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T H E S C N T F 1 C A P P R A I S A
1 •
K J P P Edi A n d e s ta dan R e k a n
LAPORAN STUDI KELAYAKAN BISNIS
S t u d i K e la y a k a n B is n is T e r k a i t P e n a m b a h a n B id a n g U s a h a
K B L ! 5 0 1 3 1 ( A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g U m u m ) ,
K B L I 5 0 1 3 3 ( A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g K h u s u s ,
K B L I 5 0 1 4 1 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g U m u m ),
K B L I 5 0 1 4 2 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g K h u s u s ) d a n
K B L I 6 4 2 0 0 ( A k t iv it a s P e r u s a h a a n H o ld in g )
D is ia p k a n U n tu k:
P T H o t e l F it r a In t e r n a t i o n a l T b k
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T / F / C A A /
K J P P E di A n d e s ta dan R e k a n
D A F T A R IS I
Hal
H a la m a n J u d u l
D a fta r Isi
B a b I - P e n d a h u l u a n ....................................................................................................................................................... 2
1.1 L a t a r B e la k a n g .................................................................................................................................................... 2
1 .2 P e n ila i....................................................................................................................................................................... 5
1 .3 P e m b e r i T u g a s ................................................................................................................................................... 6
1 .4 P e n g g u n a L a p o r a n ............................................................................................................................................ 6
1 .5 O b je k S tu d i K e la y a k a n B is n is ..................................................................................................................... 6
1 .6 M a ta U a n g y a n g d ig u n a k a n ......................................................................................................................... 7
1 .7 M a k s u d d a n T u ju a n ......................................................................................................................................... 7
1 .8 M e t o d e P e n y u s u n a n L a p o r a n S tu d i K e la y a k a n ................................................................................. 7
1 .9 T a n g g a l S tu d i K e la y a k a n B i s n i s .............................................................................................................. 8
1 .1 0 S if a t d a n S u m b e r I n f o r m a s i........................................................................................................................ 8
1 .1 1 A s u m s i d a n A s u m s i K h u s u s ....................................................................................................................... 8
1 .1 2 P e r s y a r a ta n a ta s P e r s e tu ju a n u n tu k P u b lik a s i................................................................................... 9
1 .1 3 B a ta s a n a ta u P e n g e c u a lia n a ta s T a n g g u n g J a w a b K e p a d a P ih a k S e la in
P e m b e r i T u g a s ................................................................................................................................................... 9
1 .1 4 P e r n y a ta a n T e r t u lis d a r i P e m b e r i T u g a s m e n g e n a i K e b e n a r a n d a n S if a t In fo r m a s i
y a n g D i b e r i k a n ................................................................................................................................................... 10
1 .1 5 K o n d is i - K o n d is i P e m b a t a s ........................................................................................................................ 10
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/ F /
KJPP Edi A n d e s t a dan Rekan
O
B a b II - G a m b a r a n P e r s e r o a n & D a t a I n f o r m a s i ......................................................................................... 11
2 .1 . I n fo r m a s i K e u a n g a n d a n In fo r m a s i L a in n n y a ...................................................................................... 11
2 .2 . P r o fil P T S in e r g i M u lti L e s t a r in d o .................................................................................................................. 12
2 .3 . P r o d u k d a n L a y a n a n ............................................................................................................................................ 13
2 .4 . S t r u k t u r P e r m o d a la n ............................................................................................................................................ 14
2 .5 . S u s u n a n M a n a je m e n d a n S t r u k t u r O r g a n is a s i........................................................................................ 15
2 .6 . L e g a lit a s d a n P e r iz in a n ...................................................................................................................................... 15
2 .7 . T e n a g a K e r ja ............................................................................................................................................................ 17
2 .8 . T in ja u a n K in e r ja K e u a n g a n ............................................................................................................................. 17
2 .9 . P r o fil P T . P o s e id o n S h ip p in g In d o n e s ia ................................................................................................... 22
2 .1 0 . P r o d u k d a n L a y a n a n ........................................................................................................................................... 23
2 .1 1 . S t r u k t u r P e r m o d a la n ............................................................................................................................................ 24
2 .1 2 . S u s u n a n M a n a je m e n d a n S t r u k t u r O r g a n is a s i....................................................................................... 24
2 .1 3 . L e g a lit a s d a n P e r iz in a n ...................................................................................................................................... 25
2 .1 4 . T e n a g a K e r ja ............................................................................................................................................................ 25
2 .1 5 . T in ja u a n K in e r ja K e u a n g a n ............................................................................................................................. 25
2 .1 6 . G a m b a r a n P e r e k o n o m ia n d a n I n d u s t r i..................................................................................................... 28
2 .1 7 . K e ja d ia n S e te la h T a n g g a l S tu d i K e la y a k a n (S ubsequent E vent) ............................................. 47
B a b III - A n a l i s i s K e l a y a k a n ...................................................................................................................................... 48
3 .1 . A s p e k P a s a r ............................................................................................................................................................. 48
3 .2 . A s p e k T e k n is ............................................................................................................................................................ 52
3 .3 . A s p e k P o la B is n is .................................................................................................................................................. 63
3 .4 . A s p e k M o d e l M a n a je m e n ................................................................................................................................. 69
3 .5 . A s p e k K e u a n g a n P e n a m b a h a n K B L I 5 0 1 3 1 , 5 0 1 3 3 , 5 0 1 4 1 d a n 5 0 1 4 2 ............................... 77
3 .6 . A s p e k K e u a n g a n P e n a m b a h a n K B L I 6 4 2 0 0 ( A k tiv ita s P e r u s a h a a n H o l d i n g ) ............. 88
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S C / E N T / F / C A I S A L
o
K J P P E di A n d e s ta dan R e k a n
B a b IV - K e s i m p u l a n ...................................................................................................................................................... 100
4 .1 . A n a lis is K e la y a k a n A s p e k P a s a r ............................................................................................................... 100
4 .2 . A n a lis is K e la y a k a n A s p e k T e k n is ............................................................................................................... 102
4 .3 . A n a lis is K e la y a k a n A s p e k P o la B is n is ...................................................................................................... 103
4 .4 . A n a lis is K e la y a k a n A s p e k M o d e l M a n a je m e n ..................................................................................... 103
4 .5 . A n a lis is K e la y a k a n A s p e k K e u a n g a n ....................................................................................................... 104
4 .6 . K e s im p u la n S tu d i K e la y a k a n B is n is ....................................................................................................... 106
4 .7 . D is tr ib u s i L a p o r a n S tu d i K e la y a k a n B is n is ........................................................................................ 107
P e r n y a t a a n P e n i l a i ........................................................................................................................................................ 108
A s u m s i d a n S y a r a t P e m b a t a s ................................................................................................................................... 109
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T H E S C I E N T I F I C A P P R A I S A L
K J P P Edi A n d e s ta d an R e k a n
N o . 0 0 0 8 3 /2 .0 0 5 3 -0 0 /B S /0 5 /0 0 9 5 /1 /II/2 0 2 6 J a k a rta , 0 3 F e b ru a ri 2 0 2 6
Kepada,
P T H o te l F itr a In te r n a tio n a l T b k
J a la n K H . A b d u l H a lim N o . 8 8 R T . 0 0 5 R W . 0 0 8 ,
K e lu r a h a n M a ja le n g k a K u lo n ,
K e c a m a t a n M a ja le n g k a , K a b u p a t e n M a ja le n g k a ,
J a w a B a ra t
U .p . : D ir e k s i
Hal : L a p o r a n S tu d i K e la y a k a n B is n is T e r k a it P e n a m b a h a n K e g ia ta n
U s a h a K B L I 5 0 1 3 1 ( A n g k u ta n L a u t D a la m N e g e r i u n tu k B a ra n g
U m u m ), KBLI 50133 (A n g k u ta n Laut D a la m N e g e ri u n tu k
B a r a n g K h u s u s , K B L I 5 0 1 4 1 (A n g k u ta n L a u t L u a r N e g e r i u n tu k
B a r a n g U m u m ), K B L I 5 0 1 4 2 ( A n g k u ta n L a u t L u a r N e g e r i u n tu k
B a ra n g K husus) dan KBLI 64200 ( A k tiv ita s P e ru s a h a a n
H o ld in g )
D e n g a n h o rm a t,
S e h u b u n g a n d e n g a n p e n u g a s a n y a n g d ib e r ik a n k e p a d a K a n t o r J a s a P e n ila i P u b lik E d i A n d e s t a d a n
R ekan (“K J P P A n d e s ta T K a m i" ), o le h m a n a je m e n PT H o te l F it r a In te r n a tio n a l Tbk
( “P e r s e r o a n T F I T T ”) u n t u k m e m b e r ik a n P e n d a p a t S tu d i K e la y a k a n B is n is s e b a g a i P e n ila i In d e p e n d e n ,
s e s u a i p ro p o s a l p e n a w a ra n ja s a S tu d i K e la y a k a n B is n is No. 3 5 0 /P - A n d e s t a /X /2 0 2 5 , ta n g g a l 10
O k t o b e r 2 0 2 5 , y a n g d is e t u ju i s e b a g a i s u r a t p e r in t a h k e r ja , m a k a d e n g a n in i K a m i s e b a g a i K J P P r e s m i,
b e r d a s a r k a n S u r a t Ijin U s a h a K a n t o r J a s a P e n ila i P u b lik d e n g a n S u r a t K e p u tu s a n M e n te r i K e u a n g a n
N o . 1 /K M . 1 /2 0 2 2 , t a n g g a l 3 J a n u a r i 2 0 2 2 , s u r a t iz in u s a h a N o 2 .0 9 . 0 0 5 3 , t a n g g a l 1 5 J u li 2 0 0 9 d a n
S u r a t T a n d a T e r d a f t a r P r o fe s i P e n u n ja n g P a s a r M o d a l d a r i O t o r it a s J a s a K e u a n g a n ( O J K ) N o . S T T D -
P P B - 0 1 / P J - 1 / P M . 0 2 / 2 0 2 3 ( P e n ila i P r o p e r t i d a n P e n ila i U s a h a ) m e n y a m p a ik a n p e n d a p a t a ta s S tu d i
K e la y a k a n B is n is t e r k a it R e n c a n a P e n a m b a h a n B id a n g U s a h a K B L I 5 0 1 3 1 (A n g k u ta n L a u t D a la m
N e g e r i u n t u k B a r a n g U m u m ) , K B L I 5 0 1 3 3 ( A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g K h u s u s , K B L I
50141 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g U m u m ), K B L I 5 0 1 4 2 (A n g k u ta n L a u t L u a r N e g e ri
u n t u k B a r a n g K h u s u s ) d a n A k t if it a s P e r u s a h a a n H o ld in g ( K B L I 6 4 2 0 0 ) .
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T H E S C I E N T I F I C A P P R A I S A L
K J P P E di A n d e s ta d an R e k a n
I. P e n d a h u lu a n
1 .1 L a ta r B e la k a n g
F I T T d id ir ik a n b e r d a s a r k a n A k t a N o t a r is N o . 3 4 t a n g g a l 2 4 J a n u a r i 2 0 1 4 d ib u a t o le h N o t a r is
M u h a m m a d H a n a f i S .H , N o t a r is d i J a k a r t a d a n t e la h m e n d a p a t k a n p e n g e s a h a n d a r i M e n te r i
H ukum dan Hak A sasi M a n u s ia R e p u b lik I n d o n e s ia d a la m S u ra t K e p u tu s a n No. AHU-
0 0 2 1 3 0 6 . A H . 0 1 , 0 9 . T a h u n 2 0 1 4 t a n g g a l 1 2 M a r e t 2 0 1 4 . A k t a p e r u b a h a n t e r a k h ir y a itu A k t a N o .
1 5 d a r i R u d y S is w a n t o S .H ., N o t a r is d i J a k a r t a U ta r a , t a n g g a l 1 7 J u li 2 0 2 4 , y a n g t e la h d it e r im a
d a n d ic a t a t d i d a la m d a t a b a s e S is t e m A d m in is t r a s i B a d a n H u k u m K e m e n t e r ia n H u k u m d a n
H ak A sasi M a n u s ia R e p u b lik I n d o n e s ia s e b a g a im a n a te rn y a ta d a la m S u r a t P e n e r im a a n
P e m b e r it a h u a n P e r u b a h a n A n g g a r a n D a s a r P e r u s a h a a n N o . A H U - A H . 0 1 . 0 3 - 0 1 7 5 0 4 7 t a n g g a l
23 J u li 2024. M odal dasar P e ru s a h a a n sebesar R p 2 0 0 .0 0 0 .0 0 0 .0 0 0 yang te rb a g i a ta s
2 . 0 0 0 . 0 0 0 . 0 0 0 s a h a m d a n m a s in g - m a s in g s a h a m b e r n ila i n o m in a l s e b e s a r R p 1 0 0 d a r i m o d a l
d a s a r t e r s e b u t t e la h d it e m p a t k a n d a n d is e t o r s e b a n y a k 1 .3 0 4 . 2 7 2 . 0 5 1 le m b a r s a h a m d e n g a n
n ila i n o m in a l s e lu r u h n y a s e b e s a r R p 1 3 0 . 4 2 7 . 2 0 5 . 1 0 0 . P e r u s a h a a n b e r d o m is ili d i J l. K H . A b d u l
H a lim No. 88 RT. 005 RW . 008, K e lu r a h a n M a ja le n g k a K u lo n , K e c a m a ta n M a ja le n g k a ,
K a b u p a t e n M a ja le n g k a , P r o v in s i J a w a B a r a t. B e r d a s a r k a n p a s a l 3 a n g g a r a n d a s a r , m a k s u d
d a n t u ju a n F I T T a d a la h b e r u s a h a d a la m b id a n g k o n s t r u k s i g e d u n g , b e r u s a h a d a la m b id a n g
p e n y e d ia a n a k o m o d a s i, b e r u s a h a d a la m b id a n g r e a l e s ta t , b e r u s a h a d a la m b id a n g a k t iv it a s
o la h r a g a dan r e k r e a s i la in n y a . U n tu k m encapai m aksud dan t u ju a n te r s e b u t F IT T dapat
m e la k s a n a k a n k e g it a n u s a h a b e r ik u t:
a. K e g ia t a n usaha u ta m a y a itu m e n ja la n k a n k e g ia t a n h o te l b in t a n g lim a , m e n ja la n k a n
k e g ia t a n usaha h o t e l b in t a n g e m p a t, m e n ja la n k a n k e g ia t a n usaha h o te l b in t a n g tig a ,
m e n ja la n k a n k e g ia t a n u s a h a h o te l b in t a n g d u a , m e n ja la n k a n k e g ia t a n u s a h a h o te l b in t a n g
s a tu , m e n ja la n k a n k e g ia t a n usaha h o te l m e la t i, m e n ja la n k a n k e g ia t a n usaha V ila ,
m e n ja la n k a n k e g ia t a n u s a h a a p a r t e m e n h o te l, m e n ja la n k a n k e g ia t a n u s a h a p e n y e d ia a n
a k o m o d a s i ja n g k a p e n d e k la in n y a .
b. K e g ia t a n usaha p e n u n ja n g yang m endukung k e g ia t a n usaha u ta m a P e rs e ro a a n y a itu
m e n ja la n k a n k e g ia t a n u s a h a k o n s t r u k s i g e d u n g p e n g in a p a n , m e n ja la n k a n k e g ia t a n u s a h a
re a l e s ta t yang d im ilik i s e n d ir i a ta u d is e w a , m e n ja la n k a n k e g ia t a n usaha kaw asan
p a r iw is a t a .
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s o " ” r , F , c 4
K J P P Edi A n d e s ta dan R e k a n
F I T T m e r u p a k a n H o ld in g C o m p a n y y a n g m e m ilik i k e p e m ilik a n s a h a m s e c a r a la n g s u n g p a d a
p e ru s a h a a n a n a k y a itu P T . B u m i M a ja le n g k a P e rm a i ( “ B M P ” ) s e rta P T . F it r a A m a n a h
W i s a t a ( “ F A W ” ) d a n t id a k t e r lib a t la n g s u n g d a la m p e n g e lo la a n b is n is p e r s e r o a n . N a m u n ,
k in e r ja k e u a n g a n F I T T m e n c a t a t k a n R u g i B e r s ih s e la m a p e r io d e 2 0 2 1 - 3 0 S e p t e m b e r 2 0 2 5 .
K e m u d ia n F IT T b e r e n c a ln a u n t u k m e la k u k a n d iv e s t a s i e n t it a s a n a k y a n g d im ilik i s e c a r a
la n g s u n g y a it u (i) B M P , d a n (ii) F A W . D iv e s t a s i p a d a B M P u n t u k k e p e m ilik a n s a h a m s e b e s a r
9 9 ,9 9 9 8 % a ta u 5 4 9 . 9 9 9 le m b a r s a h a m m ilik F IT T . D iv e s t a s i p a d a F A W u n t u k k e p e m ilik a n
s a h a m s e b e s a r 9 9 , 9 6 % a ta u 5 0 2 . 2 9 9 le m b a r s a h a m .
S e la in itu , F I T T b e r e n c a n a m e la k u k a n in v e s t a s i p a d a P T P o s e i d o n S h ip p in g In d o n e s ia
( “ P S I ” ) y a n g b e r g e r a k d a la m b id a n g ja s a p e n g a n g k u t a n b a r a n g ja l u r p e la y a r a n d o m e s t ik
m a u p u n in t e r n a s io n a l. D ila t a r b e la k a n g i u p a y a F I T T y a n g a k a n m e n ja d i p e m b e li d a la m r e n c a n a
A k u is is i S a h a m E k s is t in g P S I, d im a n a F I T T a k a n m e la k u k a n in v e s t a s i s e b e s a r R p . 1 4 ,0 0 m ilia r
p a d a P S I. P T J i n l o n g R e s o u r c e s I n v e s t m e n t ( “ J R I ” ) s e la k u p e m e g a n g s a h a m F I T T ju g a
a k a n m e la k u k a n p e m b e lia n s a h a m e k s is t in g P S I d e n g a n p r o p o r s i s a h a m y a n g d ia k u is is i p a d a
P S I s e b e s a r 2 8 , 0 0 % s a h a m , s is a n y a a k a n d ib e li o le h p ih a k k e tig a la in n y a d im a n a p ih a k k e tig a
akan m e n u n ju k F I T T u n t u k m e n ja d i p e n g e n d a li d i P S I. S e t e la h r e n c a n a in v e s t a s i s e le s a i
d illa k u a n , F I T T m e n ja d i p e m e g a n g s a h a m p e n g e n d a li P S I d a n b e r u p a y a u n t u k m e m p e r b a ik i
k in e r ja k e u a n g a n n y a m e la lu i p e n a m b a h a n K B L I 6 4 2 0 0 ( A k t iv it a s P e r u s a h a a n H o ld in g ) d a n
K B L I K B L I 5 0 1 3 1 ( A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g U m u m ) , K B L I 5 0 1 3 3 ( A n g k u t a n
L a u t D a la m N e g e ri u n tu k B a ra n g K h u s u s , K B L I 5 0 1 4 1 (A n g k u ta n L a u t L u a r N e g e ri u n tu k
B a ra n g U m u m ) d a n K B L I 5 0 1 4 2 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g K h u s u s ).
W ila y a h p e r a ir a n y a n g lu a s m e n d o r o n g in d u s t r i p e la y a r a n d i In d o n e s ia m e m ilik i p e r a n y a n g
s a n g a t p e n t in g u n t u k s is t e m lo g is t ik n a s io n a l d a la m m e n d is t r ib u s ik a n b a r a n g d a n ja s a . S is t e m
p e n g a n g k u ta n d e n g a n m o d a t r a n s p o r t a s i la u t y a n g d ik e lo la d e n g a n b a ik d a n e fis ie n akan
m e n in g k a t k a n d a y a s a in g e k o n o m i d a n k o n e k t iv it a s d i s e lu r u h w ila y a h in d o n e s ia s e b a g a i
n e g a r a k e p u la u a n . I n d u s t r i p e la y a r a n d i I n d o n e s ia s a n g a t b e r k a it a n d e n g a n k in e r ja s e k t o r
p e la b u h a n t e r u t a m a u n t u k m e n in g k a t k a n d a y a s a in g e k o n o m i m e la lu i s e k t o r p e n g a n g k u t a n
t r a n s p o r t a s i la u t. B e r d a s a r k a n p e t a ja la n in d u s t r i p e la y a r a n u n t u k p e r io d e 2 0 2 4 - 2 0 2 9 , t e r d a p a t
u p a y a p e m b e rd a y a a n in d u s t r i p e la y a r a n y a n g d ib a g i m e n ja d i 3 f a s e d e n g a n f a s e t e r a k h ir
m e m a s t ik a n p e rk e m b a n g a n in d u s t r i p e la y a r a n n a s io n a l yang b e r k e la n ju t a n dan
b e r k e s in a m b u n g a n , m e la lu i im p le m e n t a s i p r a k tik r a m a h lin g k u n g a n y a n g d it e r a p k a n t a n p a
m e m u n c u lk a n g a n g g u a n t e r h a d a p in d u s t r i p e la y a r a n n a s io n a l. J e n is ja s a p e la y a r a n m e m ilik i
c a k u p a n y a n g o p e r a s io n a l y a n g lu a s u n t u k a n g k u t a n b a r a n g , a n g k u t a n p e n u m p a n g , a n g k u ta n
c a ir a n d a n g a s , a n g k u t a n k h u s u s , in d u s t r y p e r ik a n a n , ja s a la in n y a t e r k a it a n g k u t a n a ir d a n
la y a n a n p e n d u k u n g m a r it im . B o n g k a r m u a t b a r a n g m e r u p a k a n k e g ia t a n y a n g m e m p u n y a i a n d il
te rh a d a p p e r e k o n o m ia n b a ik d a ri segi a k t iv it a s p e rh u b u n g a n la u t h in g g a p e n g a ru h n y a
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KJPP Edi A n d e s t a dan Rekan
o
te rh a d a p p e n g e m b a n g a n e k o n o m i d a e ra h . B o n g k a r m u a t b a ra n g p e la y a r a n d a la m n e g e ri
d a p a t b e r u p a B a h a n P o k o k , B a h a n S t r a t e g is , M ig a s , N o n m ig a s d a n B a r a n g L a in n y a . D a la m
h a l in i, P S I y a n g m e r u p a k a n p e r u s a h a a n d a la m b id a n g s e k t o r a n g k u t a n la u t y a n g b e r fo k u s
p a d a p e n g a n g k u t a n b ijih n ik e l d a n b a tu k a p u r m e lih a t a d a n y a p e lu a n g a t a s in d u s t r i t r a n s p o r t a s i
la u t u n t u k 2 k o m o d it a s in i.
S e la n ju t n y a d e n g a n m e lih a t p e lu a n g d a n p e r k e m b a n g a n d i s e k t o r a n g k u t a n la u t, P e r s e r o a n
m e m p e r t im b a n g k a n u n t u k m e n g e m b a n g k a n b is n is n y a d i b id a n g ja s a p e n g a n g k u t a n b a r a n g
m e la lu i j a lu r p e la y a r a n d o m e s t ik . Sehubungan dengan h a l t e r s e b u t d a la m re n c a n a b is n is
ja n g k a p a n ja n g n y a , m a n a je m e n P e r s e r o a n b e r m a k s u d m e n a m b a h k e g ia t a n u s a h a K B L I 5 0 1 3 1
( A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g U m u m ) , K B L I 5 0 1 3 3 ( A n g k u t a n L a u t D a la m N e g e r i
u n tu k B a ra n g K h u s u s ), K B L I 5 0 1 4 1 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g U m u m ) d a n
K B L I 5 0 1 4 2 ( A n g k u t a n L a u t L u a r N e g e r i u n t u k B a r a n g K h u s u s ) d e n g a n c a r a m e n g a k u is is i P S I
yang d ih a r a p k a n dapat m e m b e r ik a n k o n t r ib u s i u n tu k m e n in g k a t k a n k in e r ja o p e r a s io n a l
s e h in g g a d a p a t m e n d o r o n g p e r t u m b u h a n P e r s e r o a n .
P S I d id ir ik a n b e r d a s a r k a n A k t a P e n d ir ia n N o . 11 t a n g g a l 2 3 J u n i 2 0 2 3 d ib u a t o le h N o t a r is
A n a s t a s ia C h a n d ra , S .H ., M .K n ., N o t a r is d i K a b u p a te n T a n g e ra n g . A k ta te rs e b u t s u d a h
m e n d a p a t k a n p e r s e t u ju a n d a r i M e n te r i H u k u m d a n H a k A s a s i M a n u s ia R e p u b lik I n d o n e s ia
b e rd a s a rk a n S u r a t K e p u tu s a n M e n te r i H u k u m d a n H a k A s a s i M a n u s ia R e p u b lik In d o n e s ia
N o m o r A H U -0 0 4 6 6 7 7 .A H .0 1 .0 1 .T a h u n 2 0 2 3 te n ta n g P e n g e s a h a n P e n d ir ia n B adan H ukum
P e r s e r o a n T e r b a t a s P S I. M a k s u d d a n t u ju a n s e r t a k e g ia t a n u s a h a P S I t e r c a n t u m d a la m A k t a
N o . 11 t a n g g a l 2 3 J u n i 2 0 2 3 y a it u b e r u s a h a d a la m b id a n g :
a. A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g U m u m ( K B L I 5 0 1 3 1 )
b. A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g K h u s u s ( K B L I 5 0 1 3 3 )
c. A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g U m u m (K B L I 5 0 1 4 1 )
d. A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g K h u s u s (K B L I 5 0 1 4 2 )
U n t u k m e n c a p a i m a k s u d d a n t u ju a n t e r s e b u t d ia t a s P S I d a p a t m e la k s a n a k a n k e g ia t a n u s a h a
s e b a g a i b e r ik u t:
a. A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g U m u m ( K B L I 5 0 1 3 1 )
K e lo m p o k in i m encakup usaha p e n g a n g k u ta n b a ra n g um um m e la lu i la u t dengan
m e n g g u n a k a n k a p a l la u t a n t a r p e la b u h a n d a la m n e g e r i d e n g a n m e la y a r i t r a y e k s e c a r a
te ta p dan t e r a t u r ( lin e r ) dengan b e r ja d w a l, a ta u tra y e k t id a k te ta p dan t id a k t e r a t u r
( t r a m p e r ) . T e r m a s u k u s a h a p e r s e w a a n a n g k u t a n la u t b e r ik u t o p e r a t o r n y a .
