sebesar Rp14.780.162 per hektar per tahun. Penerimaan tertinggi pada fase TM II sebesar Rp55.066.475 per hektar per tahun dengan pendapatan bersih Rp39.621.952 per hektar per tahun, sedangkan fase TBM mengalami kerugian Rp-16.599.745 per hektar per tahun. Arus kas positif mulai diperoleh pada tahun ke-4.
Analisis kelayakan menghasilkan NPV sebesar Rp114.674.497, IRR sebesar 23,84% di atas tingkat diskonto 12 persen, Net B/C sebesar 1,67 lebih dari satu, dan DPP selama 7 tahun 8 bulan lebih pendek dari umur ekonomis 25 tahun, sehingga usahatani dinyatakan layak secara finansial.
Analisis sensitivitas menunjukkan usaha sangat sensitif terhadap harga TBS. Saat harga turun hingga Rp1.550 per kilogram, usaha menjadi tidak layak dengan NPV negatif, IRR turun di bawah diskonto, Net B/C di bawah satu, dan DPP melampaui umur ekonomis. Sebaliknya, kenaikan harga pupuk menjadi Rp5.000 per kilogram masih membuat usaha tetap layak dengan NPV Rp63.803.589, IRR 19%, Net B/C 1,35, dan DPP 10 tahun. Dengan demikian, usahatani kelapa sawit rakyat memiliki prospek baik namun rentan terhadap fluktuasi harga TBS, sehingga stabilitas harga menjadi faktor kunci keberlanjutan finansial.

This study aimed to analyze the investment costs, operating costs, revenue, and financial feasibility of smallholder oil palm farming in Dolok Masihul District, Serdang Bedagai Regency, North Sumatra, Indonesia. The study involved 85 farmers selected using disproportionate stratified sampling based on four stages of palm age, namely immature palms (0–3 years), young mature palms (4–7 years), mature palms (8–18 years), and old palms (19–25 years). Primary data were collected through structured interviews using questionnaires, while secondary data were obtained from Statistics Indonesia (BPS) and the Plantation Office. Data were analyzed using descriptive quantitative methods. Financial feasibility was evaluated using the Net Present Value (NPV), Internal Rate of Return (IRR), Net Benefit-Cost Ratio (Net B/C), and Discounted Payback Period (DPP) at a 12% discount rate based on the interest rate of the People's Business Credit (KUR) scheme. The results showed that the initial investment cost was IDR 32,280,329 per hectare, with land clearing and seedling procurement accounting for the largest share of investment costs. The highest annual operating cost was recorded during the immature stage at IDR 16,599,745 per hectare, while the lowest was observed in the old palm stage at IDR 14,780,162 per hectare. The highest annual revenue was obtained during the mature stage, amounting to IDR 55,066,475 per hectare, with a net income of IDR 39,621,952 per hectare per year. In contrast, the immature stage incurred a net loss of IDR 16,599,745 per hectare per year because the palms had not yet produced fresh fruit bunches (FFB). Positive cash flow was first achieved in the fourth year. The financial feasibility analysis resulted in an NPV of IDR 114,674,497, an IRR of 23.84%, a Net B/C ratio of 1.67, and a DPP of 7 years and 8 months, indicating that the farming enterprise is financially feasible. Sensitivity analysis showed that the farming enterprise is highly sensitive to changes in FFB prices. When the FFB price declined to IDR 1,550 per kilogram, the enterprise became financially infeasible, as indicated by a negative NPV, an IRR below the discount rate, a Net B/C ratio of less than one, and a DPP exceeding the 25-year economic life of the plantation. In contrast, an increase in fertilizer prices to IDR 5,000 per kilogram still resulted in a financially feasible enterprise, with an NPV of IDR 63,803,589, an IRR of 19%, a Net B/C ratio of 1.35, and a DPP of 10 years. Therefore, smallholder oil palm farming in Dolok Masihul District has promising financial prospects but remains highly vulnerable to fluctuations in FFB prices, making price stability a key factor in ensuring its long-term financial sustainability.