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b. A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g K h u s u s ( K B L I 5 0 1 3 3 )
K e lo m p o k in i m e n c a k u p u s a h a p e n g a n g k u t a n b a r a n g d e n g a n m e n g g u n a k a n k a p a l la u t
y a n g d ir a n c a n g s e c a r a k h u s u s u n t u k m e n g a n g k u t s u a t u je n is b a r a n g te r t e n t u , s e p e r t i
a n g k u ta n b a r a n g b e r b a h a y a , lim b a h b a h a n b e r b a h a y a d a n b e r a c u n , b a h a n b a k a r m in y a k ,
m in y a k b u m i, h a s il o la h a n , L P G , L N G d a n C N G , ik a n d a n s e je n is n y a . T e r m a s u k u s a h a
p e r s e w a a n a n g k u ta n la u t b e r ik u t o p e r a t o m y a .
c. A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g U m u m (K B L I 5 0 1 4 1 )
K e lo m p o k in i m e n c a k u p u s a h a p e n g a n g k u t a n b a r a n g m e la lu i la u t d e n g a n m e n g g u n a k a n
k a p a l la u t a n t a r p e la b u h a n d i I n d o n e s ia d e n g a n p e la b u h a n d i lu a r n e g e r i d e n g a n m e la y a r i
t r a y e k s e c a r a t e t a p d a n t e r a t u r ( lin e r ) d e n g a n b e r ja d w a l, a ta u t r a y e k t id a k t e t a p d a n t id a k
t e r a t u r ( t r a m p e r ) . T e r m a s u k u s a h a p e r s e w a a n a n g k u ta n la u t b e r ik u t o p e r a t o m y a .
d. A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g K h u s u s (K B L I 5 0 1 4 2 )
K e lo m p o k in i m encakup usaha a n g k u ta n la u t in t e r n a s io n a l u n tu k b a ra n g khusus,
c o n t o h n y a a n g k u t a n b a r a n g b e r b a h a y a , lim b a h b a h a n b e r b a h a y a d a n b e r a c u n , t e r m a s u k
ik a n dan s e je n is n y a . A n g k u ta n la u t k h u s u s dengan m enggunakan k a p a l b e rb e n d e ra
I n d o n e s ia d e n g a n k o n d is i d a n p e r s y a r a t a n k a p a ln y a d is e s u a ik a n d e n g a n je n is k e g ia t a n
u s a h a p o k o k n y a s e r t a u n t u k m e la y a n i t r a y e k t id a k t e t a p d a n t id a k t e r a t u r a ta u t r a m p e r
a n t a r p e la b u h a n di In d o n e s ia dengan p e la b u h a n di lu a r n e g e r i. T e rm a s u k usaha
p e r s e w a a n a n g k u ta n la u t b e r ik u t o p e r a t o m y a .
D e n g a n r e n c a n a p e n a m b a h a n k e g ia t a n u s a h a p a d a P e r s e r o a n d ia t a s s e s u a i P a s a l 3 1 , P O J K
N o . 1 7 / P O J K . 0 4 / 2 0 2 0 , m a k a a t a s r e n c a n a t e r s e b u t P e r s e r o a n m e m e r lu k a n a d a n y a L a p o r a n
S tu d i K e la y a k a n B is n is yang d is u s u n dan d it e r b it k a n o le h K a n to r Jasa P e n ila i P u b lik
I n d e p e n d e n d e n g a n k la s if ik a s i P e n ila i B is n is . U n t u k p e n y u s u n a n L a p o r a n S t u d i K e la y a k a n
B is n is in i, P e r s e r o a n t e la h m e n u n ju k K J P P A n d e s t a s e s u a i p e n u g a s a n d e n g a n k e s e p a k a t a n
y a n g te la h d it u a n g k a n d a la m S u r a t P r o p o s a l P e n a w a r a n R e f: 3 5 0 / P - A n d e s t a / X / 2 0 2 5 , t a n g g a l
10 O k to b e r 2 0 2 5 .
1 .2 P e n ila i
P e n ila i a d a la h p a r t n e r d a r i K J P P A n d e s t a d e n g a n k u a lifik a s i s e b a g a i b e r i k u t :
N a m a P e n ila i Ir. E d i A n d e s t a , M a p p i ( C e r t . )
N o Iz in P e n ila i P B - 1 .0 9 .0 0 0 9 5
N o . S T T D P e n u n ja n g P a s a r M o d a l S T T D . P B B - 0 1 / P M . 2 /2 0 1 8
No. M A P P I 9 4 -S -0 4 1 1
K la s if ik a s i Iz in P e n ila i P r o p e r t i d a n B is n is
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K J P P A n d e s t a d a la m p o s is i u n t u k m e m b e r ik a n p e n ila ia n o b je k t if d a n t id a k m e m ih a k . P e n ila i
t id a k ada k e t e r lib a t a n m a t e r ia l a ta u b e n tu ra n k e p e n t in g a n b a ik a k tu a l m aupun b e r s if a t
p o t e n s ia l dengan s u b je k dan a ta u o b je k p e n ila ia n . P e n ila i m e m ilik i k o m p e te n s i u n tu k
m e la k u k a n s t u d i k e la y a k a n . P e n ila i d a p a t m e n g g u n a k a n a ta u t id a k m e n g g u n a k a n t e n a g a a h li
a ta u p e n ila i la in d i lu a r K J P P A n d e s t a s e s u a i d e n g a n k e b u t u h a n p e n u g a s a n d e n g a n s e iz in d a r i
P e m b e ri T u g a s .
D a la m m e n ja la n k a n tu g a s p r o fe s in y a , ta n g g u n g ja w a b P e n ila i sebagai in d iv id u h a ru s
d ip is a h k a n d a r i P e n ila i s e b a g a i K a n t o r J a s a P e n ila i P u b lik ( K J P P ) . S e h in g g a t a n g g u n g ja w a b
P e n ila i s e b a g a i in d iv id u t id a k m e n ja d i t a n g g u n g ja w a b K J P P s e c a r a k e s e lu r u h a n (S P I E d is i
V II 2 0 1 8 , K E P I b u t ir 5 .8 . 8 .3 ) .
1 .3 P e m b e ri T u g a s
N a m a P e ru s a h a a n P T H o t e l F itr a I n t e r n a t io n a l T b k
J e n is U s a h a I n d u s t r i P e n g e lo la a n H o t e l d a n P a r iw is a t a
A la m a t J a la n KH. Abdul H a lim No. 88 RT. 005 RW . 008, K e lu r a h a n
M a ja le n g k a K u lo n , K e c a m a t a n M a ja le n g k a , K a b u p a t e n M a ja le n g k a ,
P r o v in s i J a w a B a r a t
N o . T e lp : 0233 - 8292 888
E m a il : c o r s e c . h o t e lf it r a @ g m a il. c o m
W e b s it e : w w w . f it r a t b k . c o . id
1 .4 P e n g g u n a L a p o ra n
N a m a P e ru s a h a a n P T H o t e l F it r a I n t e r n a t io n a l T b k
J e n is U s a h a I n d u s t r i P e n g e lo la a n H o te l d a n P a r iw is a t a
A la m a t J a la n KH. Abdul H a lim No. 88 RT. 005 RW . 008, K e lu r a h a n
M a ja le n g k a K u lo n , K e c a m a t a n M a ja le n g k a , K a b u p a t e n M a ja le n g k a ,
P r o v in s i J a w a B a r a t
N o . T e lp : 0233 - 8292 888
E m a il : c o r s e c . h o t e lf it r a @ g m a il. c o m
W e b s it e : w w w . f it r a t b k . c o . id
1 .5 O b je k S tu d i K e la y a k a n B is n is
O byek S tu d i K e la y a k a n B is n is a d a la h : Penam bahan b id a n g usaha d a la m KBLI 50131
(A n g k u ta n L a u t D a la m N e g e ri u n tu k B a ra n g U m u m ), K B L I 5 0 1 3 3 (A n g k u ta n L a u t D a la m
N e g e ri u n tu k B a ra n g K h u s u s , K B L I 5 0 1 4 1 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g U m u m ),
K B L I 5 0 1 4 2 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g K h u s u s ) d a n A k t if it a s P e r u s a h a a n
H o ld in g ( K B L I 6 4 2 0 0 ) d a la m b id a n g u s a h a n y a .
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1 .6 M a ta U a n g y a n g d ig u n a k a n
M a t a u a n g y a n g d ig u n a k a n d a la m p e n ila ia n in i a d a la h m a t a u a n g R u p i a h ( R p ,) .
1 .7 M a k s u d d a n T u ju a n
M aksud dan t u ju a n d a ri p e n u g a s a n S t u d i K e la y a k a n B is n is in i a d a la h u n tu k m e n g e ta h u i
k e la y a k a n d a r i p e n a m b a h a n b id a n g u s a h a d a la m K B L I 5 0 1 3 1 ( A n g k u t a n L a u t D a la m N e g e r i
u n t u k B a r a n g U m u m ) , K B L I 5 0 1 3 3 ( A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g K h u s u s , K B L I
50141 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g U m u m ), K B L I 5 0 1 4 2 (A n g k u ta n L a u t L u a r
N e g e r i u n t u k B a r a n g K h u s u s ) d a n A k t if it a s P e r u s a h a a n H o ld in g ( K B L I 6 4 2 0 0 ) d a la m b id a n g
u s a h a n y a d e n g a n m e n g a k u is is i P S I. S t u d i K e la y a k a n B is n is in i h a n y a d a p a t d ig u n a k a n o le h
p ih a k m a n a je m e n F I T T d a n t id a k d a p a t d ig u n a k a n u n t u k k e p e n t in g a n p ih a k k e tig a .
1 .8 M e to d e P e n y u s u n a n L a p o r a n S tu d i K e la y a k a n
a. M e la k u k a n p e n g u m p u la n d a ta .
b. M e la k u k a n id e n t if ik a s i d a n a n ilis is t e r h a d a p d a t a y a n g d it e r im a .
c. M e la k u k a n w a w a n c a r a d e n g a n p ih a k m a n a je m e n F I T T d a n P S I u n t u k m e n g e t a h u i d e t a il
t e n t a n g b is n is y a n g d ija la n k a n d a n p r o s e s r e n c a n a b is n is k e d e p a n .
d. M e la k u k a n a n a lis a S t u d y K e la y a k a n d e n g a n m e n g g u n a k a n m e t o d e y a n g r e le v a n a ta s
a n a lis a y a n g d ila k u k a n .
e. S tu d i m e lip u t i:
1) M e la k u k a n a n a lis a k e la y a k a n p a s a r m e lip u ti:
• K o n d is i p a s a r , s e p e r t i p a n g s a p a s a r , k e s in a m b u n g a n , d a n p o t e n s i p a s a r
• P e s a in g u s a h a
• S tra te g i P e m a s a ra n
2) M e la k u k a n a n a lis a k e la y a k a n t e k n is m e lip u ti:
• K a p a s it a s
• K e t e r s e d ia a n d a n k u a lit a s s u m b e r d a y a p e k e r ja d a n a h li p r o f e s s io n a l
• P r o s e s o p e r a s i/ p r o s e s b is n is
3) M e la k u k a n a n a lis a k e la y a k a n p o la b is n is m e lip u ti:
• K e u n g u la n k o m p e t it if k a r e n a k e u n ik a n d a r i p o la b is n is
• Kemampuan pesaing untuk meniru produk
• K e m a m p u a n u n t u k m e n c ip t a k a n n ila i
4) M e la k u k a n a n a lis a k e la y a k a n m o d e l m a n a je m e n m e lip u ti:
• K e t e r s e d ia a n t e n a g a k e r ja
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T / F / C / S /A
o
K J P P Edi A n d e s ta dan R e k a n
• M a n a je m e n k e k a y a a n in t e le k t u a l
• M a n a je m e n R e s ik o
• K a p a s it a s d a n k e m a m p u a n m a n a je m e n
• K e s e s u ia n s t r u k t u r o r g a n is a s i d a n m a n a je m e n
5) M e ia k u k a n a n a lis a k e la y a k a n k e u a n g a n m e lip u ti:
• B ia y a in v e s t a s i
• M o d a l k e r ja
• S u m b e r p e m b ia y a a n
• S tru k tu r p e n d a p a ta n
• B ia y a o p e r a s io n a l
• B eban usaha
• P r o y e k s i la p o r a n k e u a n g a n
• A n a lis is p r o f it a b ilit a s
• T in g k a t im b a la n b a lik in v e s t a s i
1 .9 T a n g g a l S tu d i K e la y a k a n B is n is
T a n g g a l e f e k t if s t u d i k e la y a k a n b is n is [c u t o ff date) a d a la h t a n g g a l d im a n a h a s il n ila i d it e t a p k a n
d e n g a n k o n d is i d a n s y a r a t - s y a r a t y a n g d ib e r la k u k a n . D a la m L a p o r a n s t u d i k e la y a k a n b is n is in i
m a k a k e la y a k a n d ip e r h it u n g k a n p a d a t a n g g a l 3 0 S e p t e m b e r 2 0 2 5 . T a n g g a l in i s e s u a i la p o r a n
k e u a n g a n t e r a k h ir y a n g t e r s e d ia d a n d a p a t d ip e r o le h d a n d it e r im a p e n ila i s e b a g a i d a s a r u n tu k
m e ia k u k a n s t u d i k e la y a k a n , y a it u la p o r a n k e u a n g a n p e r 3 0 S e p t e m b e r 2 0 2 5 [A udited).
1 .1 0 S ifa t d a n S u m b e r In fo r m a s i
D a t a - d a t a o b je k S t u d i K e la y a k a n b e r a s a l d a r i p ih a k p e m b e r i t u g a s , s e d a n g k a n d a ta -d a ta
p r im e r b e r s u m b e r d a r i h a s il s u r v e i la p a n g a n d a n d a t a - d a t a s e k u n d e r b a r a s a l d a r i h a s il ris e t,
in f o r m a s i y a n g d ip u b lik a s ik a n d a n m a u p u n b e r a s a l d a r i in t a n s i p e m e r in t a h . T e r h a d a p d a t a -
d a t a p r im e r p e n ila i m e ia k u k a n v e r if ik a s i d a n v a lid a s i a ta s d a t a - d a t a y a n g d ig u n a k a n , s e h in g g a
a k u r a s i h a s il S t u d y K e la y a k a n d a p a t d ip e r t a n g g u n g ja w a b k a n .
1 .1 1 A sum si dan A sum si K husus
a. A sum si Khusus
P e rb e d a a n k o n d is i yang m u n g k in t e r ja d i a n ta ra ta n g g a l p e n ila ia n dengan w a k tu
penggunaan h a s il s tu d i k e la y a k a n d a p a t m e n u ru n k a n r e le v a n s i o p in i n ila i t e r h a d a p
k e b u t u h a n p e n g g u n a h a s il s t u d i k e la y a k a n , d ik a r e n a k a n a d a n y a p e r b e d a a n a k s e s d a t a
d a n in f o r m a s i s e r t a a s u m s i d a n a n a lis is s t u d i k e la y a k a n . A p a b ila p e n g g u n a h a s il s tu d i
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k e la y a k a n m enem ukan k o n d is i te rs e b u t, d is a r a n k a n u n tu k m enugaskan P e n ila i
m e la k u k a n r e v ie w te rh a d a p penugasan yang t e la h d ila k s a n a k a n dan a p a b ila
d im u n g k in k a n d a n d ib u t u h k a n , P e n ila i d a p a t m e la k u k a n s t u d i k e la y a k a n u la n g d e n g a n
m e n g u la n g k e m b a li p r o s e d u r s t u d i k e la y a k a n y a n g s e b e lu m n y a d ila k u k a n , s e c a r a le b ih
le n g k a p . P r o s e s d a n p r o s e d u r t e r s e b u t h a r u s d it u a n g k a n d a la m p e n u g a s a n y a n g b e r d ir i
s e n d ir i d a n b e r b e d a d e n g a n p e n u g a s a n s t u d i k e la y a k a n s e b e lu m n y a .
b. A sum si Um um
1) K a m i t id a k m e n e r im a / m e m in t a im b a la n a ta u s e je n is n y a s e la in im b a la n ja s a s t u d i
k e la y a k a n yang t e la h d is e p a k a t i d a la m p ro p o s a l p e n a w a ra n in i d e n g a n a la s a n
a p a p u n . B ila t e r ja d i p e m b e r ia n im b a la n d ilu a r fe e s t u d i k e la y a k a n d a n m e m p e n g a r u h i
h a s il s t u d i k e la y a k a n , m a k a b u k a n m e n ja d i t a n g g u n g ja w a b K J P P , m e la in k a n a d a la h
t a n g g u n g ja w a b p e m b e r i im b a la n / P e m b e r i T u g a s .
2) S e m u a f o t o c o p y d o k u m e n y a n g d ib e r ik a n a ta u d ip e r lih a t k a n o le h p e m b e ri tu g a s
k e p a d a k a m i d a la m r a n g k a s t u d i k e la y a k a n in i, k a m i a n g g a p a d a la h s a h , b e n a r
sesuai dengan k e n y a t a a n y a n g s e b e n a r n y a d a n jik a in i d a la m r a n g k a p e r ik a t a n ,
keabsahan dokum en akan d ip e r ik s a o le h p r o fe s i p e n u n ja n g la in a ta u yang
b e r w e n a n g u n t u k t u g a s t e r s e b u t.
3) K a m i b e r a s u m s i b a h w a s t u d i k e la y a k a n in i t id a k s e d a n g d ila k u k a n s t u d i k e la y a k a n
o le h K J P P la in . J ik a d a la m k o n d is i s t u d i k e la y a k a n in i s e d a n g d ila k u k a n o le h K J P P
la in , m a k a la p o r a n k a m i t id a k b e r la k u .
1 .1 2 P e r s y a r a t a n a ta s P e r s e t u ju a n u n t u k P u b lik a s i
D ila r a n g m e n y e b a r lu a s k a n p e r n y a t a a n a ta u la p o r a n S tu d i K e la y a k a n B is n is in i b a ik s e c a r a
k e s e lu r u h a n , s e b a g ia n , a ta u s e b a g a i r e f e r e n s i, n ila i y a n g t e r d a p a t d id a la m n y a , m a u p u n n a m a
d a n a f ilia s i t e n a g a a h li d a r i p e n ila i, t a n p a p e r s e t u ju a n t e r t u lis d a r i K J P P A n d e s t a .
1 .1 3 B a ta s a n a ta u P e n g e c u a lia n a ta s T a n g g u n g J a w a b K e p a d a P ih a k S e la in
P e m b e ri T u g a s
P e n ila i t id a k m e m ilik i t a n g g u n g ja w a b k e p a d a p ih a k k e tig a , s e la m a t id a k m e n y im p a n g d a r i
p e r a t u r a n d a n h u k u m y a n g b e r la k u .
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K J P P Edi A n d e s ta dan R e k a n
1 .1 4 P e r n y a t a a n T e r t u lis d a r i P e m b e r i T u g a s m e n g e n a i K e b e n a r a n d a n S ifa t
In f o r m a s i y a n g D ib e r ik a n
B a h w a d a la m penugasan in i s e lu r u h in f o r m a s i y a n g d ib e r ik a n k e p a d a k a m i a d a la h benar
sesuai S u ra t P e rn y a ta a n (m an a g e m e n t representation letter) P e m b e ri Tugas, m engenai
s e lu r u h in f o r m a s i p e n t in g d a n r e le v a n b e r k e n a a n d a n s e p a n ja n g p e n g e t a h u a n P e m b e r i T u g a s
t id a k a d a f a k t o r m a t e r ia l y a n g b e lu m d iu n g k a p k a n d a n m e n y e s a t k a n .
1 .1 5 K o n d is i - K o n d is i P e m b a t a s
a. K a m i s e b a g a i P e n ila i t id a k m e la k u k a n p e n e lit ia n t e r h a d a p k e a b s a h a n d o k u m e n - d o k u m e n
yang t e r k a it , o le h k a re n a n y a kam i t id a k m e n ja m in k e b e n a ra n a ta u keabsahannya
in f o r m a s i, p e r k ir a a n d a n p e n d a p a t y a n g k a m i p e r o le h d a r i b e r b a g a i s u m b e r , k a m i a n g g a p
m e ru p a k a n in f o r m a s i y a n g d a p a t d ip e r c a y a k e b e n a r a n n y a , o le h k a re n a n y a k a m i t id a k
m e la k u k a n p e n g e c e k a n le b ih la n ju t. B ila m a n a d ik e m u d ia n h a r i d ik e t a h u i a d a in f o r m a s i
yang t id a k benar yang d ib e r ik a n kepada k a m i, m aka kam i t id a k dapat d im in t a
p e r t a n g g u n g ja w a b a n n y a .
b. L a p o r a n h a r u s d ig u n a k a n s e c a r a k e s e lu r u h a n y a n g t a k t e r p is a h k a n d a n p e n g g u n a a n n y a
t e r b a t a s p a d a m a k s u d d a n t u ju a n S t u d i K e la y a k a n B is n is in i s a ja . L a p o r a n in i t id a k a k a n
b e r la k u u n t u k m a k s u d d a n t u ju a n b e r b e d a .
c. P e n ila i d ib e b a s k a n d a ri s e g a la tu n tu ta n dan k e w a jib a n yang b e r k a it a n dengan
p e n g g u n a a n la p o r a n y a n g t id a k s e s u a i d e n g a n m a k s u d d a n t u ju a n d a r i la p o r a n .
d. L a p o ra n S t u d i K e la y a k a n B is n is y a n g d ih a s ilk a n d a ri p e n u g a s a n in i, b a ik s e lu r u h n y a
m a u p u n s e b a g ia n , t id a k d ip e r k e n a n k a n u n t u k d ip u b lik a s ik a n , ju g a t id a k d a la m b e n tu k
r e f e r e n s i a p a p u n , t e r m a s u k r e f e r e n s i m e n g e n a i la p o r a n k e u a n g a n p e r u s a h a a n , d a n a ta u
p e rn y a ta a n a ta u S t u d i K e la y a k a n B is n is la in n y a a ta u p e r n y a ta a n /e d a ra n apapun d a ri
p e r u s a h a a n , t a n p a p e r s e t u ju a n p e n ila i.
e. K a m i, K J P P A n d e s t a t id a k a k a n m e m b e r ik a n ja m in a n m e n g e n a i d a p a t d ic a p a in y a h a s il
y a n g d ip r o y e k s ik a n o le h m a n a je m e n P S I d a n F IT T , k a r e n a k e ja d ia n d a n k o n d is i s e r in g k a li
t id a k t e r ja d i s e p e r t i y a n g d ih a r a p k a n ; p e rb e d a a n a n ta ra h a s il a k tu a l d a n h a s il y a n g
d ih a r a p k a n b is a b e r s if a t m a t e r ia l d a n p e n c a p a ia n d a r i h a s il y a n g d i p r o y e k s ik a n a k a n
t e r g a n t u n g k e p a d a t in d a k a n , r e n c a n a d a n a s u m s i d a r i M a n a je m e n P S I d a n F IT T .
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II. G a m b a r a n P e r s e r o a n & D a ta In f o r m a s i
2 .1 In f o r m a s i K e u a n g a n d a n In fo r m a s i L a in n y a
a. D a ta K e u a n g a n P e rs e ro a n
1) L a p o r a n K e u a n g a n A u d it F I T T p e r io d e 31 D e s e m b e r 2 0 2 1 d e n g a n p e n d a p a t o p in i
w a ja r d a la m s e m u a h a l y a n g m a t e r ia l o le h K A P D r a S u h a r t a t i & R e k a n ;
2) L a p o r a n K e u a n g a n A u d it F I T T p e r io d e 31 D e s e m b e r 2 0 2 2 d e n g a n p e n d a p a t o p in i
w a ja r d a la m s e m u a h a l y a n g m a t e r ia l o le h K A P D r a S u h a r t a t i & R e k a n ;
3) L a p o r a n K e u a n g a n A u d it F I T T p e r io d e 31 D e s e m b e r 2 0 2 3 d e n g a n p e n d a p a t o p in i
w a ja r d a la m s e m u a h a l y a n g m a t e r ia l o le h K A P D r a S u h a r t a t i & R e k a n ;
4) L a p o r a n K e u a n g a n A u d it F I T T p e r io d e 31 D e s e m b e r 2 0 2 4 d e n g a n p e n d a p a t o p in i
w a ja r d a la m s e m u a h a l y a n g m a t e r ia l o le h K A P D r a S u h a r t a t i & R e k a n ;
5) L a p o r a n K e u a n g a n A u d it F I T T p e r io d e 3 0 S e p t e m b e r 2 0 2 5 d e n g a n p e n d a p a t o p in i
w a ja r d a la m s e m u a h a l y a n g m a t e r ia l o le h K A P D r a S u h a r t a t i & R e k a n ;
6) L a p o r a n K e u a n g a n A u d it P S I p e r io d e 3 0 S e p t e m b e r 2 0 2 5 d e n g a n p e n d a p a t o p in i
w a ja r d a la m sem ua hal yang m a t e r ia l o le h KAP H e n d r a w in a t a Hanny E r w in &
S u m a rg o ;
b. D a ta d a n In fo r m a s i L a in n y a
1) W a w a n c a r a d a n d is k u s i d e n g a n m a n a je m e n P e m b e ri T u g a s s e h u b u n g a n dengan
p e n u g a s a n s t u d i k e la y a k a n b is n is d a la m r a n g k a m e m p e r o le h in f o r m a s i y a n g r e le v a n
y a n g d iw a k ili o le h Ib u G u o J in g jin g s e b a g a i M a n a je r K e u a n g a n ;
2) P ro s p e k tu s P e rs e ro a n ;
3) w w w . b i. q o . id ;
4) P r o y e k s i k e u a n g a n t e r k a it P r o y e k s i k e u a n g a n t e r k a it p e n a m b a h a n K B L I O k t o b e r
s .d D e s e m b e r 2 0 2 5 - 2 0 3 0 y a n g d is e d ia k a n o le h m a n a je m e n P e r s e r o a n ;
5) W e b s it e B a n k In d o n e s ia ;
6) W e b s it e B P S ;
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2 .2 P r o f il P T H o te l F it r a In te r n a t io n a l T b k
F I T T d id ir ik a n b e r d a s a r k a n A k t a N o t a r is N o . 3 4 t a n g g a l 2 4 J a n u a r i 2 0 1 4 d ib u a t o le h N o t a r is
M u h a m m a d H a n a f i S .H , N o t a r is d i J a k a r t a d a n t e la h m e n d a p a t k a n p e n g e s a h a n d a r i M e n te r i
H ukum dan H ak A sasi M a n u s ia R e p u b lik In d o n e s ia d a la m S u ra t K e p u tu s a n No. AHU-
0 0 2 1 3 0 6 . A H . 0 1 ,0 9 . T a h u n 2 0 1 4 t a n g g a l 1 2 M a r e t 2 0 1 4 . A k t a p e r u b a h a n t e r a k h ir y a it u A k t a N o .
1 5 d a r i R u d y S is w a n t o S . H . , N o t a r is d i J a k a r t a U ta r a , t a n g g a l 1 7 J u li 2 0 2 4 , y a n g t e la h d it e r im a
d a n d ic a t a t d i d a la m d a t a b a s e S is t e m A d m in is t r a s i B a d a n H u k u m K e m e n t e r ia n H u k u m d a n
H ak A sasi M a n u s ia R e p u b lik In d o n e s ia s e b a g a im a n a te rn y a ta d a la m S u r a t P e n e r im a a n
P e m b e r it a h u a n P e r u b a h a n A n g g a r a n D a s a r P e r u s a h a a n N o . A H U - A H . 0 1 . 0 3 - 0 1 7 5 0 4 7 t a n g g a l
23 J u li 2024. M odal dasar P e ru s a h a a n sebesar R p 2 0 0 .0 0 0 .0 0 0 .0 0 0 yang te rb a g i a ta s
2 . 0 0 0 . 0 0 0 . 0 0 0 s a h a m d a n m a s in g - m a s in g s a h a m b e r n ila i n o m in a l s e b e s a r R p 1 0 0 d a r i m o d a l
d a s a r t e r s e b u t te la h d it e m p a t k a n d a n d is e t o r s e b a n y a k 1 .3 0 4 . 2 7 2 . 0 5 1 le m b a r s a h a m d e n g a n
n ila i n o m in a l s e lu r u h n y a s e b e s a r R p 1 3 0 . 4 2 7 . 2 0 5 . 1 0 0 . P e r u s a h a a n b e r d o m is ili d i J l. K H . A b d u l
H a lim No. 88 RT. 005 RW . 008, K e lu r a h a n M a ja le n g k a K u lo n , K e c a m a ta n M a ja le n g k a ,
K a b u p a t e n M a ja le n g k a , P r o v in s i J a w a B a r a t.
V i s i M is i F IT T
V i s i : M e n ja d ik a n P e r s e r o a n s e b a g a i p e r u s a h a a n m a n a je m e n p e r h o t e la n y a n g k o m p e t e n d i
I n d o n e s ia , d e n g a n p r in s ip u t a m a m e m b e r ik a n p e la y a n a n y a n g t e r b a ik u n t u k ta m u d e n g a n
h a r g a y a n g t e r ja n g k a u .
M is i:
a. M e n ja d ik a n P e r s e r o a n s e b a g a i p e lo p o r d a n p a n u ta n h o te l b e r b in t a n g d i k e la s n y a .
b. H a r g a y a n g b e r s a in g d a n t e r ja n g k a u , s e h in g g a d a p a t d in ik m a t i o le h s e t ia p g o lo n g a n .
c. B e rs a m a -s a m a dengan p e m e r in t a h b e r te k a d u n tu k m e m a ju k a n p a r iw is a t a lo c a l dan
m e n c ip t a k a n p e r t u m b u h a n e k o n o m i.
d. S D M y a n g b e r b a k a t , k r e a tif, in o v a t if d a n b e r tu m b u h B e r s a m a .
F I T T m e r u p a k a n p e r u s a h a a n in d u k d a r i 2 a n a k p e r u s a h a a n y a itu
a. P T . B u m i M a ja le n g k a P e r m a i (“ B M P ” ) y a n g b e r f o k u s t e r h a d a p P e n g e lo la a n M a n a g e m e n t
H o te l.
b. PT. Fitra Amanah Wisata (“FAW”) yang berfokus terhadap Wisata Religi Manasik Umrah
dan Haji Travel.
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F A L
K J P P E di A n d e s ta d an R e k a n
2 .3 P ro d u k d an L ay a n a n
K e g ia t a n usaha yang d ija la n k a n P e rs e ro a n b e rd a s a rk a n p a s a l 3 a n g g a ra n d a s a r a d a la h
b e r u s a h a d a la m b id a n g k o n s t r u k s i g e d u n g , b e r u s a h a d a la m b id a n g p e n y e d ia a n a k o m o d a s i,
b e r u s a h a d a la m b id a n g re a l e s ta t , b e r u s a h a d a la m b id a n g a k t iv it a s o la h r a g a d a n r e k r e a s i
la in n y a . U n t u k m e n c a p a i m a k s u d d a n t u ju a n t e r s e b u t P e r s e r o a a n d a p a t m e la k s a n a k a n k e g ita n
u s a h a b e r ik u t:
a. K e g ia t a n usaha u ta m a y a itu m e n ja la n k a n k e g ia t a n h o te l b in t a n g lim a , m e n ja la n k a n
k e g ia t a n usaha h o t e l b in t a n g e m p a t , m e n ja la n k a n k e g ia t a n usaha h o te l b in t a n g tig a ,
m e n ja la n k a n k e g ia t a n u s a h a h o te l b in t a n g d u a , m e n ja la n k a n k e g ia t a n u s a h a h o te l b in t a n g
s a tu , m e n ja la n k a n k e g ia t a n u s a h a h o t e l b in t a n g m e la ti, m e n ja la n k a n k e g ia t a n u s a h a v ila ,
m e n ja la n k a n k e g ia t a n u s a h a a p a r t e m e n h o te l, m e n ja la n k a n k e g ia t a n u s a h a p e n y e d ia a n
a k o m o d a s i ja n g k a p e n d e k la in n y a .
b. K e g ia t a n u s a h a p e n u n ja n g yang m endukung k e g ia t a n u s a h a u ta m a P e rs e ro a a n y a itu
m e n ja la n k a n k e g ia t a n u s a h a k o n s t r u k s i g e d u n g p e n g in a p a n , m e n ja la n k a n k e g ia t a n u s a h a
re a l e s ta t yang d im ilik i s e n d ir i a ta u d is e w a , m e n ja la n k a n k e g ia t a n usaha kaw asan
p a r iw is a t a .
K e g ia t a n U saha F IT T d ija la n k a n o le h 2 anak p e ru s a h a a n y a itu BMP dan FAW dengan
r in g k a s a n s e b a g a i b e r ik u t :
a. B M P m e n g e lo la h o te l b in t a n g 3 F itr a H o te l M a ja le n g k a , t e r d ir i d a r i 3 la n t a i d e n g a n to ta l
1 1 3 k a m a r . J e n is k a m a r d i F it r a H o t e l M a ja le n g k a y a itu E x e c u t iv e D e lu x e R o o m d e n g a n
lu a s 2 5 m 2, F itr a S u ite d e n g a n lu a s 2 8 m 2 d a n S u p e r io r d e n g a n lu a s 1 8 m 2. F a s ilit a s la in n y a
y a it u 3 ru a n g m e e tin g b e r k a p a s it a s 100 seat, a r e a p a r k ir s e r t a lounge & restaurant
b e r k a p a s it a s 8 0 p a x . S e la in itu , F itr a H o te l m e r u p a k a n p e lo p o r d a n s a t u - s a t u n y a H o te l d i
M a ja le n g k a y a n g m e n y e d ia k a n f a s ilit a s k id s c lu b le n g k a p d e n g a n p la y g r o u n d in d o o r y a n g
a m a n d a n m e n y e n a n g k a n u n tu k a n a k -a n a k .
K e u n g g u la n d a r i F it r a H o te l d ia n t a r a n y a d a r i s e g i a k s e s ib ilit a s s e b a g a i b e r i k u t :
1) 5 M e n it W a k t u T e m p u h J a la n K a k i k e M a s jid , I s la m ic C e n t r e M a ja le n g k a , d a n A lu n -
a lu n K o ta .
2) 5 M e n it W a k t u T e m p u h K e n d a r a a n k e U n iv e r s it a s d a n P u s a t P e m e r in t a h a n D a e r a h
M a ja le n g k a .
3) 1 0 M e n it W a k t u T e m p u h K e n d a r a a n k e P u s a t P e r b e la n ja a n , d a n s a la h s a tu t u ju a n
w is a t a d a n o la h r a g a p a r a la y a n g .
4) A k s e s T o l C is u m d a w u k e a r a h B a n d u n g • A k s e s T o l C ip a li k e a r a h J a k a r ta .
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5) ± 2 0 M e n it B a n d a r a K e r ta ja t i d a n
6) ± 5 0 M e n it P e la b u h a n C ir e b o n .
b. FAW m e ru p a k a n p e ru s a h a a n yang b e r lu m b e ro p e ra s i s e c a ra k o m e r s ia l d e n g a n iz in
k e g ia t a n u s a h a y a it u w is a t a r e lig i d a n t o u r t r a v e l h a ji s e la in itu u s a h a la in n y a b e r u p a
p e n y e d ia a n h o te l d a n p e n g in a p a n b a g i ja m a a h h a ji s e r t a m a n a je m e n p e n g e lo la a n w is a t a
r e lig i m a n a s ik u m ra h yang p r o p e s io n a l, am anah dan b e rk a h . P e ru s a h a a n m e m ilik i
p e n g e ta h u a n di b id a n g to u r & tra v e l s e c a ra in t e r n a s io n a l. FAW b e rte k a d u n tu k
m e m b e r ik a n h a r g a t e r ja n g k a u d e n g a n p e la y a n a n y a n g t e r b a ik b a g i c a lo n h a ji a ta u h a ja h .
P r o d u k y a n g d it a w a r k a n o le h F A W s e b a g a i b e r ik u t :
1) H o t e l d a n p e n g in a p a n b a g i ja m a a h b e r u p a h o te l m a u p u n a s r a m a h a ji y a n g n y a m a n
dan b e r k u a lit a s . B e k e r ja s a m a dengan p e n g in a p a n lo k a l u n tu k tu ru t m em bangun
p e r e k o n o m ia n p e n d u d u k lo k a l s e te m p a t.
2) U m r a h p a r k ( m a n a s ik u m r o h ) y a it u p e n g e m b a n g a n & m a n a je m e n w is a t a r e lig i m a n a s ik
u m ra h yang b e r s k a la in t e r n a s io n a l dengan s ta n d a r in t e r n a s io n a l di In d o n e s ia ,
k h u s u s n y a d i w ila y a h P r o v in s i J a w a B a r a t.
2 .4 S tr u k tu r P e r m o d a la n
B e r d a s a r k a n L a p o r a n K e u a n g a n A u d it p e r 3 0 S e p t e m b e r 2 0 2 5 , s u s u n a n p e m e g a n g s a h a m
F I T T a d a la h s e b a g a i b e r i k u t :
P e rs e n ta s e
Pem egang Saham Lem bar Saham J u m la h
K e p e m ilik a n
P T G lo r ia In ti N u s a n t a r a 3 0 0 .0 0 0 .0 0 0 2 3 ,0 0 % 3 0 .0 0 0 .0 0 0 .0 0 0
H e n d ra S u ta n to 2 4 7 .0 0 0 .0 0 0 1 8 ,9 4 % 2 4 .7 0 0 .0 0 0 .0 0 0
R ic h a r d S u w a n d i L ie 8 0 .0 0 0 .0 0 0 6 ,1 3 % 8 .0 0 0 .0 0 0 .0 0 0
M a s y a ra k a t 6 7 7 . 2 7 2 .0 5 1 5 1 ,9 3 % 6 7 .7 2 7 .2 0 5 .1 0 0
J u m la h 1 .3 0 4 .2 7 2 .0 5 1 1 0 0 ,0 0 % 1 3 0 .4 2 7 .2 0 5 .1 0 0
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2 .5 S u s u n a n M a n a je m e n d a n S tu k tu r O r g a n is a s i
S usunan D ir e k s i d a n Dewan K o m is a r is F I T T b e r d a s a r k a n la p o r a n keuangan a u d it p e r 3 0
S e p t e m b e r 2 0 2 5 a d a la h s e b a g a i b e r ik u t:
D e w a n K o m is a r is
K o m is a r is : N y . S iti R a h a y u
K o m is a r is I n d e p e n d e n : N y . Id a H a e r a n i
D ir e k s i
D ir e k t u r U t a m a T n . J o n i R iz a l
D ir e k t u r T n . T o m i T r is
D ir e k t u r T n . S u k in o
B e r ik u t s t r u k t u r o r g a n is a s i s e h u b u n g a n d e n g a n k e g ia t a n o p e r a s io n a l F IT T :
DEWAN KOMISARIS
1. Komisaris Utama
2. Komisaris Independen
KOMITE AUDIT
1. Ketua
2. Anggota
3. Anggota
KOMITE NOMINA SI & REMUNERASI
1. Ketua
2. Anggota
3. Anggota
DIREKSI
1. Direktur Utama
2. Direktur
3. Direktur
AUDIT INTERNAL
SEKRETARIS PERUSAHAAN
B U S IN E S S D EV ELOPM ENT
S u m b e r : M a n a je m e n F I T T
2 .6 L e g a lit a s d a n P e r iz in a n
L e g a lit a s d a n P e r iz in a n y a n g t e la h d im ilik i F I T T a d a la h s e b a g a i b e r ik u t:
a. A k t a P e n d ir ia n P e r s e r o a n T e r b a t a s P T H o te l F itr a S y a r ia h N o . 3 4 t a n g g a l 2 4 J a n u a r i 2 0 1 4
o le h M u h a m m a d H a n a fi, S . H ., N o t a r is d i J a k a r t a S e la t a n .
b. A k t a P e r n y a t a a n K e p u tu s a n P a r a P e m e g a n g S a h a m P T . H o te l F it r a I n t e r n a s io n a l N o . 2 3
t a n g g a l 1 6 F e b r u a r i 2 0 1 6 o le h B . A n d y W id y a n t o , S . H ., N o t a r is d i T a n g e r a n g S e la t a n .
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c. A k t a K e p u t u s a n P a r a P e m e g a n g S a h a m S e c a r a E d a r a n P T . H o te l F itr a I n t e r n a s io n a l N o .
1 9 t a n g g a l 2 3 A p r il 2 0 1 8 o le h R u d y S is w a n t o , S . H . , N o t a r is d i J a k a r t a U ta r a
d. A k t a P e r n y a t a a n K e p u tu s a n R a p a t P T . H o te l F it r a I n t e r n a s io n a l, T b k N o . 7 t a n g g a l 1 0 J u li
2 0 1 8 o le h R u d y S is w a n t o , S . H ., N o t a r is d i J a k a r t a U ta r a .
e. A k t a P e r n y a t a a n K e p u t u s a n R a p a t P T . H o te l F itr a I n t e r n a s io n a l, T b k N o . 1 8 t a n g g a l 2 4
J u li 2 0 1 8 o le h R u d y S is w a n t o , S .H ., N o t a r is d i J a k a r t a U ta r a .
f. A k t a P e r ja n jia n P e n g e lo la a n A d m in is t r a s i S a h a m P e n a w a r a n U m u m P e r d a n a P T . H o te l
F it r a I n t e r n a s io n a l, T b k N o . 1 9 t a n g g a l 2 4 J u li 2 0 1 8 o le h R u d y S is w a n t o , S . H ., N o t a r is d i
J a k a r t a U ta r a .
g. A k t a P e r n y a t a a n P e n e r b it a n W a r a n S e r i- I P e n a w a r a n U m u m P T . H o te l F it r a In t e r n a s io n a l
T b k N o . 2 0 t a n g g a l 2 4 J u li 2 0 1 8 o le h R u d y S is w a n t o , S .H ., N o t a r is d i J a k a r t a U ta r a .
h. A k ta P e n g e lo la a n A d m in is t r a s i W a r a n S e r i- I P T . H o te l F itr a I n t e r n a s io n a l T b k N o . 21
t a n g g a l 2 4 J u li 2 0 1 8 o le h R u d y S is w a n t o , S .H ., N o t a r is d i J a k a r t a U ta r a .
i. A k t a P e r n y a t a a n K e p u t u s a n R a p a t P T . H o te l F itr a I n t e r n a s io n a l, T b k N o . 9 t a n g g a l 1 2
S e p t e m b e r 2 0 1 8 o le h R u d y S is w a n t o , S .H ., N o t a r is d i J a k a r t a U ta r a .
j. A k t a P e r n y a t a a n K e p u tu s a n R a p a t P T . H o te l F it r a I n t e r n a s io n a l N o . 1 7 t a n g g a l 1 4 F e b r u a r i
2 0 1 9 o le h R u d y S is w a n t o , S .H ., N o t a r is d i J a k a r t a U ta r a .
k. A k ta P e r ja n jia n P e n ja m in a n E m is i E fe k P e n a w a ra n U m um P e rd a n a PT. H o te l F itr a
I n t e r n a s io n a l N o . 2 4 t a n g g a l 2 0 F e b r u a r i 2 0 1 9 o le h R u d y S is w a n t o , S .H ., N o t a r is d i J a k a r t a
U ta r a .
l. A k t a P e r ja n jia n P e n g e lo la a n A d m in is t r a s i S a h a m P e n a w a r a n U m u m P e r d a n a P T . H o te l
F it r a I n t e r n a s io n a l N o . 2 5 t a n g g a l 2 0 F e b r u a r i 2 0 1 9 o le h R u d y S is w a n t o , S . H . , N o t a r is d i
J a k a r t a U ta r a .
m. A k ta P e rn y a ta a n K e p u tu s a n P a ra Pem egang Saham S e c a ra E d a ra n PT. H o te l F itr a
I n t e r n a s io n a l, T b k N o . 1 5 t a n g g a l 2 7 M a r e t 2 0 1 9 o le h R u d y S is w a n t o , S .H ., N o t a r is d i
J a k a r t a U ta r a .
n. A k t a P e r n y a t a a n D e w a n K o m is a r is T e n t a n g K e p a s tia n J u m la h S a h a m d a n P e r u b a h a a n
A n g g a r a n D a s a r D a la m R a n g k a P e n a w a r a n U m u m P e r d a n a P T . H o te l F it r a I n t e r n a s io n a l
T b k N o . 5 t a n g g a l 1 8 J u n i 2 0 1 9 o le h R u d y S is w a n t o , S . H ., N o t a r is d i J a k a r t a U ta r a .
o. A k t a B e r it a A c a r a R a p a t U m u m P e m e g a n g S a h a m T a h u n a n P T . H o te l F it r a In t e r n a s io n a l,
T b k N o . 2 3 t a n g g a l 2 4 A g u s t u s 2 0 2 0 o le h D r. E r n y K e n c a n a w a t i S . H ., M .K n ., N o t a r is d i
Bandung.
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T H E S
K J P P Edi A n d e s ta d an R e k a n
p. A k ta P e rn y a ta a n K e p u tu s a n R apat P e ru b a h a n A n g g a ra n D asar PT. H o te l F itr a
I n t e r n a s io n a l, T b k N o . 2 5 t a n g g a l 1 8 A g u s t u s 2 0 2 1 o le h D r. E r n y K e n c a n a w a t i S .H ., M .K n .,
N o t a r is d i B a n d u n g .
q. A k t a R a p a t U m u m P e m e g a n g S a h a m T a h u n a n P T . H o te l F it r a I n t e r n a s io n a l, T b k N o . 3 3
t a n g g a l 3 0 A g u s t u s 2 0 2 1 o le h D r. E m y K e n c a n a w a t i S .H ., M .K n ., N o t a r is d i B a n d u n g .
r. A k t a B e r it a A c a r a R a p a t U m u m P e m e g a n g S a h a m T a h u n a n P T . H o te l F it r a In t e r n a s io n a l,
T b k No. 1 2 t a n g g a l 2 0 J u n i 2 0 2 2 o le h D r. E r n y K e n c a n a w a t i S .H ., M .K n ., N o t a r is d i
Bandung.
s. A k t a B e r it a A c a r a R a p a t U m u m P e m e g a n g S a h a m T a h u n a n P T . H o te l F it r a In t e r n a s io n a l,
T b k No. 1 5 t a n g g a l 2 6 J u n i 2 0 2 3 o le h D r. E r n y K e n c a n a w a t i S .H ., M . K n . , N o t a r is d i
Bandung.
t. A k ta B e r it a A c a ra R apat Um um Pem egang Saham Luar B ia s a PT. H o te l F itr a
I n t e r n a s io n a l, T b k N o . 1 6 t a n g g a l 2 6 J u n i 2 0 2 3 o le h D r. E r n y K e n c a n a w a t i S . H ., M .K n .,
N o t a r is d i B a n d u n g .
u. A k ta B e r it a A c a ra R apat Um um Pem egang Saham Luar B ia s a PT. H o te l F itr a
I n t e r n a s io n a l, T b k N o . 6 t a n g g a l 1 5 M a r e t 2 0 2 4 o le h D r. E r n y K e n c a n a w a t i S .H ., M .K n .,
N o t a r is d i B a n d u n g .
v. Nom or In d u k B e ru s a h a ( N IB ) No. 9120201271193, d ik e lu a r k a n o le h M e n te r i
I n v e s t a s i/ K e p a la B a d a n K o o r d in a s i P e n a n a m a n M o d a l, t a n g g a l 1 9 F e b r u a r i 2 0 1 9 .
w. N o m o r P o k o k W a jib P a ja k ( N P W P ) N o . 0 3 . 3 4 6 . 6 4 7 . 5 - 0 7 7 . 0 0 0 a ta s n a m a P T . H o te l F itr a
I n t e r n a t io n a l T b k .
x. S u r a t Iz in U s a h a P e r d a g a n g a n ( S I U P ) N o . 5 1 7 / 0 1 . P B - B / ll- D P M P T S P / 2 0 1 9 T a n g g a l 2 8
F e b r u a r i 2 0 1 9 d it e r b it k a m D in a s P e n a n a m a n M o d a l d a n P e ia y a n a n T e r p a d u S a tu P in tu
P e m e r in t a h K a b u p a t e n M a ja le n g k a .
2 .7 T e n a g a K e r ja
S esuai dengan la p o r a n keuangan A u d it p e r io d e 30 S e p te m b e r 2025 ju m la h k a ry a w a n
s e b a n y a k 6 2 o r a n g ( 2 3 k a r y a w a n te t a p , 2 2 k a r y a w a n k o n t r a k s e r t a 1 7 k a r y a w a n h a r ia n ) .
2 .8 T in ja u a n K in e r ja K e u a n g a n
Analisis kinerja keuangan historis FITT didasarkan atas Laporan Keuangan periode 2021,
2 0 2 2 , 2 0 2 3 , 2 0 2 4 d a n 3 0 S e p t e m b e r 2 0 2 5 y a n g t e la h d ia u d it o le h K a n t o r A k u n t a n P u b lik D ra .
S u h a rta ti d a n R e k a n .
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Tinjauan Posisi Keuangan
(D a la m R u p ia h )
2021 20 22 20 23 20 24 20 25
U R A IA N 1 Ja n - 31 D es 1 J a n - 31 Des 1 J a n - 31 Des 1 Ja n - 31 Des 1 Ja n - 30 S ept
A U D IT E D
ASET
A se t Lancar
K a s d a n S e ta r a K a s 1 0 .3 2 8 .4 2 6 .8 4 2 3 .7 7 6 .7 4 7 .5 0 8 2 .8 5 9 .7 2 9 .9 9 6 4 2 .6 8 3 .5 4 1 .4 7 1 3 2 .3 7 1 .2 1 2 .1 7 0
P iu ta n g U s a h a 2 8 5 .6 9 4 .2 0 1 3 5 8 .4 7 6 .3 4 3 3 3 5 .2 2 2 .9 6 5 3 6 1 .0 3 5 .4 0 9 3 9 2 .7 1 5 .3 0 3
P iu ta n g L a in -la in - P ih a k K e tig a 5 .3 8 0 .0 0 0 7 .0 9 2 .0 0 0 8 .4 9 4 .0 0 0 - -
P e rs e d ia a n 7 8 .0 1 5 .8 1 7 1 5 3 .6 2 3 .4 8 0 8 7 .1 1 4 .0 3 9 1 5 9 .2 6 5 .7 1 9 6 5 .4 0 4 .4 0 4
P a ja k D ib a y a r D im u k a - - - 4 .3 6 5 .3 2 2 -
U ang M uka - 6 2 7 .7 6 8 .1 8 4 1 .3 5 5 .9 7 2 .2 6 5 9 .7 0 6 .3 8 0 .7 2 3 1 8 .9 3 1 .6 3 7 .6 2 3
Ju m la h a s e t lan car 10.697 .516 .860 4 .9 2 3.7 07.5 15 4 .6 4 6.5 33.2 65 52 .914 .588 .644 51 .760 .969 .500
A s e t T id a k L a n c a r
A s e t p a ja k ta n g g u h a n 2 0 5 .4 7 3 .1 4 9 1 5 9 .3 7 3 .9 2 3 1 5 1 .3 7 8 .2 3 6 1 8 8 .1 4 8 .3 0 6 2 2 1 .3 6 8 .6 4 6
A s e t T e ta p 5 5 .6 6 2 .6 6 4 .1 6 3 5 6 .8 5 3 .7 8 6 .3 3 9 5 3 .0 1 0 4 0 4 .3 5 2 4 9 .2 2 8 .0 6 8 .3 5 8 4 6 .6 4 3 .7 2 1 .7 6 9
J u m la h a s e t tid a k lan car 5 5 .8 68 .137 .312 5 7 .0 13 .160 .262 53 .161 .782 .588 4 9 .4 16 .216 .664 4 6 .8 65 .090 .415
JU M LA H ASET 6 6 .5 65 .654 .172 6 1 .9 36 .867 .777 5 7 .8 08 .315 .853 102.33 0.80 5.30 8 9 8 .6 26 .059 .915
L IA B IL IT A S D A N E K U ITA S
L IA B IL IT A S
L ia b ilita s J a n g k a P e n d e k
U ta n g U s a h a 9 2 .9 8 0 .0 7 9 1 9 .9 9 9 .9 5 9 - - -
U ta n g L a in -la in - P ih a k K e tig a 3 4 2 .1 3 7 .0 0 3 1 2 1 .5 6 2 .5 0 0 1 0 7 .9 6 2 .3 7 4 3 0 .8 7 3 .0 0 0 1 0 0 .1 7 1 .9 0 5
U ta n g P a ja k 1 4 0 .8 2 1 .1 4 2 1 4 1 .8 9 5 .8 4 1 1 9 8 .0 2 6 .0 0 4 1 5 4 .7 7 8 .2 5 4 8 7 .2 1 4 .2 2 3
1 .3 5 4 .6 4 2 .2 1 5 1 .0 5 3 .0 3 6 .0 5 6 8 5 3 .5 4 2 .6 7 6 3 4 8 .7 9 8 .4 6 6 2 4 6 .5 1 6 .5 6 8
B ia y a Y a n g M a s ih H a ru s D ib a y a r
U ta n g B a n k - J a tu h T e m p o d a la m
3 .5 4 0 .0 0 0 .0 0 0 3 .7 2 0 .0 0 0 .0 0 0 5 .4 0 0 .0 0 0 .0 0 0 2 .7 0 0 .0 0 0 .0 0 0
1 Tahun 9 .3 0 0 .0 0 0 .0 0 0
U ta n g p e m e g a n g s a h a m 8 .8 5 6 .9 5 5 - 7 .0 0 0 .0 0 0 .0 0 0 8 .0 0 0 .0 0 0 .0 0 0 1 6 .5 0 0 .0 0 0 .0 0 0
J u m la h Liab ilitas Ja n g k a P end ek 5 .4 7 9.4 37.3 94 5.0 56.4 94.3 56 13 .559 .531 .054 17.834.449 .720 19 .633 .902 .696
L ia b ilita s J a n g k a P a n ja n g
U ta n g B a n k 2 2 .0 6 3 .1 0 0 .0 0 0 2 0 .8 0 3 .1 0 0 .0 0 0 1 5 .4 0 3 .1 0 0 .0 0 0 6 .1 0 3 .1 0 0 .0 0 0 6 .1 0 3 .1 0 0 .0 0 0
Im b a la n p a s c a k e rja 9 3 3 .9 6 8 .8 5 9 7 2 4 .4 2 6 .9 2 4 6 8 8 .0 8 2 .8 9 2 8 5 5 .2 1 9 .5 7 2 1 .0 0 6 .2 2 1 .1 2 1
J u m la h Liab ilitas Ja n g k a P anjang 22 .9 9 7 .0 6 8 .8 5 9 21 .5 2 7 .5 2 6 .9 2 4 1 6 .0 91 .182 .892 6 .9 5 8.3 19.5 72 7.109.321.121
J U M L A H L IA B IL IT A S 2 8 .4 7 6 .5 0 6 2 5 3 2 6 .5 84 .021 .280 2 9 .6 50 .713 .946 24 .7 9 2 .7 6 9 .2 9 2 26 .743 .223 .816
E K U ITA S
M odal saham 7 0 .3 5 9 .2 5 8 .7 0 0 7 2 .6 1 3 .0 1 9 .9 0 0 7 2 .6 1 3 .0 1 9 .9 0 0 1 3 0 .4 2 7 .2 0 5 .1 0 0 1 3 0 .4 2 7 .2 0 5 .1 0 0
T a m b a h a n m o d a l d is e to r (7 .2 7 2 .0 9 9 .4 1 7 ) (6 .4 1 5 .6 6 9 .4 7 1 ) ( 6 .4 1 5 .6 6 9 .4 7 1 ) (7 .1 1 4 .6 6 9 .4 7 1 ) (7 .1 1 4 .6 6 9 .4 7 1 )
D e fis it (2 4 .9 9 8 .0 6 7 .4 7 4 ) (3 0 .8 4 4 .5 1 7 .9 2 8 ) (3 8 .0 3 9 .4 8 8 .6 5 9 ) (4 5 .7 9 3 .7 0 1 .9 2 9 ) (5 1 .4 4 8 .8 6 5 .4 7 7 )
J u m la h E k u ita s Y a n g D a p a t
D ia trib u s ik a n
K e p a d a P e m ilik E n tita s In d u k 3 8 .0 8 9 .0 9 1 .8 0 9 3 5 .3 5 2 .8 3 2 .5 0 1 2 8 .1 5 7 .8 6 1 .7 7 0 7 7 .5 1 8 8 3 3 .7 0 0 7 1 .8 6 3 .6 7 0 .1 5 2
K e p e n tin g a n N o n - P e n g e n d a li 5 6 .1 1 0 1 3 .9 9 6 ( 2 5 9 .8 6 3 ) 1 9 .2 0 2 .3 1 6 1 9 .1 6 5 .9 4 8
J U M L A H E K U ITA S 3 8 .0 89 .147 .919 3 5 .3 52 .846 .497 28 .1 5 7 .6 0 1 .9 0 7 7 7 .5 38 .036 .016 71 .882 .836 .100
J U M L A H L IA B IL IT A S D A N E K U ITA S 66 .5 6 5 .6 5 4 .1 7 2 61 .936 .867 .777 5 7 .8 08 .315 .853 102.33 0.80 5.30 8 9 8 .6 26 .059 .916
S u m b e r : L a p o r a n K e u a n g a n A u d it F I T T T a h u n 2 0 2 1 - S e p te m b e r 2 0 2 5 , d io la h
Aset
S e la m a p e r io d e h is t o r is 2021 - 30 S e p te m b e r 2025, to ta l aset P e rs e ro a n m e n g a la m i
p e n in g k a t a n d e n g a n C A G R 1 0 , 3 3 % . H a l in i t e r ja d i k a r e n a a d a n y a p e n in g k a t a n k a s d a n s e ta r a
k a s y a n g d im ilik i P e r s e r o a n .
L ia b ilita s
T o t a l lia b ilit a s P e r s e r o a n s e la m a p e r io d e h is t o r is 2 0 2 1 - 3 0 S e p t e m b e r 2 0 2 5 m e n u n ju k k a n
p e n u ru n a n dengan CAGR s e b e s a r 1 ,5 6 % . K e n a ik a n lia b ilit a s P e rs e ro a n s e b a g ia n besar
s e h u b u n g a n d e n g a n u ta n g b a n k y a n g m e n g a la m i p e n u r u n a n s e t ia p ta h u n n y a .
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K J P P E di A n d e s ta d an R e k a n
E k u ita s
S e la m a p e r io d e h is t o r is 2021 - 30 S e p te m b e r 2025, e k u it a s P e rs e ro a n m e n g a la m i
p e n in g k a t a n d e n g a n C A G R 1 7 , 2 1 % . H a l in i t e r ja d i k a r e n a a d a n y a p e n in g k a t a n p a d a s e to r a n
m o d a l P e rs e ro a n .
T i n i a u a n L a b a ( R u q i)
(D a la m R u p ia h )
2021 20 22 2023 20 24 2025
U R A IA N 1 Jan - 31 Des 1 J a n - 31 Des 1 Jan - 31 Des 1 J a n - 31 Des 1 J a n - 30 S ept
A U D IT E D
P e n d a p a ta n 8 .7 5 9 .8 7 3 .7 7 4 1 0 .4 9 5 .2 8 1 .0 0 6 1 1 .8 3 3 .5 2 5 .2 3 7 1 3 .3 4 1 .8 1 9 .4 0 0 6 .3 6 0 .6 7 5 .7 2 5
B e b a n p o k o k p e n d a p a ta n (5 .6 0 1 .5 9 9 .0 2 0 ) (6 .5 3 3 .6 2 4 .8 7 6 ) (7 .6 5 2 .0 1 7 .8 6 5 ) (9 .1 2 3 .6 1 6 .7 5 4 ) (5 .1 2 5 .7 6 8 .1 1 5 )
Laba (ru g i) k o to r 3.1 58.2 74.7 54 3.9 61.6 56.1 30 4.1 8 1 .5 0 7 .3 7 2 4 .2 1 8 2 0 2 .6 4 6 1.234.9 07.6 10
B eban U saha ( 6 .3 3 5 .6 8 1 .0 3 5 ) (6 .8 6 2 .8 3 2 .7 4 1 ) (8 .3 3 5 .6 3 8 .2 8 9 ) (9 .4 9 2 .9 5 4 .3 3 7 ) (5 .5 4 1 .1 3 6 .9 4 0 )
P e n d a p a ta n (B e b a n ) L a in -la in
P e n d a p a ta n J a s a G iro 1 3 .9 6 2 .1 9 3 5 4 .4 0 5 .8 2 7 1 7 .7 7 9 .0 2 4 1 9 6 .1 6 0 .0 0 6 1 4 1 .0 2 6 .7 3 7
P e n d a p a ta n L a in -la in 1 3 7 .2 3 9 .7 3 4 1 8 4 .8 2 0 .1 5 3 1 2 5 .3 4 8 .0 7 3 1 .7 6 4 .6 9 4 8 .1 9 2 .6 6 2
B u n g a P in ja m a n B a n k (2 .2 1 1 .2 4 4 .9 8 6 ) (3 .3 0 6 .2 8 0 .8 9 1 ) (3 .2 5 4 .1 2 1 .2 9 3 ) ( 2 .2 7 8 .1 6 1 .0 3 0 ) (1 .0 8 8 .4 5 7 .3 1 8 )
B unga Sew a
P e m b ia y a a n ( 1 9 .9 9 6 .1 7 2 ) (1 .2 3 5 .5 5 6 )
P a ja k B u n g a (2 .8 2 4 .3 4 0 ) (1 0 .8 9 7 .7 3 4 ) ( 3 .5 1 0 .6 7 0 ) ( 3 9 .2 2 3 .2 1 1 ) ( 2 8 .0 9 7 .8 2 7 )
A d m in is tr a s i B a n k (8 .0 7 2 .5 0 0 ) (7 .6 2 9 .6 4 0 ) ( 8 .5 4 2 .2 2 9 ) (7 .4 1 1 .4 0 4 ) (4 .3 8 8 .4 9 5 )
B u n g a P in ja m a n
Pem egang S aham (1 6 1 .3 8 8 .8 9 8 ) (1 1 7 .6 0 4 .1 6 9 ) (4 2 4 .0 9 7 .2 4 3 ) (4 1 0 .4 1 6 .6 8 7 )
R ugi se b elu m pajak (5 .4 2 9 .7 3 1 2 5 0 ) (5 .9 87 .994 .452 ) (7 .3 94 .782 .181 ) (7 .8 25 .719 .879 ) (5 .688 .370 .257 )
M a n fa a t (b e b a n ) p a ja k
P a ja k k in i - - -
P a ja k ta n g g u h a n 7 .8 9 4 .2 6 7 (5 .8 2 8 .7 7 3 ) 3 7 .6 6 1 .6 3 4 4 4 .2 9 3 .7 8 8 3 3 .2 2 0 .3 4 1
R ugi ta h u n berjalan (5 .421 .836 .983 ) (5 .9 9 3 .8 2 3 2 2 5 ) (7 .3 57 .120 .547 ) (7 .7 81 .426 .091 ) (5 .655 .149 .916 )
S u m b e r : L a p o r a n K e u a n g a n A u d it F I T T T a h u n 2 0 2 1 - S e p te m b e r 2 0 2 5 , d io la h
P e n d a p a ta n
P e n d a p a ta n P e rs e ro a n s e la m a p e r io d e h is t o r is 2021 - 30 S e p te m b e r 2 0 2 5 m e n g a la m i
p e n u ru n a n sebesar C AG R 0 ,8 1 % . H a l in i t e r ja d i k a re n a adanya p e n u ru n a n p e n d a p a ta n
P e r s e r o a n p a d a p e n y e d ia a n ja s a la y a n a n h o te l.
B e b a n P o k o k P e n d a p a ta n
B e b a n p o k o k p e n d a p a t a n P e r s e r o a n m e n u n ju k k a n k e n a ik a n d a r i t a h u n 2 0 2 1 - 3 0 S e p t e m b e r
2 0 2 5 d e n g a n C A G R s e b e s a r 5 ,1 0 % . H a l in i d ik a r e n a k a n a d a n y a p e n in g k a t a n p a d a b e b a n
t e r k a it u s a h a p e r h o t e la n .
R u g i T a h u n B e r ja la n
P e r s e r o a n m e n c a t a t k a n ru g i t a h u n b e r ja la n s e la m a p e r io d e h is t o r is 2 0 2 1 - 3 0 S e p t e m b e r 2 0 2 5
d e n g a n p e n in g k a t a n C A G R s e b e s a r 8 ,5 9 % . H a l in i d ik a r e n a k a n o le h m e n in g k a t n y a b e b a n
b e b a n Ia in - la in .
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/ / F / C
KJPP Edi A n d e s t a dan Rekan
/ S >A
O
T in ia u a n A r u s K a s
( D a la m R u p ia h )
2021 2022 20 23 20 24 20 2 5
U R A IA N 1 Ja n - 31 Des 1 Jan - 31 Des 1 Jan - 31 Des 1 Ja n - 31 Des 1 J a n - 30 S ept
A U D IT E D
A R U S K A S D A R I A K T IV IT A S
OPERASI
P e n e rim a a n K a s D a ri
7 .5 8 7 .2 5 9 .0 0 4 1 0 .2 0 1 .9 2 4 .3 6 1 1 1 .8 4 3 .1 7 8 .4 8 9 1 3 .2 3 8 .9 1 7 .5 8 2 6 .3 9 8 .2 9 4 .7 3 6
P e la n g g a n
P e m b a y a ra n K a s K e p a d a
( 5 .5 3 0 .1 4 2 .6 0 4 )
P e m a s o k d a n P ih a k K e tig a (6 .9 7 4 .1 7 0 .0 2 7 ) ( 8 .5 5 4 .3 3 2 .3 6 3 ) (1 8 .5 4 1 .1 7 8 .4 3 6 ) (4 .9 1 9 .8 9 7 .0 5 3 )
P e m b a y a ra n K a s K e p a d a
(3 .1 8 5 .3 1 1 .9 9 7 ) (3 .6 3 6 .5 3 4 .7 4 0 ) (3 .6 6 8 .1 7 4 .9 8 1 ) (3 .6 9 1 .4 6 8 .8 6 0 ) (2 .8 6 2 .9 7 1 .5 9 9 )
K a ry a w a n
P e n e rim a a n (P e m b a y a ra n ):
P e n g h a s ila n B u n g a 1 1 .1 3 7 .8 5 3 4 3 .5 0 8 .0 9 3 1 4 .2 6 8 .3 5 4 1 5 6 .9 3 6 .7 9 5 1 1 2 .9 2 8 .9 1 0
Beban K euangan (2 .5 0 0 .7 0 2 .5 5 6 ) (3 .4 1 5 .1 4 6 .0 8 7 ) (3 .3 8 0 .2 6 7 .6 9 1 ) (2 .7 0 9 .6 6 9 .6 7 7 ) ( 1 .5 0 3 .3 1 2 .5 0 0 )
B e b a n P a ja k (2 4 .4 1 3 .2 9 1 ) (1 3 1 .0 6 8 .4 2 6 ) (2 8 8 .0 3 7 .6 6 2 ) (1 .2 4 0 .7 2 1 .9 2 3 ) (1 8 5 .3 7 9 .7 5 7 )
O p e ra s io n a l L a in n y a 1 3 7 .2 3 9 .7 3 4 1 8 4 .8 2 0 .1 5 3 1 2 5 .3 4 8 .0 7 3 1 .7 6 4 .6 9 4 8 .1 9 2 .6 6 2
A ru s ka s bersih d igun akan
(3 .5 04 .933 .857 ) (3 .726 .666 .673 ) (3 .9 08 .017 .781 ) (1 2 .78 5.41 9.82 5) (2 .952 .144 .601 )
u n tu k aktivitas op erasi
A R U S K A S D A R I A K T IV IT A S
IN V E S T A S I
U a n g M u k a P e k e rja a n
P ro je c t K e rta ja ti U m ro h - - - - (9 .2 2 5 .2 5 6 .9 0 0 )
P a rk
P e ro le h a n A s e t T e ta p (2 6 7 .1 2 5 .9 8 0 ) (4 9 4 6 .3 4 6 .8 5 2 ) (2 8 8 .9 9 9 .7 3 1 ) (1 2 5 .9 5 3 .9 0 0 ) (3 4 .9 2 7 .8 0 0 )
A ru s kas bersih aktivitas
(2 67.1 25.9 80) (4 .946 .346 .852 ) (2 88.9 99.7 31) (125.9 53.9 00) (9 .2 60 .184 .700 )
in vestasi
A R U S K A S D A R I A K T IV IT A S
PENDANAAN
T a m b a h a n M o d a l D is e to r Y a n g
B e ra s a l D a ri
P e n e rb ita n S a h a m B a ru 1 4 .2 9 5 .7 7 6 .3 1 6 3 .1 1 0 .1 9 1 .1 4 6 - 5 0 .8 3 4 .1 8 5 .2 0 0 -
B ia y a E m is i S a h a m (7 1 0 .0 0 0 .0 0 0 ) (9 8 0 .0 0 0 .0 0 0 ) - (6 9 9 .0 0 0 .0 0 0 ) -
P e m b a y a ra n U ta n g B a n k (1 6 7 .0 9 5 .8 2 8 ) (8 .8 5 6 .9 5 5 ) (3 .7 2 0 .0 0 0 .0 0 0 ) (5 .4 0 0 .0 0 0 .0 0 0 ) (6 .6 0 0 .0 0 0 .0 0 0 )
P e n e rim a a n P in ja m a n d a ri
( 1 .0 0 0 .0 0 0 .0 0 0 ) - 7 .0 0 0 .0 0 0 .0 0 0 8 .0 0 0 .0 0 0 .0 0 0 8 .5 0 0 .0 0 0 .0 0 0
P ih a k B e re la s i
A ru s kas bersih d ip ero le h dari
12 .418 .680 .488 2.121.334.191 3.2 80.0 00.0 00 5 2 .7 35 .185 .200 1.9 00.000.000
ak tiv ita s pend anaan
P E N U R U N A N K A S DAN
8.646.620.651 (6 .551 .679 .334 ) (9 17.0 17.5 12) 39 .8 2 3 .8 1 1 .4 7 5 (1 0 .31 2.32 9.30 1)
S E T A R A KAS
KAS DAN SETARA K AS A W AL
1 .6 8 1 .8 0 6 .1 9 1 1 0 .3 2 8 .4 2 6 .8 4 2 3 .7 7 6 .7 4 7 .5 0 8 2 .8 5 9 .7 2 9 .9 9 6 4 2 .6 8 3 .5 4 1 .4 7 1
TAHUN
S A LD O A K H IR K A S DAN
10 .328 .426 .842 3 .7 7 6 .7 47.5 08 2 .8 5 9.7 29.9 96 42.683.541.471 32 .371 .212 .170
S E T A R A KAS
S u m b e r : L a p o r a n K e u a n g a n A u d it F I T T T a h u n 2 0 2 1 - S e p te m b e r 2 0 2 5 , d io la h
A r u s K a s d a r i A k tiv ita s O p e r a s i
A r u s k a s d a r i a k t iv it a s o p e r a s i P e r s e r o a n s e la m a p e r io d e h is t o r is , m e n c a t a t k a n a r u s k a s n e g a t if
d a n d i t a h u n 2 0 2 4 m e n c a t a t k a n p e n in g k a t a n t e r t in g g i. H a l in i d ik a r e n a k a n a d a n y a p e n in g k a t a n
p e m b a y a r a n k a s k e p a d a p e m a s o k d a n p ih a k k e t ig a d i t a h u n t e r s e b u t.
A r u s K a s d a r i A k tiv ita s In v e s ta s i
A r u s k a s d a r i a k t iv it a s in v e s t a s i s e la m a p e r io d e h is t o r is s e la lu m e n c a t a t k a n k e g ia t a n in v e s t a s i
y a n g t e r ja d i s e la m a p e r io d e h is t o r is 2 0 2 1 - 3 0 S e p t e m b e r 2 0 2 5 t e r k a it p e n a m b a h a n a s e t t e t a p
d a n u n t u k p e r o le h a n p e k e r ja a n p r o y e k K e r ta ja t i U m r a h P a r k .
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T I F I C A S L
K J P P Edi A n d e s ta d an R e k a n
A r u s K a s d a r i A k tiv ita s P e n d a n a a n
A ru s kas d a ri a k t iv it a s pendanaan P e rs e ro a n s e la m a p e r io d e h is t o r is ta h u n 2021 - 30
S e p t e m b e r 2 0 2 5 s e b a g ia n b e s a r t e r k a it d e n g a n p e m b ia y a a n u n t u k k e b u t u h a n m o d a l k e r ja
o p e r a s io n a l P e r s e r o a n . D i p e r io d e a w a l t a h u n 2 0 2 4 , P e r s e r o a n m e m p e r o le h p e n e r b it a n s a h a m
b a ru .
R a s io K e u a n g a n
R a s i o L i k u id it a s
R a s io L ik u id ita s 2021 2022 2023 2024 2025
Current Ratio (x) 1,95 0,97 0,34 2,97 2,64
Quick Ratio (x) 1,94 0,82 0,24 2,41 1,67
Cash Ratio (x) 1,88 0,75 0,21 2,39 1,65
s R a s io la n c a r P e r s e r o a n p a d a t a h u n 2 0 2 1 - 2 0 2 3 r a t a - r a t a m e n u n ju k k a n a n g k a d i a ta s 1,
h a l in i m e n u n ju k k a n b a h w a P e r s e r o a n m e m ilik i t in g k a t lik u id it a s s e h a t d a la m m e lu n a s i
lia b ilit a s ja n g k a p e n d e k n y a m e n g g u n a k a n a s e t la n c a r .
R a s io S o lv a b ilita s
R A S IO S O L V A B IL IT A S 2021 2022 2023 2024 2025
Debt To Equity Ratio (x) 0,67 0,69 0,99 0,30 0,35
Debt To Asset Ratio (x) 0,38 0,40 0,48 0,23 0,26
s U t a n g b e r b u n g a t e r h a d a p e k u it a s t e r lih a t m e n g a la m i p e n u r u n a n p e r io d e h is t o r is d a r i t a h u n
2021 s a m p a i d e n g a n 3 0 S e p t e m b e r 2 0 2 5 , h a l in i m e n u n ju k a n a d a n y a p e r b a ik a n p a d a
s tru k tu r m odal P e rs e ro a n yang le b ih kuat pada e k u it a s yang d im ilik i P e rs e ro a n
d ib a n d in g k a n f a s ilit a s u ta n g b e r b u n g a y a n g d ig u n a k a n .
R a s io A k tiv ita s
R A S IO A K T IV IT A S 2022 2023 2024 2025
Perputaran Piutang 11 11 10 22
Perputaran Persediaan 6 6 5 8
S P e rp u ta ra n p iu t a n g dan p e r s e d ia a n m e m ilik i a n g k a ra ta -ra ta s e la m a p e r io d e h is t o r is
m a s in g - m a s in g s e b e s a r 1 3 h a r i d a n 6 h a r i. H a l in i m e n u n ju k k a n lik u id it a s y a n g k u a t d a n
e f is ie n s i d a la m p e n g e lo la a n p iu t a n g d a n p e r s e d ia a n .
P T H o te l F itr a In t e r n a t io n a l T b k
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S C I E N T I F I C A P P R A I S A L
K J P P Edi A n d e s ta d an R e k a n
R a s io P r o fita b ilita s
Rasio Profitabilitas 2021 2022 2023 2024 2025
Gross Profit Margin 36,05% 37,75% 35,34% 31,62% 19,41%
Operating Profit Margin -61,98% -57,05% -62,49% -58,66% -89,43%
Net Profit Margin -61,89% -57,11% -62,17% -58,32% -88,91%
Return On Asset -8,15% -9,68% -12,73% -7,60% -5,73%
Return On Equity -14,23% -16,95% -26,13% -10,04% -7,87%
•/ S e la m a p e r io d e h is t o r is m a r g in k e u n t u n g a n d a r i k e g ia t a n o p e r a s io n a l m e n u n ju k k a n h a s il
yang n e g a tif. H a l in i m e n u n ju k a n b a h w a P e r s e r o a n m e m ilik i k in e r ja y a n g k u r a n g b a ik
s e b a g a i p e r u s a h a a n d ib id a n g p e n y e d ia a n h o te l.
2 .9 P r o fil P T P o s e id o n S h ip p in g In d o n e s ia
D a la m r e n c a n a p e n a m b a h a n K B L I, F I T T a k a n m e ia k u k a n a k u s is i t e r h a d a p p e r u s a h a a n b e r ik u t
in i:
P S I a d a la h sebuah P e r s e r o a n T e r b a t a s y a n g d id ir ik a n b e rd a s a rk a n p e ra tu ra n p e ru n d a n g -
u n d a n g a n R e p u b lik In d o n e s ia . A n g g a r a n d a s a r P e r u s a h a a n t e la h d is a h k a n d a n b e r la k u e f e k t if
p a d a t a n g g a l 2 7 J u n i 2 0 2 3 d i J a k a r t a b e r d a s a r k a n A k t a P e n d ir ia n N o . 11 t a n g g a l 2 3 J u n i 2 0 2 3
d ib u a t o le h N o t a r is A n a s t a s ia C h a n d r a , S . H . , M .K n ., N o t a r is d i K a b u p a t e n T a n g e r a n g . A k t a
te rs e b u t sudah m e n d a p a tk a n p e r s e t u ju a n d a ri M e n te r i H ukum dan H ak A sasi M a n u s ia
R e p u b lik I n d o n e s ia b e r d a s a r k a n S u r a t K e p u tu s a n M e n te r i H u k u m d a n H a k A s a s i M a n u s ia
R e p u b lik In d o n e s ia Nom or A H U - 0 0 4 6 6 7 7 . A H . 0 1 . 01 .T a h u n 2023 te n ta n g P engesahan
P e n d ir ia n B a d a n H u k u m P e r s e r o a n T e r b a t a s P T . P o s e id o n S h ip p in g In d o n e s ia .
M a k s u d d a n t u ju a n s e r t a k e g ia t a n u s a h a P S I t e r c a n t u m d a la m A k t a N o . 11 t a n g g a l 2 3 J u n i
2 0 2 3 y a itu b e r u s a h a d a la m b id a n g A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g U m u m ( K B L I
5 0 1 3 1 ) , A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g K h u s u s ( K B L I 5 0 1 3 3 ) , A n g k u t a n L a u t L u a r
N e g e ri u n tu k B a ra n g Um um (K B L I 5 0 1 4 1 ) d a n A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g
K h u s u s (K B L I 5 0 1 4 2 )
U n t u k m e n c a p a i m a k s u d d a n t u ju a n t e r s e b u t d ia t a s P S I d a p a t m e la k s a n a k a n k e g ia t a n u s a h a
s e b a g a i b e r ik u t :
a. A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g U m u m ( K B L I 5 0 1 3 1 )
K e lo m p o k in i m encakup usaha p e n g a n g k u ta n b a ra n g um um m e la lu i la u t dengan
m e n g g u n a k a n k a p a l la u t a n t a r p e la b u h a n d a la m n e g e r i d e n g a n m e la y a r i t r a y e k s e c a r a
te ta p dan t e r a t u r ( lin e r ) d e n g a n b e r ja d w a l, a ta u tra y e k t id a k te ta p dan t id a k t e r a t u r
( t r a m p e r ) . T e r m a s u k u s a h a p e r s e w a a n a n g k u ta n la u t b e r ik u t o p e r a t o m y a .
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K J P P Edi A n d e s ta da n R e k a n
b. A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g K h u s u s ( K B L I 5 0 1 3 3 )
K e lo m p o k in i m e n c a k u p u s a h a p e n g a n g k u t a n b a r a n g d e n g a n m e n g g u n a k a n k a p a l la u t
y a n g d ir a n c a n g s e c a r a k h u s u s u n t u k m e n g a n g k u t s u a t u je n is b a r a n g t e r t e n t u , s e p e r t i
a n g k u t a n b a r a n g b e r b a h a y a , lim b a h b a h a n b e r b a h a y a d a n b e r a c u n , b a h a n b a k a r m in y a k ,
m in y a k b u m i, h a s il o la h a n , L P G , L N G d a n C N G , ik a n d a n s e je n is n y a . T e r m a s u k u s a h a
p e r s e w a a n a n g k u ta n la u t b e r ik u t o p e r a t o m y a .
c. A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g U m u m (K B L I 5 0 1 4 1 )
K e lo m p o k in i m e n c a k u p u s a h a p e n g a n g k u t a n b a r a n g m e la lu i la u t d e n g a n m e n g g u n a k a n
k a p a l la u t a n t a r p e la b u h a n d i I n d o n e s ia d e n g a n p e la b u h a n d i lu a r n e g e r i d e n g a n m e la y a r i
t r a y e k s e c a r a t e t a p d a n t e r a t u r ( lin e r ) d e n g a n b e r ja d w a l, a ta u t r a y e k t id a k t e t a p d a n t id a k
t e r a t u r ( t r a m p e r ) . T e r m a s u k u s a h a p e r s e w a a n a n g k u ta n la u t b e r ik u t o p e r a t o m y a .
d. A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g K h u s u s (K B L I 5 0 1 4 2 )
K e lo m p o k in i m encakup usaha a n g k u ta n la u t in t e m a s io n a l u n tu k b a ra n g khusus,
c o n t o h n y a a n g k u t a n b a r a n g b e r b a h a y a , lim b a h b a h a n b e r b a h a y a d a n b e r a c u n , t e r m a s u k
ik a n d a n s e je n is n y a . A n g k u t a n la u t k h u s u s d e n g a n m enggunakan k a p a l b e rb e n d e ra
I n d o n e s ia d e n g a n k o n d is i d a n p e r s y a r a t a n k a p a ln y a d is e s u a ik a n d e n g a n je n is k e g ia t a n
u s a h a p o k o k n y a s e r t a u n t u k m e la y a n i t r a y e k t id a k t e t a p d a n t id a k t e r a t u r a ta u t r a m p e r
a n t a r p e la b u h a n di In d o n e s ia dengan p e la b u h a n di lu a r n e g e r i. T e rm a s u k usaha
p e r s e w a a n a n g k u t a n la u t b e r ik u t o p e r a t o m y a .
S a a t in i P S I b e r lo k a s i d i A u t o g r a p h T o w e r , T h a m r in N in e C o m p le x , J a la n M H . T h a m r in N o .
1 0 , D e s a / K e lu r a h a n K e b o n M e la t i, K e c . T a n a h A b a n g , K o t a A d m . J a k a r t a P u s a t, P r o v in s i D K I
J a k a r ta .
2 .1 0 P ro d u k d an L a y a n a n
P S I m e ru p a k a n p e ru s a h a a n dengan k e g ia t a n u s a h a u t a m a d i b id a n g ja s a p e n g a n g k u t a n
b a r a n g m e la lu i j a lu r p e la y a r a n d o m e s t ik m a u p u n in t e m a s io n a l, m e lip u ti p e n g a n g k u t a n b a r a n g
um um dan b a ra n g kh u su s. N a m u n , p e ru s a h a a n s a a t in i b e lu m b e ro p e ra s i s e c a ra r e s m i.
B e rd a s a rk a n re n c a n a p e ru s a h a a n , la y a n a n yang akan d is e d ia k a n o le h PSI y a itu
p e n g a n g k u t a n k o m o d it a s u ta m a b e r u p a b ijih n ik e l d a n b a tu k a p u r d e n g a n r u te o p e r a s io n a l
u t a m a b e r a d a d i p e r a ir a n S u la w e s i, y a it u r u te K e n d a r i - L a n g a r a d a n r u t e R a h a - B a u b a u .
S e b a g a i p e r u s a h a a n y a n g b e r k o m it m e n p a d a p e m b a n g u n a n b e r k e la n ju t a n , P S I t id a k h a n y a
b e r f o k u s p a d a p e n c a p a ia n k in e r ja e k o n o m i, t e t a p i ju g a s e c a r a a k t if m e n ja la n k a n t a n g g u n g
ja w a b s o s ia l p e ru s a h a a n (C S R ), dengan t u ju a n m e n d o ro n g k e m a ju a n in d u s t r i s e k a iig u s
m e n c ip t a k a n n ila i y a n g b e r k e la n ju t a n b a g i m a s y a r a k a t .
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2 .1 1 S tr u k tu r P e r m o d a la n
B e rd a s a rk a n A k ta P e rn y a ta a n K e p u tu s a n Pem egang Saham PSI No. 52 Tanggal 23
S e p te m b e r 2 0 2 5 o le h A n a s t a s ia C h a n d ra , S .H ., M .K n , N o t a r is di T a n g e ra n g , susunan
p e m e g a n g s a h a m P S I a d a la h s e b a g a i b e r ik u t :
Persentase
Pemegang Saham Lembar Saham Jumlah
Kepemilikan
P T A n a g a G ro u p In d o n e s ia 4 9 .5 0 0 9 9 ,0 0 % 4 9 .5 0 0 .0 0 0 .0 0 0
P T G a lle y A d h ik a A rn a w a m a 500 1 ,00 % 5 0 0 .0 0 0 .0 0 0
Jumlah 50.000 100,00% 50.000.000.000
2 .1 2 S u s u n a n M a n a je m e n d a n S tu k tu r O r g a n is a s i
B e r d a s a r k a n A k t a P e r n y a t a a n K e p u t u s a n P e m e g a n g S a h a m P S I N o . 3 3 T a n g g a l 3 0 J u li 2 0 2 5
o le h A n a s t a s ia C h a n d r a , S . H ., M .K n ., N o t a r is d i T a n g e r a n g , s u s u n a n D ir e k s i d a n D ewan
K o m is a r is P S I p e r 3 0 S e p t e m b e r 2 0 2 5 a d a la h s e b a g a i b e r ik u t:
D e w a n K o m is a r is
K o m is a r is : Ib u G r a c e T ju g ia r t o
D ir e k s i
D ir e k t u r : B a p a k J u s tin W id ja ja
B e r ik u t s t r u k t u r o r g a n is a s i s e h u b u n g a n d e n g a n k e g ia t a n o p e r a s io n a l P S I:
S u m b e r : M a n a je m e n P S I
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K J P P E di A n d e s ta d an R e k a n
2 .1 3 L e g a lit a s d a n P e r iz in a n
L e g a lit a s d a n P e r iz in a n y a n g t e la h d im ilik i P S I a d a la h s e b a g a i b e r ik u t:
a. A k t a P e n d ir ia n P e r s e r o a n T e r b a t a s P T . P o s e id o n S h ip p in g I n d o n e s ia N o . 11 t a n g g a l 2 3
J u n i 2 0 2 3 o le h A n a s t a s ia C h a n d r a , S . H ., M .K n ., N o t a r is d i T a n g e r a n g .
b. A k t a P e r n y a t a a n K e p u t u s a n P e m e g a n g S a h a m P T . P o s e id o n S h ip p in g I n d o n e s ia N o . 3 3
T a n g g a l 3 0 J u li 2 0 2 5 S e p t e m b e r 2 0 2 5 o le h A n a s t a s ia C h a n d r a , S .H ., M .K n ., N o t a r is d i
T a n g e ra n g .
c. A k t a P e r n y a t a a n K e p u tu s a n P e m e g a n g S a h a m P S I N o . 5 2 T a n g g a l 2 3 S e p t e m b e r 2 0 2 5
o le h A n a s t a s ia C h a n d r a , S .H ., M .K n ., N o t a r is d i T a n g e r a n g .
d. N P W P N o . 3 9 . 4 4 9 . 7 3 0 . 9 - 0 7 2 . 0 0 0 a ta s n a m a P T . P o s e id o n S h ip p in g In d o n e s ia .
e. Nom or In d u k B e ru s a h a ( N IB ) No. 0307230084094, d ik e lu a r k a n o le h M e n te r i
I n v e s t a s i/ K e p a la B a d a n K o o r d in a s i P e n a n a m a n M o d a l, t a n g g a l 3 J u li 2 0 2 3 .
f. S u r a t P e r s e t u ju a n S I U P A L N o . A L .0 0 1 / 2 0 2 / S P _ S I U P A L / X I I / 2 0 2 5 T a n g g a l 1 6 D e s e m b e r
2 0 2 5 a ta s n a m a P T . P o s e id o n S h ip p in g I n d o n e s ia d ik e lu a r k a n o le h D ir e k t o r a t J e n d e r a l
P e r h u b u n g a n L a u t K e m e n t e r ia n P e r h u b u n g a n .
2 .1 4 T e n a g a K e r ja
S e s u a i d e n g a n in f o r m a s i d a r i m a n a je m e n P S I b a h w a s a a t in i p e r u s a h a a n b e lu m b e r o p e r a s i
d a n p o s is i m a n a je m e n d ija la n k a n o le h tim o p e r a s io n a l y a n g d it u g a s k a n p e m e g a n g s a h a m P S I.
P e re k ru ta n k a ry a w a n p e n u h w a k tu s e c a ra r e s m i a k a n d ila k u k a n m u la i F e b r u a r i 2 0 2 6 d a n
d ih a r a p k a n d a p a t t e r is i s e b e lu m M e i 2 0 2 6 .
2 .1 5 T in ja u a n K in e r ja K e u a n g a n
A n a lis is k in e r ja keuangan h is t o r is PSI d id a s a r k a n a ta s L a p o ra n Keuangan p e r io d e 30
S e p t e m b e r 2 0 2 5 y a n g te la h d ia u d it o le h K a n t o r A k u n t a n P u b lik H e n d r a w in a t a H a n n y E r w in &
S u m a rg o .
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C I T I F I C P \
KJPP Edi A n d e s t a dan Rekan
I S A L
*
T i n j a u a n P o s is i K e u a n g a n
(D a la m R u p ia h )
L a p o r a n P o s is i K e u a n g a n 3 0 S e p te m b e r 2 0 2 5
A set
A set Lancar
Kas dan Setara Kas 19.380.981
Piutang Usaha -
Pajak Dibayar Dimuka 53.625
J u m la h A s e t L a n c a r 1 9 .4 3 4 .6 0 6
JUM LAH ASET 1 9 .4 3 4 .6 0 6
L ia b ilit a s d a n E k u ita s
L ia b ilita s
L ia b ilit a s J a n g k a P e n d e k
Utang lainnya 32.038.975
Utang Pajak 9.750
Uang Muka Operasional 10.000.000
Bagian Yang jatuh tempo dalam Satu Tahun :
Pinjaman Bank -
J u m la h L ia b ilit a s J a n g k a P e n d e k 4 2 .0 4 8 .7 2 5
J U M L A H L IA B IL IT A S 4 2 .0 4 8 .7 2 5
E k u ita s
Modal Saham 50.000.000.000
Piutang Pemegang Saham (50.000.000.000)
Laba (Rugi) Ditahan (16.958.907)
Laba (Rugi) Tahun Berjalan (5.655.212)
J U M L A H E K U IT A S ( 2 2 .6 1 4 .1 1 9 )
J U M L A H L IA B IL IT A S & E K U IT A S 1 9 .4 3 4 .6 0 6
S u m b e r : L a p o r a n K e u a n g a n A u d it P S I 3 0 S e p t e m b e r 2 0 2 5 , d io la h
Aset
P e r io d e 3 0 S e p t e m b e r 2 0 2 5 , t o t a l a s e t P e r s e r o a n s e b e s a r R p 1 9 ,4 3 ju t a .
L i a b il i t a s
T o t a l lia b ilit a s P e r s e r o a n p e r io d e 3 0 S e p t e m b e r 2 0 2 5 s e b e s a r R p 4 2 , 0 5 ju ta .
E k u ita s
P e r io d e 3 0 S e p t e m b e r 2 0 2 5 , e k u it a s P e r s e r o a n n e g a t if R p 2 2 ,6 1 ju t a .
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T i n i a u a n L a b a ( R u g i)
I F I C
KJPP Edi A n d e s t a dan Rekan
S A L
*
(Dalam Rupiah)
Laporan Laba Rugi 30 September 2025
P e n d a p a ta n U s a h a -
Beban Langsung -
Laba Kotor -
B eban U saha
B e b a n U m u m d a n A d m in is tra s i (4 .5 9 0 .0 6 4 )
P a ja k P e n g h a s ila n F in a l -
J u m la h B e b a n U s a h a (4 .5 9 0 .0 6 4 )
Laba (Rugi) Usaha (4.590.064)
P e n g h a s ila n (B e b a n ) L a in -la in
L a b a (R u g i) s e lis ih k u rs - n e to (5 6 .4 4 3 )
Beban K euangan (1 .0 0 8 .7 0 5 )
P e n g h a s ila n (B e b a n ) L a in -la in - B e rs ih (1 .0 6 5 .1 4 8 )
Laba (Rugi) Sebelum Pajak (5.655.212)
M a n fa a t (B e b a n ) P a ja k P e n g h a s ila n
P a ja k K ini -
Laba (Rugi) Bersih Tahun Berjalan (5.655.212)
S u m b e r : L a p o r a n L a b a R u g i P e r s e r o a n 3 0 S e p te m b e r 2 0 2 5 , d io la h
P e n d a p a ta n
P e r s e r o a n b e lu m m e n g h a s ilk a n p e n d a p a t a n d ik a r e n a k a n b e lu m b e r o p e r a s i s a m p a i p e r io d e 3 0
S e p te m b e r 2 0 2 5 .
B eban U saha
Beban usaha P e rs e o ra n p e r io d e 3 0 S e p te m b e r 2 0 2 5 d a ri b e b a n um um dan a d m in is t r a s i
s e b e s a r R p . 4 , 5 9 ju ta .
R u g i T a h u n B e r ja la n
P e r s e r o a n m e n c a t a t k a n ru g i t a h u n b e r ja la n p e r io d e 3 0 S e p t e m b e r s e b e s a r R p . 5 ,6 5 ju t a .
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K J P P E di A n d e s ta d an R e k a n
2 .1 6 G a m b a r a n P e r e k o n o m ia n d a n In d u s tr i
P e r e k o n o m i a n D u n ia
P e r t u m b u h a n e k o n o m i g lo b a l d ip r o y e k s ik a n s e b e s a r 3 ,0 % u n t u k t a h u n 2 0 2 5 d a n 3 ,1 % p a d a
t a h u n 2 0 2 6 . P a d a k u a r t a l p e r t a m a t a h u n 2 0 2 5 , p e r t u m b u h a n e k o n o m i g lo b a l 0 ,3 p o in le b ih
t in g g i d a r i y a n g d ip r e d ik s i s e b e lu m n y a . P e r t u m b u h a n e k o n o m i A m e r ik a S e r ik a t ( A S ) m a s ih
m e la m b a t d ip e n g a r u h i b e r la n ju t n y a t a r if d a g a n g A S d a n b e r h e n t in y a a k t iv it a s p e m e r in t a h y a n g
t e r la m a s e p a n ja n g s e ja r a h d a n b e r d a m p a k p a d a le m a h n y a k o n d is i k e t e n a g a k e r ja a n . E k o n o m i
J e p a n g , T io n g k o k d a n In d ia m e la m b a t d ip e n g a r u h i o le h p e r m in ta a n d o m e s t ik y a n g b e lu m k u a t.
D i s is i la in , p e r t u m b u h a n e k o n o m i E r o p a t u m b u h le b ih t in g g i d ib a n d in g k a n p e r k ir a a n d id o r o n g
o le h p e n in g k a t a n konsum si ru m a h ta n g g a dan in v e s t a s i s e ir in g p e lo n g g a r a n k e b ija k a n
m o n e t e r . I n fla s i g lo b a l d ip e r k ir a k a n a k a n t u r u n m e n ja d i 4 , 2 % p a d a ta h u n 2 0 2 5 d a n 3 ,6 % p a d a
t a h u n 2 0 2 6 s e ja la n d e n g a n y a n g d ip r o y e k s ik a n p a d a b u la n A p r il. P r a k ir a a n in f la s i a k a n t e t a p
d i a ta s t a r g e t d i A m e r ik a S e r ik a t d a n le b ih t e r k e n d a li d i n e g a r a - n e g a r a e k o n o m i b e s a r la in n y a .
P e r k e m b a n g a n E k o n o m i G lo b a l ( % )
Table 1. Overview of the World Economic Outlook Projections
(Percent change, unless noted otherwise)__________________________
Year over Year
Difference from April 04 over 04 2/
2025 WEO
Projections 1/ Projections
2023 2024 2025 2026 2025 2026 2024 2025 2026
World Output 3.5 3.3 3.0 3.1 0.2 0.1 3.6 2.7 3.2
Advanced Economies 1.8 1.8 1.5 1.6 0.1 0.1 1.9 1.4 1.7
United States 29 2.8 1.9 2.0 0.1 0.3 2.5 1.7 2.0
Euro Area 0.5 0.9 1.0 1.2 0.2 0.0 1.2 0.7 1.7
Germany -03 -0.2 0.1 0.9 0.1 0.0 -0.2 0.5 1.0
France 1.6 11 0.6 1.0 0.0 0.0 0.6 0.7 1.1
Italy 0.7 0.7 0.5 0.8 0.1 0.0 0.6 0.7 1.0
Spain 2.7 3.2 2.5 1.8 0.0 0.0 3.3 2.3 1.6
Japan 1.4 0.2 0.7 0.5 0.1 -0.1 1.4 -0.2 0.8
United Kingdom 0.4 1.1 1.2 1.4 0.1 0.0 1.5 1.5 1.2
Canada 1.5 1.6 1.6 1.9 0.2 0.3 2.3 1.1 2.5
Other Advanced Economies 3/ 19 2.2 1.6 2.1 -0 2 0.1 1.8 2.2 17
Emerging Market and Developing
Economies 4.7 4.3 4.1 4.0 0.4 0.1 4.9 3.6 4.3
Emerging and Developing Asia 61 5.3 5.1 4.7 0.6 0.1 5.8 4.5 5.2
China 5.4 5.0 48 4.2 0.8 0.2 5.4 3.8 4.7
India 4/ 9.2 6.5 6.4 6.4 0.2 0.1 7.4 6.4 6.4
Emerging and Developing Europe 36 3.5 1.8 22 -0.3 0.1 3.3 1.5 2.0
Russia 41 4.3 0.9 1.0 -0.6 0.1 4.5 -0.1 0.5
Latin America and the Caribbean 2.4 2.4 22 2.4 0.2 0.0 2.4 1.9 2.8
Brazil 3.2 34 23 2.1 0.3 0.1 3.3 2.4 2.3
Mexico 3.4 1.4 02 1.4 0.5 0.0 0.4 0.3 2.2
Middle East and Central Asia 24 2.4 34 3.5 0.4 0.0
Saudi Arabia 0.5 2.0 3.6 3.9 0.6 0.2 4.4 3.6 3.9
Sub-Saharan Africa 3.6 4.0 4.0 4.3 0.2 0.1
Nigeria 29 3.4 3.4 3.2 0.4 0.5 3.7 4.0 4.2
South Africa 0.8 0.5 1.0 1.3 0.0 0.0 0.5 1.4 0.9
Memorandum
World Growth Based on Market Exchange
Rates 2.9 2.8 2.5 2.6 0.2 0.2 3.0 2.2 2.7
European Union 07 1.2 1.3 1.4 0.1 -0.1 1.6 1.1 1.7
ASEAN-5 5/ 41 4.6 4.1 4.1 0.1 0.2 4.8 4.0 5.0
Middle East and North Africa 24 1.9 32 3.4 06 0.0
Emerging Market and Middle-Income
Economies 47 4.3 4.0 3.9 0.3 0.1 49 3.6 4.3
Low-Income Developing Countries 4.1 4.0 44 5.0 0.2 -0.2
World Trade Volume (goods and services)
6/ 1.0 3.5 2.6 1.9 0.9 -0.6
Advanced Economies 0.2 2.0 1.8 12 0.2 -0.8
Emerging Market and Developing Economies 2.3 5.8 3.8 3.2 2.0 0.0
Commodity Prices
Oil 7/ -16.4 -1.8 -13.9 -5.7 1.6 1.1 -10.1 -11.3 -0.7
Nonfuel (average based on world commodity
import weights) -5.7 3.7 7.9 2.0 3.5 1.8 8.3 6.6 -0.5
World Consumer Prices 8/ 6.6 5.6 4.2 3.6 -0.1 0.0 48 3.5 2.9
Advanced Economies 9/ 4.6 2.6 2.5 2.1 0.0 -0.1 24 2.4 2.0
Emerging Market and Developing Economies
8/ 8.0 7.7 5.4 4.5 -0.1 -0.1 6.6 4.4 3.5
S u m b e r : w e b s ite IM F
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K J P P Edi A n d e s ta d an R e k a n
P e r e k o n o m ia n In d o n e s ia
P e r t u m b u h a n e k o n o m i I n d o n e s ia t e t a p b a ik d a n p e r lu t e r n s d it in g k a t k a n a g a r s e s u a i d e n g a n
k a p a s it a s p e r e k o n o m ia n . E k o n o m i In d o n e s ia p a d a t r iw u la n III 2 0 2 5 tu m b u h s e b e s a r 5 ,0 4 %
(ye a r on y e a rly o y ) , d it o p a n g o le h k in e r ja e k s p o r y a n g t e t a p b a ik s e r t a k o n s u m s i P e m e r in t a h
y a n g m e n in g k a t s e ir in g d e n g a n p e r c e p a t a n b e la n ja p e m e r in t a h p e r lu t e r n s d id o r o n g s e h in g g a
d a p a t m e m p e r k u a t p e r m in t a a n d o m e s t ik . S e c a r a s e k t o r a l, s e b a g ia n b e s a r L a p a n g a n U s a h a
( L U ) u ta m a m e n u n ju k k a n k in e r ja p o s itif, t e r m a s u k L U in d u s t r i p e n g o la h a n , L U p e r d a g a n g a n
b e s a r d a n e c e r a n , s e r t a L U in f o r m a s i d a n k o m u n ik a s i.
Tabel : P e r t u m b u h a n E k o n o m i D a r i S is i P e n g e l u a r a n
K om ponen 2024 2024 2025
1 II III IV 1 II III
Konsumasi Rumah Tangga 4,91 4,93 4,91 4,98 4,94 4,95 4,97 4,89
Konsumsi Lembaga Nonprofit 24,13 9,79 11,46 6,06 12,48 3,07 7,82 4,28
yang Melayani Rumah Tangga
Konsumsi Pemerintah 20,44 2,03 4,62 4,17 6,61 -1,37 -0,33 5,49
Investasi (PMTDB) 3,78 4,42 5,16 5,03 4,61 2,12 6,99 5,04
Investasi Bangunan 5,46 5,31 6,02 5,26 5,51 1,35 4,89 3,02
Investigasi Non Bangunan -0,78 1,97 2,96 4,40 2,23 4,32 12,93 10,34
Ekspor 1,48 8,13 8,79 7,63 6,51 6,44 10,95 9,91
Impor 1,50 7,79 11,92 10,36 7,95 4,00 11,48 1,18
PDB 5 ,1 1 5 ,0 5 4 ,9 5 5 ,0 2 5 ,0 3 4 ,8 7 5 ,1 2 5 ,0 4
Sumber: Badan Pusat Statistik
P e r t u m b u h a n t e r ja d i p a d a h a m p ir s e lu r u h L U k e c u a li L U p e r t a m b a n g a n d a n p e n g g a lia n y a n g
m e n g a la m i k o n t r a k s i. L U y a n g m e m b e r ik a n k o n t r ib u s i t e r b e s a r b a g i p e r e k o n o m ia n I n d o n e s ia
p a d a t r iw u la n III 2 0 2 5 y a it u L U in d u s t r i p e n g o la h a n d e n g a n tu m b u h s e b e s a r 5 ,5 4 % ( y o y ) .
G r a fik : P D B M e n u ru t L a p a n g a n U s a h a
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E S C I E N T I F I C
K J P P Edi A n d e s ta d an R e k a n
S e c a r a s p a s ia l, p e r t u m b u h a n e k o n o m i y a n g t in g g i t e r c a t a t d i w ila y a h J a w a d a n S u la w e s i-
M a lu k u - P a p u a ( S u la m p u a ) . D a r i s is i d o m e s t ik , p e r t u m b u h a n e k o n o m i I n d o n e s ia t e t a p b a ik d a n
p e r lu d it in g k a t k a n agar sesuai dengan k a p a s it a s p e r e k o n o m ia n . Pada t r iw u la n IV 2025,
p e r t u m b u h a n e k o n o m i d ip e r k ir a k a n m e n in g k a t d id u k u n g s t im u lu s f is k a ll m e la lu i im p le m e n t a s i
p r o y e k p r io r it a s d a n P a k e t K e b ija k a n E k o n o m i P e m e r in t a h 2 0 2 5 s e r t a b a u r a n k e b ija k a n B a n k
I n d o n e s ia y a n g m e n d o r o n g p e r t u m b u h a n e k o n o m i d e n g a n t e t a p m e n ja g a s t a b ilit a s . K o n s u m s i
r u m a h t a n g g a d ip e r k ir a k a n t u m b u h le b ih t in g g i d id o r o n g k e n a ik a n e k s p e k t a s i p e n g h a s ila n ,
k h u s u s n y a p a d a k e lo m p o k m e n e n g a h k e b a w a h , s e ja la n t a m b a h a n b a n t u a n s o s ia l p e m e r in t a h
s e r t a k e n a ik a n m o b ilit a s d a n a k t iv it a s m a s y a r a k a t m e n je la n g p e r a y a a n N a t a l d a n T a h u n B a r u .
I n v e s t a s i, k h u s u s n y a n o n b a n g u n a n , d ip e r k ir a k a n le b ih t in g g i t e r c e r m in d a r i in d e k s P rom pt
M anufacturing Index ( P M I ) y a n g t e t a p p a d a le v e l e k s p a n s if .
D engan p e rk e m b a n g a n t e r s e b u t, p e rtu m b u h a n e k o n o m i ta h u n 2025 d ip e r k ir a k a n b e ra d a
d a la m k is a r a n 4 ,7 -5 ,5 % % dan akan m e n in g k a t pada 2026. Bank In d o n e s i akan te ru s
m e m p e rk u a t b a u ra n k e b ija k a n m e la lu i b a u ra n k e b ija k a n m o n e te r, m a k r o p r u d e n s ia l, dan
s y s t e m p e m b a y a r a n y a n g b e r s in e r g i d e n g a n k e b ija k a n s t im u lu s f is k a l d a n s e k t o r riil p e m e r in t a h
u n t u k m e n d o r o n g p e r t u m b u h a n e k o n o m i le b ih t in g g i d a n t e t a p m e n ja g a s t a b ilita s .
N e r a c a P e m b a y a r a n In d o n e s ia
N e ra c a P e m b a y a ra n I n d o n e s ia (N P I) te ta p t e r ja g a b a ik s e h in g g a m endukung k e ta h a n a n
e k s t e r n a l. P a d a t r iw u la n III 2 0 2 5 , t r a n s a k s i b e r ja la n t e t a p b a ik d e n g a n m e n c a t a t s u r p lu s s e ja la n
d e n g a n k e n a ik a n e k s p o r n o n m ig a s , d it o p a n g o le h e k s p o r m in y a k k e la p a s a w it ( C P O ) k e In d ia ,
lo g a n m u lia d a n p e r h ia s a n k e S w is s , s e r t a b a tu b a r a k e T io n g k o k . S e m e n t a r a d a r i t r a n s a k s i
m o d a l d a n f in a n s ia l, p e n a n a m a n m o d a l la n g s u n g d ip e r k ir a k a n t e t a p p o s it if s e ja la n p r o s p e k
e k o n o m i d o m e s t ic y a n g t e t a p b a ik s e d a n g k a n in v e s t a s i p o r t o f o lio d ip e r k ir a k a n m e n g a la m i net
outflow s s e ir in g m e n in g k a t n y a k e t id a k p a s t ia n p a s a r k e u a n g a n g lo b a l. P a d a t r iw u la n IV 2 0 2 5 ,
in v e s t a s i p o r t o f o lio h in g g a 1 7 N o v e m b e r 2 0 2 5 m e m b a ik y a n g m e n c a t a t n e t inflow s s e b e s a r 1 ,8
m ilia r d o la r A S t e r u t a m a d it o p a n g a lir a n m a s u k in v e s t a s i k e s a h a m . P o s is i C a d a n g a n d e v is a
p a d a a k h ir O k t o b e r 2 0 2 5 m e n in g k a t m e n ja d i s e b e s a r 1 4 9 ,9 m ilia r d o la r A S , s e ta r a d e n g a n
p e m b ia y a a n 6 ,2 b u la n im p o r a ta u 6 ,0 b u la n im p o r d a n p e m b a y a ra n u ta n g lu a r n e g e ri
P e m e r in t a h , s e r t a b e r a d a d i a t a s s t a n d a r k e c u k u p a n in t e r n a s io n a l s e k it a r 3 b u la n im p o r .
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/ F C
KJPP Edi A n d e s t a dan Rekan
S A L
O
Tabel : N e r a c a P e r d a g a n g a n In d o n e s ia
20 23 2 0 24* 2025
K o m po nen
1 II III IV To tal 1 II III IV To tal 1* II* III**
T r a n s a k s i B e rja la n 2 ,9 -2 ,3 -1 ,3 -1 ,4 -2 ,0 -2 ,4 -3 ,0 -2 ,0 -1 ,2 -8 ,7 -0 ,2 -2 ,7 4 ,0
A . B a ra n g 1 4 ,8 1 0 ,0 1 0 ,2 1 1 ,4 4 6 ,3 9 ,3 1 0 ,0 9 ,2 1 1 ,3 3 9 ,8 1 3 ,0 1 0 ,6 16,1
E k s p o r, fo b 6 6 ,8 6 1 ,6 6 3 ,5 6 5 ,9 2 5 7 ,7 6 1 ,9 6 2 ,3 6 7 ,5 7 1 ,3 2 6 3 ,1 6 5 ,9 6 8 ,0 7 3 ,9
Im p o r, fo b -5 2 ,1 -5 1 ,6 -5 3 ,3 -5 4 ,5 - 2 1 1 ,4 -5 2 ,6 - 5 2 ,3 -5 8 ,3 -6 0 ,0 - 2 2 3 ,3 -5 3 ,0 -5 7 ,4 -5 7 ,8
a . N o n m ig a s 1 9 ,0 1 5 ,2 1 6 ,0 1 7 ,7 6 7 ,8 15,1 1 5 ,2 1 4 ,7 1 7 ,8 6 2 ,7 1 8 ,8 1 5 ,7 2 0 ,9
b. M ig a s -3 ,9 -4 ,7 -5 ,4 -5 ,9 - 1 9 ,9 -5 ,5 4 ,6 4 ,4 -5 ,1 -1 9 ,6 4 ,7 4 ,2 4 ,8
B . J a s a -ja s a -4 ,5 + 5 -3 ,9 4 ,8 - 1 7 ,7 4 ,2 - 5 ,0 4 ,2 -5 ,2 -1 8 ,6 -5 ,5 -5 ,5 4 ,3
C . P e n d a p a ta n P rim e r -8 ,8 -9 ,2 -8 ,8 -9 ,3 -3 6 ,0 -8 ,8 -9 ,4 -8 ,5 -9 ,0 -3 5 ,9 -9 ,3 -9 ,8 -9 ,4
D . P e n d a p a ta n 1 ,4 1,4 1,3 1 ,3 5 ,4 1,3 1 ,4 1 ,5 1 ,7 6 ,0 1 ,6 1 ,7 1 ,7
S ekunder
T ra n s a k s i M o d a l da n 4 ,0 4 ,4 -0 ,5 1 0 ,8 9 ,9 -2 ,4 2 ,6 8 ,0 9 ,4 1 7 ,7 -0 ,4 -5 ,2 -8 ,1
F in a n s ia l
1. In v e s ta s i L a n g s u n g 4 ,4 3 ,9 2 ,7 3 ,4 1 4 ,4 4 ,9 2 ,3 5,1 3 ,4 1 5 ,7 2 ,5 2 ,6 2 ,5
2 . In v e s ta s i P o rto fo lio 3 ,0 -2 ,6 -3 ,0 4 ,9 2 ,2 -2 ,1 3 ,2 9 ,8 -2 ,5 8 ,3 1 ,0 -8 ,1 -7 ,1
3 . In v e s ta s i L a in n y a -3 ,6 -5 ,6 -0 ,1 2 ,4 -6 ,9 4 ,8 -3 ,3 -7 ,2 8 ,5 -6 ,7 4 ,2 0 ,3 -3 ,4
N e ra c a K e s e lu m h a n 6 ,5 -7 ,4 -1 ,5 8 ,6 6 ,3 -6 ,0 -0 ,6 5 ,9 7 ,9 7 ,2 -0 ,8 -6 ,7 -6 ,4
‘ C a d a n g a n D e v is a 1 4 5 ,2 1 3 7 ,5 1 3 4 ,9 1 4 6 ,4 1 4 6 ,4 1 4 0 ,4 1 4 0 ,2 1 4 9 ,9 1 5 5 ,7 1 5 5 ,7 1 5 7 ,1 1 5 2 ,6 1 4 8 ,7
D a la m b u la n im p o r 6 ,2 6 ,0 6 ,0 6 ,5 6 ,5 6 ,2 6,1 6 ,4 6 ,5 6 ,5 6 ,5 6,1 6 ,0
d a n p e m b a y a ra n U L N
p e m e rin ta h
* T ra n s a k s i B e rja la n 0 ,9 -0 ,7 -0 ,4 -0 ,4 -0 ,1 -0 ,7 -0 ,9 -0 ,6 -0 ,3 -0 ,6 -0 ,1 -0 ,8 1,1
(% P D B )
Sumber: Bank Indonesia. *Angka sementara; * * Angka sangat sementara
In f l a s i
I n fla s i s e c a r a u m u m t e t a p t e r ja g a d a la m k is a r a n s a s a r a n . In fla s i IH K p a d a S e p t e m b e r 2 0 2 5
t e r c a t a t s e b e s a r 2 ,6 5 % ( y o y ) . In f la s i in ti t e t a p r e n d a h s e b e s a r 2 ,1 9 % ( y o y ) , d ip e n g a r u h i o le h
p e r t u m b u h a n e k o n o m i y a n g m a s ih d ib a w a h k a p a s it a s s e r t a d id u k u n g k o n s is t e n s i s u k u b u n g a
k e b ija k a n m o n e te r Bank In d o n e s ia d a la m m e n ja n g k a r e k s p e k t a s i in f la s i sesuai dengan
s a s a r a n n y a d a n im ported inflation y a n g r e n d a h . In fla s i k e lo m p o k a dm inistered p rices ( A P ) ju g a
t e t a p r e n d a h s e b e s a r 1 ,1 0 % ( y o y ) s e ir in g m e n u r u n g n y a t a r if a n g k u t a n d a n b e n s in d it e n g a h
k e n a ik a n h a r g a ju a l e c e r a n r o k o k . S e m e n t a r a itu , in f la s i k e lo m p o k volatile food ( V F ) m e n in g k a t
m e n ja d i 6 ,4 4 % ( y o y ) d id o r o n g t e r u t a m a o le h k e n a ik a n h a r g a k o m o d it a s c a b a i, b a w a n g , b e r a s
d a n d a g in g a y a m r a s s e ir in g b e r a k h im y a m a s a p a n e n d a n p e n in g k a t a n b ia y a in p u t p r o d u k s i.
In f la s i p a d a t a h u n 2 0 2 5 d a n 2 0 2 6 t e t a p t e r ja g a r e n d a h d a la m s a s a r a n 2 , 5 + 1 % . In f la s i in ti
d ip e r k ir a k a n t e t a p r e n d a h s e ir in g e k s p e k t a s i in fla s i y a n g t e r ja n g k a r d a la m s a s a r a n , k a p a s it a s
ekonom i yang m a s ih b e s a r, im ported inflation y a n g t e r k e n d a li, dan dam pak p o s it if d a r i
d ig it a lis a s i. S e m e n ta ra itu , in f la s i V F d ip e r k ir a k a n te ta p t e r k e n d a li d id u k u n g o le h s in e r g i
p e n g e n d a lia n in f la s i o le h T im P e n g e n d a lia n In fla s i P u s a t / D a e r a h ( T P I P / T D I P ) d a n p e n g u a t a n
im p le m e n t a s i P r o g r a m K e t a h a n a n P a n g a n N a s io n a l.
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K J P P E di A n d e s ta d an R e k a n
G r a f ik : In f l a s i In d o n e s i a
A d m in is t e r e d 16
P ric e s
-12
1 3 5 7 9 1 1 1 3 5 7 9 1 1 1 3 5 7 9 11 1 3 5 7 9 1 1 1 3 5 7 9 1 1 1 3 5 7 9
2020 2021 2022 2023 2024 2025
S u m b e r : B a d a n P u s a t S ta tis tik
N ila i T u k a r R u p ia h
N ila i t u k a r R u p ia h t e t a p t e r k e n d a li d id u k u n g k e b ija k a n s t a b ilis a s i B a n k I n d o n e s ia d i T e n g a h
k e t id a k p a s t ia n g lo b a l y a n g t in g g i. N ila i t u k a r R u p ia h t e r h a d a p d o la r A S p a d a S e p t e m b e r 2 0 2 5
( h in g g a 1 6 S e p t e m b e r 2 0 2 5 ) m e n g u a t s e b e s a r 0 ,3 0 % ( p tp ) d ib a n d in g k a n d e n g a n le v e l a k h ir
A g u s t u s 2 0 2 5 . S t a b ilit a s n ila i t u k a r R u p ia h d id u k u n g o le h k o n s is t e n s i k e b ija k a n s t a b ilis a s i B a n k
I n d o n e s ia di Tengah t in g g in y a k e t id a k p a s t ia n pasar keuangan g lo b a l s e r t a p e n in g k a t a n
k o n v e r s i v a la s k e R u p ia h o le h e k s p o r t ir s e ir in g p e n e r a p a n p e n g u a t a n k e b ija k a n D e v is a H a s il
E k s p o r S u m b e r D a y a A la m ( D H E S D A ) . S e c a r a u m u m , p e r k e m b a n g a n R u p ia h r e la t iv e s ta b il
b ila d ib a n d in g k a n d e n g a n k e lo m p o k m a ta u a n g n e g a r a b e r k e m b a n g d a n n e g a r a m a ju . N a m u n ,
sam pai dengan a k h ir S e p te m b e r 2025 R u p ia h m e le m a h sebesar 1 ,0 5 % ( p tp ) a p a b ila
d ib a n d in g k a n le v e l a k h ir A g u s t u s 2 0 2 5 s e ir in g d e n g a n k e t id a k p a s t ia n y a n g c u k u p t in g g i.
Suku Bunga
P e n u r u n a n s u k u b u n g a p a s a r u a n g d a n im b a l h a s il S u r a t B e r h a r g a N e g a r a ( S B N ) s e ja la n
d e n g a n p e lo n g g a r a n k e b ija k a n m o n e t e r B a n k I n d o n e s ia p e r lu d iik u t i d e n g a n p e n u r u n a n s u k u
b u n g a p e r b a n k a n . S u k u b u n g a I N D O N I A t e r n s m e n g a la m i p e n u r u n a n s e b e s a r 1 4 4 b p s d a r i
6 ,0 3 % pada a w a l ta h u n 2025 m e n ja d i 4 ,5 9 % pada 16 S e p te m b e r 2 0 2 5 s e ir in g dengan
p e n u ru n a n B l- r a t e se be sa r 125 b p s s e ja k S e p te rm b e r 2 0 2 4 d i p a s a r u a n g . S u k u bunga
S e k u r it a s R u p ia h B a n k I n d o n e s ia ( S R B I ) u n t u k t e n o r 6 , 9 , d a n 1 2 b u la n ju g a m e n g a la m i
p e n u r u n a n m a s in g - m a s in g s e b e s a r 2 1 0 b p s , 2 1 3 b p s d a n 2 1 9 b p s s e ja k a w a l 2 0 2 5 m e n ja d i
5 ,0 6 % ; 5 ,0 7 % ; d a n 5 ,0 8 % p a d a 1 2 S e p t e m b e r 2 0 2 5 . I m b a l h a s il S B N u n t u k t e n o r 2 ta h u n
P T H o t e l F i t r a I n t e r n a t i o n a l T b k __________________________________________________________________________
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K J P P E di A n d e s ta d an R e k a n
m e n u r u n s e b e s a r 1 8 5 b p s d a r i 6 ,9 6 % p a d a a w a l 2 0 2 5 m e n ja d i 5 ,1 1 % p a d a 1 6 S e p te m b e r
2 0 2 5 , s e m e n t a r a u n t u k t e n o r 1 0 ta h u n m e n u r u n s e b s a r 9 4 b p s d a r i t in g k a t t e r t in g g i 7 ,2 6 %
pada p e rte n g a h a n J a n u a ri 2 0 2 5 m e n ja d i 6 ,3 2 % . S e m e n ta ra itu , p e n u ru n a n suku bunga
p e rb a n k a n m a s ih m e n g a la m i p e r la m b a t a n s e h in g g a m a s ih d ip e r lu k a n upaya p e rc e p a ta n .
P e n u ru n a n B l- r a t e s e b e s a r 1 2 5 b p s m a s ih le b ih t in g g i d ib a n d in g k a n dengan suku bunga
d e p o s it o 1 b u la n y a n g t u r u n s e b e s a r 1 6 b p s d a r i 4 , 8 1 % p a d a a w a l 2 0 2 5 m e n ja d i 4 ,6 5 % p a d a
A g u s t u s 2 0 2 5 . H a l t e r s e b u t t e r u t a m a d ip e n g a r u h i o le h p e m b e r ia n sp e cia l rate k e p a d a d e p o s a n
b e s a r y a n g m e n c a p a i 2 5 % d a r i t o t a l d a n a p ih a k k e t ig a b a n k . S u k u b u n g a k r e d it p e r b a n k a n
m a s ih m e la m b a t , t e r c a t a t p e n u r u n a n 7 b p s d a r i 9 ,2 0 % p a d a a w a l 2 0 2 5 m e n ja d i s e b e s a r 9 ,1 3 %
p a d a A g u s tu s 2 0 2 5 .
G r a f i k : S u k u B u n g a K e b ija k a n B l d a n In d O N IA
S u k u B u n g a K e b ija k a n B l d a n I n d O N I A
8
Df Rate
5 4 5 7 8 9 •01112 1 3 ^ 5 6 8 9 1 0 1 1 1 2 ' 2 ? 5 6 7 c 1311*2 ' l - :■ 6 - f t 112 ' L i 5 ■ 8 5
S u m b e r: B a n k In d o n e s ia
In d u s tr i P e la y a r a n
I n d o n e s ia m e r u p a k a n s a la h s a tu n e g a r a k e p u la u a n t e r b e s a r t e r d ir i d a r i 1 7 . 4 9 9 p u la u d e n g a n
w ila y a h p e r a ir a n yang lu a s d ia n t a r a gugusan p u la u - p u la u . W ila y a h p e r a ir a n yang lu a s
m e n d o r o n g in d u s t r i p e la y a r a n d i In d o n e s ia m e m ilik i p e r a n y a n g s a n g a t p e n t in g u n t u k s is t e m
lo g is t ik n a s io n a l d a la m m e n d is t r ib u s ik a n b a r a n g d a n ja s a . S is t e m p e n g a n g k u t a n d e n g a n m o d a
t r a n s p o r t a s i la u t y a n g d ik e lo la d e n g a n b a ik d a n e f is ie n a k a n m e n in g k a t k a n d a y a s a in g e k o n o m i
d a n k o n e k t iv it a s d i s e lu r u h w ila y a h in d o n e s ia s e b a g a i n e g a r a k e p u la u a n .
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M e n u r u t U n d a n g - u n d a n g N o m o r 1 7 T a h u n 2 0 0 8 t e n t a n g P e la y a r a n , in d u s t r i in i d ib a g i m e n ja d i
3 k a te g o r i s e b a g a i b e r ik u t :
a. A n g k u ta n la u t, m e lip u ti a n g k u ta n la u t d a la m n e g e r i, a n g k u ta n la u t lu a r n e g e r i,
a n g k u ta n la u t k h u s u s , d a n a n g k u ta n la u t p e la y a r a n r a k y a t.
b. A n g k u ta n s u n g a i d a n d a n a u
c. A n g k u ta n p e n y e b ra n g a n
P e n g a n g k u t a n d a la m n e g e r i t e r b a g i m e n ja d i 3 je n is t r a n s p o r t a s i y a itu a n g k u a t a n u d a r a , la u t
d a n d a r a t . A n g k u t a n u d a r a s e b a g ia n b e s a r d ig u n a k a n u n t u k m e n g a n g k u t b a r a n g k o n s u m s i
d e n g a n b e r a t r in g a n p e r s a t u a n , s e p e r t i m a k a n a n m in u m a n d a n p a k a ia n . A n g k a t a n d a r a t d a p a t
m engangkut sem ua je n is b a ra n g , S e m e n ta ra a n g k u ta n la u t c e n d e ru n g m e la k u k a n
p e n g a n g k u t a n b a r a n g b e r a t, m u la i d a i m u a ta n m in e r a l s t r a t e g is h in g g a b a h a n b a n g u n a n d a n
p e r a la t a n b e r a t.
D a r i je n is ja s a p e la y a r a n n y a , je n is k a p a l b e s e r t a c a k u p a n o p e r a s io n a ln y a t e r d ir i d a r i:
a. A n g k u t a n b a r a n g : A n g k u t a n g e n e r a l c a r g o , k a p a l k o n t a in e r d a n a n g k u t a n c u r a h
b. A n g k u ta n p e n u m p a n g : K a p a l R o -R o
c. A n g k u t a n c a ir d a n g a s : K a p a l t a n k e r
d. A n g k u t a n k h u s u s : A n g k u t a n k a p a l k h u s u s , a n g k u t a n le p a s p a n t a i, a n g k u t a n T u g & B a r g e
e. I n d u s t r i p e r ik a n a n : A n g k u t a n p e r ik a n a n
f. J a s a - ja s a t e r k a it k e g ia t a n a n g k u t a n a ir:
1) B o n g k a r m u a t b a r a n g : la y a n a n in i m e lip u t i p r o s e s p e m in d a h a n b a r a n g d a r i k a p a l k e
d a ra t a ta u s e b a lik n y a , yang m encakup penanganan f is ik b a ra n g , te rm a s u k
penanganan b a ra n g dengan a la t k h u s u s . S e la in itu , la y a n a n in i ju g a m encakup
p e n g e lo la a n dokum en b a ra n g a n g k u t, s e rta pengaw asan k a rg o s e la m a p ro s e s
b e r la n g s u n g .
2) Jasa p e n g u ru s a n t r a n s p o r t a s i: la y a n a n yang m e n g a tu r k o o r d in a s i tra n s p o rta s i
b a r a n g d a r i t it ik a s a l h in g g a t u ju a n , m e n c a k u p p e n g e lo la a n k o o r d in a s i d a n in te g r a s i
tra n s p o rta s i a n ta rm o d a .
3) A n g k u ta n p e r a ir a n p e la b u h a n : ja s a yang m e n y e d ia k a n tra n s p o rta s i b a ra n g a ta u
p e n u m p a n g d a la m w ila y a h p e la b u h a n , s e p e r t i p e n g a n g k u t a n a n t a r d e r m a g a a ta u
t r a n s f e r k a r g o a n t a r a p e la b u h a n d a n k a p a l.
4) P e n y e w a a n p e r a la t a n a n g k u t a n la u t a ta u p e r a la t a n ja s a t e r k a it d e n g a n a n g k u ta n
la u t: la y a n a n p e n y e d ia a n p e r a la t a n y a n g d ig u n a k a n d a la m k e g ia t a n p e la y a r a n a ta u
b o n g k a r m u a t d i p e la b u h a n . B e b e r a p a c o n t o h t e r m a s u k p e n y e w a a n a la t c r a n e , d a n
f o r k lif t .
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5) T a lly m a n d ir i: ja s a p e n c a t a t a n ju m la h d a n k o n d is i b a r a n g y a n g m a s u k a ta u k e lu a r
d a r i k a p a l s e c a r a m a n d ir i o le h p ih a k y a n g b e r w e n a n g , u n t u k m e m a s t ik a n a k u r a s i
d a ta k a rg o .
6) D epo p e ti kem as: la y a n a n p e n y im p a n a n dan p e n g e lo la a n p e ti kem as,
te rm a s u k p e r a w a t a n , p e r b a ik a n , d a n p e m e lih a r a a n p e ti k e m a s y a n g k is s in g a ta u
s e d a n g m e n u n g g u p e n g ir im a n .
7) P e n g e lo la a n kapal ( ship m an agem ent ): ja s a yang m encakup p e n g e lo la a n
o p e r a s io n a l k a p a l, s e p e r t i p e m e lih a r a a n , p e n y e d ia a n a w a k k a p a l, s e r t a m e m a s t ik a n
k a p a l b e r o p e r a s i s e s u a i d e n g a n r e g u la s i m a r itim .
8) P e ra n ta ra ju a l b e li d a n /a ta u sew a kapal (ship broker): ja s a p e ra n ta ra yang
m enghubungkan p ih a k y a n g in g in m e m b e li, m e n ju a l, a ta u m e n y e w a k a p a l, s e r t a
m e m b a n t u d a la m n e g o s ia s i d a n p e n g u r u s a n k o n t r a k .
9) K e a g e n a n A w a k K a p a l (ship m anning a g ency)
1 0 ) K e a g e n a n k a p a l: la y a n a n y a n g m e n g e lo la r e k r u t m e n d a n p e n e m p a t a n a w a k k a p a l,
m e m a s t ik a n k u a lifik a s i d a n k e p a t u h a n a w a k k a p a l t e r h a d a p s t a n d a r in t e m a s io n a l.
1 1 ) P e r a w a t a n d a n p e r b a ik a n k a p a l (ship repairing a n d m aintenance)
g. L a y a n a n p e n d u k u n g m a r it im la in :
1) A s u r a n s i p e r k a p a la n (shipping insurance)
2) K e u a n g a n p e r k a p a la n (shipping finance ), p ia la n g p e r k a p a la n (shipping broker)
3) J a s a k la s if ik a s i p e r k a p a la n (shipping classification services)
4) M a n a je m e n p e r k a p a la n (shipping m an agem ent)
5) B u n k e r k a p a l (ship bunkering)
6) P e n y e d ia t e k n o lo g i in f o r m a t ik a m a r it im (m aritim e IT )
7) L it b a n g m a r it im (m aritim e R & D )
8) P e n d id ik a n m a r it im (m aritim e e ducation )
9) P e r a la t a n k a p a l (ship equipm ent)
1 0 ) D e s a in k a p a l (ship design)
1 1 ) G a la n g a n k a p a l (ship yards)
I n d u s t r i p e la y a r a n d i I n d o n e s ia s a n g a t b e r k a it a n d e n g a n k in e r ja s e k t o r p e la b u h a n t e r u t a m a
u n tu k m e n in g k a t k a n daya s a in g ekonom i m e la lu i s e k t o r p e n g a n g k u t a n tra n s p o rta s i la u t.
P e la b u h a n d i I n d o n e s ia d ib a g i m e n ja d i 3 je n is y a it u p e la b u h a n y a n g d iu s a h a k a n , p e la b u h a n
y a n g t id a k d iu s a h a k a n d a n p e la b u h a n k h u s u s a ta u s w a s t a d e n g a n r in c ia n s e b a g a i b e r ik u t:
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a. P e la b u h a n y a n g d iu s a h a k a n o le h P T . P e la b u h a n In d o n e s ia ( P e lin d o ) d a n b a d a n u s a h a
p e la b u h a n la in n y a . P e la b u h a n k o m e r s ia l m e m ilik i f a s ilit a s y a n g s e s u a i u n t u k b e r a g a m
f a s ilit a s u n t u k b e r b a g a i k o m o d it a s , t e r m a s u k k a r g o p e ti k e m a s .
b. P e la b u h a n y a n g t id a k d iu s a h a k a n b e r a d a d ib a w a h D ir e k t o r a t J e n d e r a l P e r h u b u n g a n L a u t
K e m e n t e r ia n P e rh u b u n g a n yang c e n d e ru n g t id a k m e n g u n tu n g k a n dan hanya s e d ik it
b e r n ila i s t r a t e g is .
c. P e la b u h a n k h u s u s a ta u p e la b u h a n s w a s t a m e la y a n i k e b u t u h a n s u a t u p e r u s a h a a n s a ja
( b a ik s w a s t a a ta u m ilik n e g a r a ) d a la m s e ju m la h in d u s t r i s e p e r t i p e r t a m b a n g a n , m in y a k
d a n g a s , p e r ik a n a n , k e h u t a n a n d a n s e b a g a in y a .
K e g ia t a n d i p e la b u h a n t e r d ir i d a r i b o n g k a r m u a t b a r a n g , k u n ju n g a n k a p a l d a n k e b e r a n g k a t a n
k a p a l s e r t a k e d a t a n g a n p e n u m p a n g u n t u k p e la y a r a n d a la m m a u p u n lu a r n e g e r i. B o n g k a r a ta u
im p o r b a r a n g a d a la h p e m b o n g k a r a n b a r a n g ( p e ti k e m a s d a n n o n p e ti k e m a s ) d a r i k a p a l, b a ik
b a r a n g y a n g d ia n g k u t d a r i p e la b u h a n a s a l d i I n d o n e s ia ( b o n g k a r ) a ta u d a r i lu a r n e g e r i. M u a t
a ta u e k s p o r b a r a n g a d a la h p e m u a t a n b a r a n g ( p e ti k e m a s d a n n o n p e ti k e m a s ) k e k a p a l u n t u k
d ia n g k u t k e p e la b u h a n t u ju a n d i In d o n e s ia ( m u a t ) a ta u k e lu a r n e g e r i ( e k s p o r ) . P e r k e m b a n g a n
b o n g k a r m u a t b a r a n g p e la y a r a n d a la m n e g e r i d i P e la b u h a n In d o n e s ia s e b a g a i b e r ik u t :
G r a f i k : B o n g k a r M u a t B a r a n g P e la y a r a n D a la m N e g e r i d i P e la b u h a n In d o n e s ia (0 0 0 to n )
2016 - 2024
B o n g k a r M u a t B a r a n g P e la y a r a n D a la m N e g e r i d i P e l a b u h a n I n d o n e s ia
500.000
450.000 434.055
■ Bongkar Muat
S u m b e r: B a d a n P u s a t S ta tis tik
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K J P P E di A n d e s ta d an R e k a n
P a d a t a h u n 2 0 2 3 , v o lu m e b o n g k a r m u a t b a r a n g u n t u k p e la y a r a n d a la m n e g e ri p a d a 2 0 2 4
m e n g a la m i p e n in g k a t a n s e b e s a r 1 0 ,7 9 % u n t u k b o n g k a r d a n m e n in g k a t 1 2 , 5 6 % u n tu k m u a t
b a r a n g . P e la b u h a n s t r a t e g is d i I n d o n e s ia b e r ju m la h 2 5 p e la b u h a n t e r le t a k d i 21 p r o v in s i y a n g
s e b a g ia n b e s a r k e g ia t a n p e la b u h a n d ila k u k a n d i p e la b u h a n t e r s e b u t . P a d a ta h u n 2 0 1 6 - 2 0 2 4 ,
k e g ia t a n b o n g k a r m u a t b a r a n g d a la m m a u p u n lu a r n e g e r i b e r f lu k t u a t if . S e m e n t a r a itu p a d a
p e la y a r a n lu a r n e g e r i, v o lu m e b o n g k a r m u a t b a r a n g m a s in g - m a s in g m e n g a la m i p e n in g k a t a n
s e b e s a r 1 2 ,4 8 % dan 1 6 ,5 6 % . K u n ju n g a n k a p a l d i p e la b u h a n I n d o n e s ia p a d a ta h u n 2024
m e n c a p a i 9 9 2 ,4 2 rib u u n it a ta u n a ik 4 ,9 1 % d ib a n d in g ta h u n 2023. Dengan v o lu m e to ta l
2 . 1 4 5 , 8 2 ju t a g r o s t o n a s e ( G T ) , m a k a r a t a - r a t a G T k a p a l y a n g b e r k u n ju n g k e p e la b u h a n d i
I n d o n e s ia m e n c a p a i 2 , 1 6 rib u G T a ta u n a ik 7 ,5 2 % d ib a n d in g t a h u n 2 0 2 3 .
G r a f ik : B o n g k a r M u a t B a r a n g P e la y a r a n L u a r N e g e r i d i P e la b u h a n In d o n e s ia (0 0 0 to n )
2016 ■ 2024
B o n g k a r M u a t B a r a n g P e l a y a r a n L u a r N e g e r i d i P e l a b u h a n In d o n e s i a ( 0 0 0 t o n ) 2 0 1 6 ■
2024
S u m b e r: B a d a n P u s a t S ta t is t ik
P a d a p e r io d e t a h u n 2 0 1 5 - 2 0 1 9 , p a d a p e la y a r a n d a la m n e g e r i, k e n a ik a n v o lu m e b o n g k a r m u a t
b a r a n g t e r t in g g i t e r ja d i p a d a t a h u n 2 0 1 6 , s e b e s a r 1 3 , 4 6 % p a d a b o n g k a r b a r a n g d a n s e b e s a r
9 ,6 6 % pada m u a t b a ra n g . S e m e n ta ra itu , k e n a ik a n t e r t in g g i t e r ja d i pada bongkar m uat
p e la y a r a n lu a r n e g e r i t e r ja d i p a d a t a h u n 2 0 1 7 u n t u k b o n g k a r ( 1 3 ,5 0 % ) d a n t a h u n 2 0 1 8 u n tu k
m u a t ( 1 3 ,8 7 % ) .
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Pada p e r io d e 2 0 2 0 - 2 0 2 4 , v o lu m e m u a t b a ra n g p e la y a r a n d a la m n e g e ri d a n lu a r n e g e r i
m e n g a la m i p e n in g k a t a n . S e m e n t a r a itu , v o lu m e b o n g k a r b a r a n g d i p e la y a r a n d a la m n e g e r i
d a n lu a r n e g e r i c e n d e r u n g b e r flu k t u a s i. P a d a ta h u n 2 0 2 4 , b o n g k a r m u a t b a r a n g d i p e la y a r a n
d a la m n e g e r i m e n c a p a i 3 9 6 , 7 3 ju t a to n d a n 4 3 4 , 0 6 ju t a t o n . S e m e n t a r a itu b o n g k a r m u a t
b a r a n g d i p e la y a r a n lu a r n e g e r i m e n c a p a i 1 6 2 ,4 1 ju t a to n d a n 4 0 5 , 2 4 ju t a to n .
B e rd a s a rk a n p e ta ja la n in d u s t r i p e la y a r a n u n tu k p e r io d e 2024 - 2029, te rd a p a t upaya
p e m b e r d a y a a n in d u s t r i p e la y a r a n y a n g d ib a g i m e n ja d i 3 f a s e s e b a g a i b e r ik u t:
a. F a s e p e r t a m a b e r t u ju a n u n t u k m e n g a t a s i is u - is u p r io r it a s t in g g i d a n m e m b a n g u n fo n d a s i
yang kokoh bagi p e rk e m b a n g a n s e la n ju t n y a , dengan fo k u s pada p e n g u a ta n asas
c a b o ta g e dan beyond c a b o ta g e , p e n in g k a t a n p r o to k o l keam anan dan k e s e la m a t a n
m a r it im , s e r t a o p t im a lis a s i e fis ie n s i b ia y a o p e r a s io n a l p e la k u p e la y a r a n .
b. Fase kedua b e rfo k u s pada p e n g u a ta n dan p e m a n fa a ta n fo n d a s i yang te la h
d ib a n g u n d a la m f a s e p e r t a m a d e n g a n r e k o m e n d a s i r e g u la s i t u r u n a n y a n g m e n d u k u n g
in d u s t r i, m em bangun ik lim in o v a s i dan in v e s t a s i yang k o n d u s if , s e rta o p t im a lis a s i
dan p e r lu a s a n in f r a s t r u k t u r p e la y a r a n n a s io n a l.
c. F a s e k e t ig a m e n it ik b e r a t k a n p a d a m e m a s t ik a n p e r k e m b a n g a n in d u s t r i p e la y a r a n n a s io n a l
yang b e r k e la n ju t a n dan b e r k e s in a m b u n g a n , m e la lu i im p le m e n t a s i p r a k t ik ra m a h
lin g k u n g a n y a n g d it e r a p k a n t a n p a m e m u n c u lk a n g a n g g u a n t e r h a d a p in d u s t r i p e la y a r a n
n a s io n a l.
J a s a a n g k u t a n la u t n a s io n a l m e m ilik i m a r g in o p e r a s io n a l y a n g r e la t if k e c il, b e r k is a r a n t a r a 2 %
h in g g a 8 % . M a r g in o p e r a s io n a l y a n g k e c il d is e b a b k a n o le h b e b e r a p a f a k t o r u ta m a . P e r ta m a ,
in d u s t r i s a n g a t t e r p e n g a r u h o le h f lu k t u a s i h a r g a b a h a n b a k a r , k a r e n a b e s a r n y a k o n t r ib u s i
k o m p o n e n b a h a n b a k a r t e r h a d a p b ia y a o p e r a s io n a l k a p a l. K e d u a , k a p a l m e r u p a k a n a s e t y a n g
m e m ilik i la ju d e p r e s ia s i y a n g r e la t if le b ih s u lit u n t u k d ih a m b a t d ik a r e n a k a n s if a t a b r a s if d a r i a ir.
K e t ig a , k o m p e t is i d a la m in d u s t r i p e la y a r a n c e n d e r u n g t in g g i, t e r u t a m a d i n e g a r a k e p u la u a n
s e p e r t i I n d o n e s ia , s e h in g g a p e r u s a h a a n p e la y a r a n d ih a r u s k a n u n t u k m e n a w a r k a n t a r if y a n g
k o m p e t it if , s e h in g g a m a r g in k e u n t u n g a n m e n ja d i le b ih k e c il.
S e la in itu , in d u s t r i p e la y a r a n n a s io n a l ju g a m enghadapi r e g u la s i yang s e m a k in k e ta t,
t e r u t a m a e m is i k a rb o n dan p e rs y a ra ta n lin g k u n g a n la in n y a . U paya p e ru s a h a a n u n tu k
m e m a tu h i r e g u la s i b ia s a n y a m e m e r lu k a n in v e s t a s i besar pada t e k n o lo g i h ija u . Dengan
d e m ik ia n , m a r g in k e u n t u n g a n y a n g k e c il d e n g a n b ia y a o p e r a s io n a l y a n g b e s a r . D a la m ja n g k a
p e n d e k a k a n a d a in s e n t if fis k a l, u n t u k s is t e m p a ja k b e r u p a p e m b e b a s a n t e r h a d a p B B M d a n
ja s a k e p e la b u h a n u n t u k p e la y a r a n d o m e s t ik , d a n t in ja u a n u la n g k la s if ik a s i k a p a l s e b a g a i o b je k
p a ja k P B B K B d a n F S O / F S R O s e b a g a i o b je k p a ja k P B B .
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B o n g k a r m u a t b a r a n g in i m e r u p a k a n k e g ia t a n y a n g m e m p u n y a i a n d il t e r h a d a p p e r e k o n o m ia n
b a ik d a ri segi a k t iv it a s p e rh u b u n g a n la u t h in g g a p e n g a ru h n y a te rh a d a p pengem bangan
e k o n o m i d a e r a h . I n f o r m a s i m e n g e n a i je n is k o m o d it a s b a r a n g y a n g d ib o n g k a r d a n d im u a t d i
P e la b u h a n L a u t d ih a r a p k a n d a p a t m e m b a n t u p e la k u e k o n o m i d a la m m e n c a r i p e lu a n g u s a h a .
B o n g k a r m u a t b a r a n g p e la y a r a n d a la m n e g e r i d a p a t b e r u p a B a h a n P o k o k , B a h a n S t r a t e g is ,
M ig a s , N o n m ig a s d a n B a r a n g L a in n y a .
B e r d a s a r k a n k e lo m p o k k o m o d it a s d i 1 0 p e la b u h a n d i In d o n e s ia , k e lo m p o k b a h a n s t r a t e g is
m e n d o m in a s i v o lu m e b o n g k a r d a la m n e g e r i y a itu s e b e s a r 2 5 , 4 2 ju t a to n a ta u 4 0 , 2 4 p e r s e n
d a r i t o t a l v o lu m e b o n g k a r d i 1 0 p e la b u h a n y a n g d ia m a t i. L im a k o m o d it a s d e n g a n v o lu m e
t e r b e s a r u n t u k b a h a n s t r a t e g is t e r s e b u t m e lip u ti p u p u k ( 2 6 ,5 9 % ) , b a tu b a r a ( 2 2 ,3 0 % ) , s e m e n
( 1 3 ,9 6 % ) , b a ja / b e s i b e to n ( 1 0 ,2 5 % ) , d a n p u lp (6 ,8 6 % ). S e m e n ta ra itu , k e lo m p o k b a ra n g
la in n y a m e n d o m in a s i v o lu m e m u a t b a r a n g p a d a p e la y a r a n d a la m n e g e r i s e b e s a r 3 1 , 5 6 ju t a
to n a ta u 5 9 , 0 6 % . J e n is k o m o d it a s d e n g a n v o lu m e t e r b e s a r u n t u k b a r a n g la in n y a t e r s e b u t
m e lip u t i p e ti kem as ( 3 7 ,6 9 % ) , k lin k e r ( 2 3 ,8 2 % ) , b a ra n g la in n y a ( 1 0 ,7 9 % ) , k a rg o um um
( 9 , 3 1 % ) , d a n a la t b e r a t ( 2 , 9 9 % ) . P a d a p e la y a r a n lu a r n e g e r i, k e lo m p o k b a r a n g la in n y a m e m ilik i
v o lu m e b o n g k a r b a ra n g p a lin g b e s a r , y a it u 5 1 , 2 3 ju t a t o n a ta u 6 9 , 1 7 % d a r i to t a l v o lu m e
b o n g k a r b a r a n g d i s e p u lu h p e la b u h a n y a n g d ia m a t i. J e n is k o m o d it a s d e n g a n v o lu m e t e r b e s a r
u n t u k k e lo m p o k b a r a n g la in n y a t e r s e b u t m e lip u ti p e ti k e m a s ( 5 6 ,2 2 % ) , g a n d u m ( 2 5 ,4 4 % ) , g u la
t e t e s / m o la s s e s ( 2 , 5 9 % ) , a la t b e r a t ( 1 , 9 6 % ) , d a n k a rg o um um (1 ,7 1 % ). S e ru p a dengan
b o n g k a r b a r a n g , k e lo m p o k b a r a n g la in n y a m e n d o m in a s i m u a t b a r a n g p a d a p e la y a r a n lu a r
n e g e r i s e b e s a r 4 3 , 2 8 ju t a t o n a ta u 7 9 , 9 3 % . B e b e r a p a k o m o d it a s b a r a n g la in n y a d e n g a n
v o lu m e t e r b e s a r m e lip u ti p e ti k e m a s ( 5 7 ,5 1 % ) , b u n g k il ( 1 0 ,0 5 % ) , b a h a n in d u s t r i ( 8 , 1 8 % ) , g u la
t e t e s / m o la s s e s ( 5 , 9 9 % ) , d a n c a n g k a n g ( 4 ,2 0 % ) .
M e n u r u t A s o s ia s i P r o fe s i K e s e la m a t a n P e r t a m b a n g a n I n d o n e s ia , p o t e n s i p e r t a m b a n g a n y a n g
b e r a n e k a r a g a m d a p a t m e n ja d i p e n o p a n g e k o n o m i n a s io n a l. J e n is u s a h a p e r t a m b a n g a n d a p a t
b e r u p a m in e r a l d a n b a t u b a r a y a n g m e m ilik i p r o s e s p e m b e n t u k a n d a n a s a l u s u l y a n g b e r b e d a .
S e k t o r p e r t a m b a n g a n d ia n t a r a n y a b e r u p a n ik e l d a n b a tu k a p u r .
I n d u s t r i N ik e l
N ik e l m e r u p a k a n u n s u r lo g a m b e r w a m a p u tih k e p e r a k a n , m e n g k ila t , a g a k c o k la t k e e m a s a n
s e rta ta h a n k o ro s i y a n g um um d it e m u k a n di k e ra k b u m i. P e m b e n tu k a n n ik e l m e lib a tk a n
p e la p u k a n in t e n s if y a n g b e r la n g s u n g s e la m a r ib u a n h in g g a ju t a a n ta h u n d ip e n g a r u h i ik lim
t r o p is d e n g a n c u r a h h u ja n t in g g i d a n t o p o g r a f i y a n g t e p a t . J e n is - je n is n ik e l y a n g a d a s a a t in i
t e r d ir i d a r i 2 b e n t u k u ta m a y a itu e n d a p a n s u lf id a m a g m a t ik d a n e n d a p a n la te n t, E n d a p a n
s u lf id a m a g m a t ik y a itu t e r b e n t u k d a r i m a g m a d a n m e n g a n d u n g m a g n e s iu m d a n s ilik a . S a la h
s a tu b ijih n ik e l s e la in s u lf id a y a itu n ik e l la te n t. N ik e l la t e r it a d a la h e n d a p a n b ijih n ik e l y a n g
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b e r a s a l d a r i h a s il p r o s e s p e la p u k a n b a t u a n u lt r a b a s a y a n g k e r a p k a li d ig u n a k a n s e b a g a i b a h a n
bangunan.
K e m a m p u a n m e n a h a n k o r o s i d a n m e n a h a n p a n a s m e m b u a t n ik e l m e n ja d i k o m p o n e n u ta m a
d a la m p e m b u a t a n b a ja ta h a n k a r a t. S e la in itu , n ik e l ju g a d a p a t m e n y im p a n e n e r g i lis tr ik y a n g
b a ik s e h in g g a d a p a t d im a n f a a t k a n s e b a g a i b a h a n b a k u d a la m p e m b u a t a n b a t e r a i k e n d a r a a n
lis tr ik . D a la m p e r k e m b a n g a n d ig it a l, n ik e l m e n ja d i k o m p o n e n y a n g p e n t in g t e r u t a m a d a la m
p r o d u k s i b a t e r a i p o n s e l, k a m e r a d ig it a l d a n la p to p . N ik e l m e m ilik i s if a t f is ik a d a n s if a t k im ia
d ia n t a r a n y a ta h a n p a n a s , t a h a n k o r o s i t in g g i d a n o k s id a s i, m e n g h a n t a r k a n L is tr ik , B e r s if a t
m agnet di suhu ru a n g , b e r s if a t k e ra s nam un dapat d ib e n t u k ta n p a m e m p e n g a ru h i
k e t a n g g u h a n n y a d a n d a p a t d id a u r u la n g .
C a d a n g a n n ik e l d u n ia m e n c a p a i 1 3 9 . 4 1 9 . 0 0 0 T o n N i d e n g a n s e b e s a r a n p a lin g b a n y a k b e r a d a
d i I n d o n e s ia m e n c a p a i 5 5 ju t a T o n N i, d is u s u l o le h A u s t r a lia , B r a z il, R u s ia d a n n e g a r a la in
( 2 0 % ) . Is tila h c a d a n g a n b e r a r t i s u m b e r d a y a s u d a h d iy a k in i d a p a t d ie k s t r a k s i b e r b e d a d e n g a n
is t ila h s u m b e r d a y a y a n g m e n g a c u p a d a k e b e r a d a a n m a t e r ia l d i k e r a k a ta u b a g ia n d a la m b u m i
d e n g a n p r o s p e k u n t u k d ie k s t r a k s i. B e r ik u t in i n e g a r a d e n g a n c a d a n g a n n ik e l t e r b e s a r d i d u n ia
t a h u n 2 0 2 4 . C a d a n g a n N ik e l d i D u n ia T a h u n 2 0 2 4 s e b a g a i b e r ik u t :
G r a f i k : C a d a n g a n N ik e l D u n i a 2 0 2 4
C a d a n g a n N ik e l D u n ia 2 0 2 4
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P r o d u k s i n ik e l g lo b a l t e r n s m e n in g k a t d a la m 3 ta h u n t e r a k h ir t e r c a t a t t a h u n 2 0 2 3 s e b e s a r 3 ,3 6 3
ju t a t o n , m e n in g k a t m e n ja d i 3 , 5 2 6 ju t a p a d a t a h u n 2 0 2 4 d a n t e r u s m e n g a la m i k e n a ik a n p a d a
p r o y e k s t a h u n 2 0 2 5 s e k it a r 1 1 ,1 % d a r i 2 t a h u n s e b e lu m n y a . P e r m in t a a n n ik e l t e r u s m e n g a la m i
p e n in g k a t a n t e r c a t a t p a d a t a h u n 2 0 2 3 s e b e s a r 3 , 1 9 3 ju t a to n m e n ja d i 3 ,3 4 7 ju t a t o n p a d a ta h u n
2 0 2 4 s e r t a d ip e r k ir a k a n a k a n m e n in g k a t m e n c a p a i 3 ,5 3 7 ju t a to n p a d a 2 0 2 5 . P e r m in t a a n n ik e l
d a la m 3 t a h u n t e r a k h ir m e n g a la m i p e r t u m b u h a n m e n c a p a i 1 0 ,8 % . D it e n g a h p e r m in t a a n y a n g
m e n in g k a t , K e lo m p o k S t u d i N ik e l I n t e m a s io n a l ( I N S G ) m e m p e r k ir a k a n p a s a r n ik e l p a d a ta h u n
2 0 2 5 a k a n m e n g a la m i s u r p lu s s e b e s a r 1 9 8 . 0 0 0 m e t r ik t o n d id o r o n g k o n s u m s i n ik e l g lo b a l
h a n y a 3 ,5 3 7 ju t a t o n s e d a n g k a n p r o d u k s in y a m e n c a p a i 3 , 7 3 5 ju t a t o n . S e la in itu , la p o r a n p a s a r
k o m o d it a s B a n k D u n ia e d is i A p r il 2 0 2 5 m e m p r e d ik s i h a r g a n ik e l a k a n t u r u n 6 % s e p a n ja n g
t a h u n 2 0 2 5 d a n a k a n m e m b a w a h a r g a n ik e l k e t it ik t e r e n d a h s e ja k 2 0 2 0 . P e n u r u n a n h a r g a
t e r s e b u t d ip e n g a r u h i 2 f a k t o r u ta m a y a itu p e n in g k a t a n p a s o k a n g lo b a l s e r t a m e la m b a t n y a
p e r m in t a a n d a r i s e k t o r b a t e r a i k e n d a r a a n lis tr ik .
M e s k ip u n d e m ik ia n , p e n y e r a p u ta m a n ik e l y a it u u n t u k p e n g g u n a a n b a ja t a h a n k a r a t y a n g te t a p
s t a b il m e n in g k a t s e k it a r 4 - 5 % p e r t a h u n d a n s e k t o r b a t e r a i y a n g t u m b u h 1 0 - 2 0 % p e r t a h u n .
M e s k ip u n p e rtu m b u h a n p e r m in ta a n s e k to r b a te ra i b e s a r, p e r lu d ik e t a h u i saat in i t e r ja d i
p e n in g k a t a n p e n g g u n a a n b a t e r a i lit h iu m ir o n p h o s p h a t e ( L F P ) y a n g m in im n ik e l t e r u t a m a d i
p a s a r k e n d a r a a n lis t r ik T io n g k o k . H a l t e r s e b u t d a p a t m e n a h a n la ju p e r t u m b u h a n p e r m in ta a n
n ik e l d a r i s e k t o r k e n d a r a a n lis tr ik .
I n d o n e s ia m e r u p a k a n p r o d u s e n t e r b e s a r n ik e l d u n ia d a n s a a t in i m e n g u a s a i s e k it a r 6 0 % d a r i
t o t a l p r o d u k s i n ik e l d u n ia . P o t e n s i n ik e l s e b a g a i s u m b e r d a y a a la m I n d o n e s ia u n t u k m e n d o r o n g
p e r e k o n o m ia n n a s io n a l c u k u p b e s a r . B a d a n S u r v e i G e o lo g i A m e r ik a S e r ik a t ( U S G S ) d a la m
M in e r a l C o m m o d it y S u m m a r ie s 2024 m e n y e b u tk a n I n d o n e s ia m e ru p a k a n p ro d u s e n n ik e l
t e r b e s a r d i d u n ia d e n g a n ju m la h p r o d u k s i m e n c a p a i 3 ,3 ju t a m e t r ik to n ( M T ) p a d a ta h u n 2 0 2 2
d a n c a d a n g a n n ik e l m e n c a p a i 5 5 ju t a m e t r ik t o n . H a l t e r s e b u t m e n c a t a t k a n I n d o n e s ia s e b a g a i
n e g a r a d e n g a n c a d a n g a n n ik e l m e n c a p a i 4 2 , 3 % d a r i t o t a l c a d a n g a n n ik e l d u n ia . S a a t in i,
te rd a p a t b e b e ra p a w ila y a h yang m e m ilik i kandungan n ik e l nam un b e lu m d ie k s p lo r a s i
( g r e e n f ie ld ) d i w ila y a h S u la w e s i T e n g g a r a , S u la w e s i T e n g a h , S u la w e s i S e la t a n , M a lu k u ,
M a lu k u U t a r a , P a p u a , d a n P a p u a B a r a t.
S e b a ra n cadangan b ijih n ik e l s e b a g ia n b e s a r s e k it a r 9 0 % t e r s e b a r d i S u la w e s i T e n g a h ,
S u la w e s i S e la t a n , S u la w e s i T e n g g a r a d a n M a lu k u U ta r a . D im a n a k e b e r a d a a n e n d a p a n n ik e l
la t e r it t e r s e b a r d i P e g u n u n g a n M e r a t u s , P u la u L a u t K a lim a n t a n , le n g a n t im u r P u la u S u la w e s i,
M a lu k u d a n P a p u a . B e r d a s a r k a n B o o k le t T a m b a n g N ik e l 2 0 2 0 , p e t a s e b a r a n lo k a s i s u m b e r
daya dan cadangan n ik e l d ilu a r w ila y a h IU P /K K n ik e l di P u la u S u la w e s i ta h u n 2020,
m e n u n ju k k a n S u la w e s i T e n g g a r a 77% w ila y a h p o te n s i p e m b a w a m in e r a lis a s i b e lu m ada
W IU P dengan p o te n s i c a d a n g a n 2 ,6 m ilia r t o n . M a lu k u , 4 3 % w ila y a h p o te n s i p e m b a w a
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m in e r a lis a s i b e lu m a d a W IU P d a n c a d a n g a n 1 ,4 m ilia r t o n , s e d a n g k a n u n tu k P a p u a d a ta
p o t e n s i in v e s t a s i le b ih m e n a r ik la g i, p o t e n s i c a d a n g a n 0 , 0 6 m ilia r t o n d e n g a n w ila y a h p o t e n s i
p e m b a w a m in e r a lis a s i b e lu m a d a W I U P s e b e s a r 9 8 % . S e la m a p e r io d e t a h u n 2 0 1 7 - 2 0 2 3 ,
p r o d u k s i b ijih n ik e l I n d o n e s ia m e n in g k a t d id o r o n g h ilir is a s i s e r t a in v e s t a s i s m e lt e r b a r u d i
w ila y a h In d o n e s ia . B e r ik u t in i m e r u p a k a n p e rk e m b a n g a n p r o d u k s i b ijih n ik e l d i I n d o n e s ia
s e la m a ta h u n 2 0 1 7 - 2 0 2 3 .
G r a f i k : P r o d u k s i B ijih N i k e l d i I n d o n e s i a T a h u n 2 0 1 7 - 2 0 2 3
P r o d u k s i B i j i h N ik e l d i I n d o n e s ia T a h u n 2 0 1 7 - 2 0 2 3
P r o d u k s i b ijih n ik e l s e k it a r 2 0 , 9 2 ju t a to n p a d a ta h u n 2 0 1 7 , k e m u d ia n m e n in g k a t m e n ja d i 3 8 ,3 3
ju t a to n p a d a 2 0 1 8 , d a n k e m b a li m e n in g k a t m e n ja d i 6 0 , 9 5 ju t a to n p a d a 2 0 1 9 . P r o d u k s i b ijih
n ik e l m e n g a la m i p e n u r u n a n p a d a t a h u n 2 0 2 0 m e n ja d i 4 8 , 0 4 ju t a t o n d a n t e r u s m e n g a la m i
p e n in g k a t a n p a d a 2 0 2 1 , 2 0 2 2 , d a n 2 0 2 3 m a s in g - m a s in g s e b e s a r 6 5 ,5 1 ju t a t o n , 9 8 , 1 9 ju t a to n
d a n 1 3 7 , 8 0 ju t a t o n . L o n ja k a n p r o d u k s i m e r u p a k a n s a la h s a tu d a m p a k d a r i la r a n g a n e k s p o r
b ijih n ik e l m e n ta h yang m e n d o ro n g p e rc e p a ta n in v e s t a s i di s e k to r h ilir is a s i dengan
m e m b a n g u n f a s ilit a s p e n g o la h a n d i I n d o n e s ia s e c a r a m a s if.
B ijih n ik e l d e n g a n k a d a r d ib a w a h 1 ,7 % t id a k d ip e r b o le h k a n d i e k s p o r p e r t a n g g a l 1 J a n u a r i
2020. P e ru s a h a a n sudah m e la k u k a n t r a n s is i s e ja k S e p te m b e r - D esem ber 2019 u n tu k
m e n y e s u a ik a n k e b ija k a n te rs e b u t. P e la r a n g a n e k s p o r n ik e l p a d a t a h u n 2020 m e ru p a k a n
k e b ija k a n yang d ib u a t p e m e r in t a h d a la m upaya u n tu k m e m p e rk u a t in d u s t r i d o m e s t ik .
P e r a t u r a n P r e s id e n N o m o r 5 5 t a h u n 2 0 1 9 t e n t a n g p e r c e p a t a n p r o g r a m k e n d a r a a n b e r b a s is
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b a tte ry u n tu k tra n s p o rta s i ja la n m e n c a n tu m k a n p e m a n fa a ta n n ik e l kadar re n d a h agar
I n d o n e s ia m e n ja d i s a la h s a tu n e g a r a y a n g m e m p r o d u k s i b a t e r a i lit h iu m io n a ta u b ijih n ik e l
d e n g a n k a d a r r e n d a h . K e b ija k a n in i d ib u a t u n t u k p e n g e m b a n g a n in d u s t r i n ik e l m e m b e r ik a n
p e lu a n g s e k a lig u s t a n t a n g a n b a g i in d u s t r i n ik e l d i I n d o n e s ia . K e m u d a h a n p a d a in d u s t r i n ik e l
la in d ia n t a r a n y a d id u k u n g o le h k e m u d a h a n a k s e s d a n in f r a s t r u k t u r d e n g a n a d a n y a 4 k a w a s a n
in d u s t r i s e b a g a i b e r ik u t :
a. Kaw asan I n d u s t r i M o r o w a li ( M o r o w a li, S u la w e s i T e n g a h ) , in t e g r a t e d in d u s t r i f e r r o n ik e l,
s t a in le s s s t e e l d a n b a t e r a i k e n d a r a a n lis tr ik .
b. Kaw asan I n d u s t r i K o n a w e ( K o n a w e , S u la w e s i T e n g g a r a ) , in t e g r a t e d in d u s t r i f e r r o n ik e l,
s t a in le s s s t e e l d a n p r o d u k h ilim y a .
c. K a w a s a n I n d u s t r i B a n t e n g ( B a n t a e n g , S u la w e s i S e la t a n ) , in d u s t r i f e r r o n ik e l d a n s t a in le s s
s t e e l, d a n
d. Kaw asan In d u s tri W eda Bay ( H a lt e n g , M a lu k u U ta ra ), in t e g r a t e d in d u s t r i f e r r o n ik e l,
s t a in le s s s t e e l d a n b a t e r a i k e n d a r a a n lis tr ik .
S u m b e r d a y a d a n c a d a n g a n n ik e l d i I n d o n e s ia p a lin g b a n y a k d i P r o v in s i S u la w e s i T e n g g a r a
s e b a g a im a n a g r a f ik d ib a w a h in i.
G r a f i k : S u m b e r D a y a d a n C a d a n g a n N ik e l In d o n e s ia 2 0 2 4
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S u la w e s i T e n g g a r a m e n e m p a t i p o s is i p e r t a m a d e n g a n s u m b e r d a y a n ik e l s e b e s a r 6 1 , 3 ju t a
m e t r ik t o n d a n c a d a n g a n m e n c a p a i 2 0 , 4 5 ju t a m e t r ik t o n . P o s is i b e r ik u t n y a d it e m p a t i o le h
M a lu k u U t a r a , d e n g a n s u m b e r d a y a 3 8 , 0 8 ju t a m e t r ik to n d a n c a d a n g a n 1 6 ju t a m e t r ik to n .
S u la w e s i T e n g a h ju g a m e m ilik i k o n t r ib u s i s ig n if ik a n d e n g a n s u m b e r d a y a m e n c a p a i 3 2 , 2 9 ju t a
m e t r ik t o n d a n c a d a n g a n s e b e s a r 9 , 6 8 ju t a m e t r ik t o n . S e m e n t a r a itu , S u la w e s i S e la t a n d a n
P a p u a B a r a t m e m ilik i s u m b e r d a y a y a n g r e la t if le b ih k e c il, m a s in g - m a s in g 4 ,1 ju t a m e t r ik to n
d a n 3 ,8 ju t a m e t r ik t o n , d e n g a n c a d a n g a n 2 ,1 2 ju t a m e t r ik t o n d a n 8 8 0 , 5 6 rib u m e t r ik t o n . D i
P u la u K a lim a n t a n t e r d a p a t p r o v in s i K a lim a n t a n T im u r d a n K a lim a n t a n T e n g a h m a s in g - m a s in g
m e m ilik i s u m b e r d a y a s e b e s a r 4 2 5 , 8 8 r ib u m e t r ik t o n d e n g a n c a d a n g a n 1 1 ,7 8 r ib u m e t r ik to n ,
s e d a n g k a n K a lim a n t a n T e n g a h m e n c a t a t s u m b e r d a y a 2 7 5 , 3 3 rib u m e t r ik t o n d a n c a d a n g a n
1 1 7 , 0 8 rib u m e t r ik to n .
B e rd a s a rk a n B o o k le t T a m b a n g N ik e l 2 0 2 0 , p r o y e k s m e lt e r n ik e l m a s ih d ip e r lu k a n s e ja la n
d e n g a n p r o y e k s i p e r m in ta a n n ik e l p a d a ta h u n 2 0 4 0 s e b e s a r ± 1 ,7 ju t a t o n N i. P e r m in t a a n
k e n d a r a a n lis t r ik p a d a ta h u n 2 0 2 7 d ip e r k ir a k a n ju g a m e n in g k a t d a n k e b u t u h a n p a s o k a n b a r u
s e k it a r ± 2 3 0 rib u to n N i p a d a t a h u n 2 0 3 0 . K e m u d ia n d it in ja u d a r i w ila y a h d e n g a n s u m b e r d a y a
d a n c a d a n g a n n ik e l p a lin g b e s a r m a k a S u la w e s i m e r u p a k a n p r o v in s i d e n g a n p o t e n s i in d u s t r i
n ik e l t e r b e s a r d i In d o n e s ia .
In d u s tr i B a tu K a p u r
B a tu k a p u r m e r u p a k a n s u m b e r d a y a m in e r a l y a n g m e lim p a h d i I n d o n e s ia t e r s e b a r d i J a w a ,
S u m a te ra , d a n N u s a T e n g g a r a . B a tu k a p u r ( lim e s t o n e ) a d a la h je n is b a t u a n ka b o n a t yang
t e r ja d i d i a la m , d is e b u t ju g a b a tu g a m p in g . M in e r a l u ta m a b a t u k a p u r a d a la h k a ls it ( C a C 0 3 ) ,
m in e r a l la in n y a m e r u p a k a n m in e r a l p e n g o t o r , b ia s a n y a t e r d ir i d a r i k u a r s a ( S i0 2 ) , k a r b o n a t
yang b e r a s o s ia s i dengan m in e r a l besi dan m in e r a l le m p u n g , s e rta bahan o r g a n ik s is a
t u m b u h a n . P e n g g u n a a n y a n g b e r a g a m u n t u k b e r b a g a i in d u s t r i m e n ja d ik a n in d u s t r i b a tu k a p u r
s a n g a t p e n t in g d a la m e k o n o m i n a s io n a l.
P o t e n s i b a tu k a p u r s a n g a t b e s a r d i I n d o n e s ia d e n g a n e n d a p a n y a n g t e r s e b a r d i S u m a t r a ,
Jaw a, N usa T e n g g a ra , S u la w e s i, Ir ia n Jaya, s e rta p u la u - p u la u la in n y a . B a tu g a m p in g
m e r u p a k a n s a la h s a tu g o lo n g a n b a t u a n s e d im e n , t e r d ir i d a r i b a tu g a m p in g n o n - k la s t ik d a n b a tu
g a m p in g k la s t ik d e n g a n p e n je la s a n s e b a g a i b e r ik u t:
a. B a tu g a m p in g n o n - k la s t ik
B a tu in i t e r b e n t u k d a r i k o lo n i d a r i b in a t a n g la u t s e p e r t i C o e le n t r a t a , M o lu s k a , P r o to z o a d a n
F o r a m in if e r a . J e n is b a tu g a m p in g in i s e r in g d is e b u t s e b a g a i b a tu g a m p in g k o r a l k a r e n a
b a h a n p e n y u s u n u ta m a n y a a d a la h k o r a l.
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b. B a tu g a m p in g k la s t ik
B a t u in i d ib e n t u k m e la lu i p r o s e s e r o s i, t r a n s p o r t a s i, s o r t a s i, d a n s e d im e n t a s i y a n g t e r ja d i
p a d a b a tu g a m p in g n o n - k la s t ik . P r o s e s t e r s e b u t m e n g a k u m u la s i b e r b a g a i m in e r a l la in
s e b a g a i p e n g o t o r , s e h in g g a m e n g h a s ilk a n v a r ia s i w a r n a d a r i b a tu g a m p in g itu s e n d ir i.
B e b e r a p a w a r n a y a n g u m u m d iju m p a i a d a la h p u tih s u s u , a b u - a b u m u d a , a b u - a b u tu a ,
c o k la t , m e r a h b a h k a n h ita m .
B a tu g a m p in g s e b a g ia n b e s a r t e r ja d i s e c a r a o r g a n ik m e la lu i p e n g e n d a p a n c a n g k a n g a ta u
r u m a h k e r a n g d a n s ip u t , f o r a m in if e r a a ta u g a n g g a n g , a ta u b e r a s a l d a r i k e r a n g k a b in a t a n g
k o r a l/ k e r a n g . N a m u n , b a tu g a m p in g ju g a d a p a t t e r b e n t u k s e c a r a m e k a n ik m a u p u n k im ia .
P e m b e n t u k a n s e c a r a m e k a n ik t e r ja d i m e la lu i c a n g k a n g k e r a n g d a n s ip u t y a n g t e r b a w a o le h
a r u s d a n d ie n d a p k a n t id a k ja u h d a r i t e m p a t a s a ln y a , s e d a n g k a n p e m b e n t u k a n s e c a r a k im ia
t e r ja d i d a la m a ir la u t a ta u p u n a ir t a w a r p a d a k o n d is i ik lim d a n s u a s a n a lin g k u n g a n t e r t e n t u .
P e n a m b a n g a n b a tu k a p u r d ila k u k a n d i d a e r a h y a n g m e m ilik i la h a n k a p u r y a n g m e r u p a k a n
d a e ra h k e r in g . B a tu k a p u r m e m ilik i w a r n a p u t ih , p u tih k e k u n in g a n , a b u - a b u h in g g a h ita m .
M a t e r ia l in i p e n t in g u n t u k s e m e n d a n k o n s t r u k s i y a n g d ig u n a k a n u n t u k p e le b u r a n lo g a m b a ik
b e s i m a u p u n b u k a n b e s i d a n in d u s t r i k a c a , b a h a n p e n g is i p e m b u a t a n k a r e t, p la s t ik , k a r t o n , c a t.
S e c a r a s p e s if ik , b a tu k a p u r d a p a t d im a n f a a t k a n u n t u k s e k t o r d ib a w a h in i.
a. P r o d u k b a h a n b a n g u n a n , y a it u u n t u k p o n d a s i ja la n , r u m a h , b e n d u n g a n . ia s a n y a d ip a k a i
b a h a n g a lia n g a m p in g y a n g k e r a s d a n p e ja l b e r h a b lu r h a lu s d e n g a n d a y a t e k a n 8 0 0 - 2 . 5 0 0
k g /c m 2 .
b. I n d u s t r i k a c a y a n g b e r fu n g s i s e b a g a i g a lia n f lu k s d e n g a n k a d a r 0 ,9 6 % S i 0 2 ; 4 % F e 2 0 3 ;
0 ,1 4 % A I 2 0 3 ; 0 ,1 5 % M g O d a n 5 5 , 8 % C a O .
c. I n d u s t r i b a t a s ilik a d e n g a n s p e s if ik a s i: 9 0 % C a O ; m a k s im u m 4 , 5 % M g O ; m a k s im u m 1 ,5 %
F e 2 0 3 + A I 2 0 3 ; d a n m a k s im u m 5 5 , 8 % C 0 2 .
d. I n d u s t r i s e m e n d e n g a n s p e s if ik a s i: 5 0 - 5 5 % C a O ; m a k s im u m 2 % M g O ; v is k o s it a s 3 2 0 0 c p
( 4 0 % FI2 0 ) ; 2 ,4 7 % F e 2 0 3 ; s e r t a 0 ,9 5 % A I 2 0 3 .
e. P e m b u a ta n k a r b it d e n g a n bahan u ta m a 6 0 % k a p u r to h o r d a n 4 0 % k o k a s . S y a ra tn y a
a d a la h m in im u m 92% CaO ; 75% M g O ; m a k s im u m 1% F e 2 0 3 + A I2 0 3 . U n tu k k o k a s
m a k s im u m 5% Fe203; m a k s im u m 0 ,2 % S; m a k s im u m 0 ,0 2 % P; h ila n g p ija r 4 %
m a k s im u m 2 % S i 0 2 . K h u s u s k o k a s k a d a r a r a n g p a d a t > 8 6 % . K a d a r a b u m a k s im u m 1 2 % ,
t id a k r a p u h , d a n k a d a r a ir r e n d a h .
f. P e m b u a t a n r e f r a k to r i d im a n a s e b a g a i g a lia n b a h a n b a k u a d a la h h ig h c a lc iu m lim e y a n g
m e n g a n d u n g 9 5 % C a C 0 3 ; 5 % d o lo m it . S e la in itu , h ig h m a g n e s iu m lim e m e n g a n d u n g 5 0 -
9 0 % C a C 0 3 ; 1 0 - 5 0 % d o lo m it, s e b a g a i g a lia n b a h a n t a m b a h a n a d a la h ta n a h lia t d a n a ir.
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g. P e lic in t a b le t dengan s p e s if ik a s i b e ru k u ra n -2 0 0 m esh, kandungan CaC03 9 8 ,5 %
s e h in g g a m e r u p a k a n s e r b u k h a b lu r p u t ih t id a k b e r b a u d a n t id a k b e r a s a , t id a k m e n g a n d u n g
a rs e n dan lo g a m b e ra t la in n y a , p e n y u s u ta n k e r in g t id a k m e le b ih i 1% , dan t id a k
m e n g g a n g g u b a h a n a k tif.
h. P e le b u r a n b a ja b e r f u n g s i s e b a g a i G a lia n b a h a n im b u h ( f lu k s ) . S ilik a d a n a lu m in a a k a n
b e r e a k s i d e n g a n b a h a n im b u h m e n ja d i t e r a k / s la g y a n g m e n g a p u n g t e r le t a k d i a ta s le le h a n
b e s i b a ja , s e h in g g a m u d a h d ip is a h k a n .
i. B a h a n P e m u t ih k e r t a s , p u lp d a n k a r e t d im a n a b a tu g a m p in g h a b lu r m u r n i d ig e r u s h a lu s
d e n g a n s y a r a t 9 8 % C a C 0 3 d a n P H > 7 , 8 d e n g a n k e h a lu s a n 3 2 5 m e s h s u p a y a d a y a s e r a p
t e r h a d a p m in y a k w a r n a p u tih .
j. I n d u s t r i g u la b e r fu n g s i m e n je r n ih k a n n ir a te b u d a n m e n a ik a n te b u . U m u m n y a u n t u k 1 0 0 0
k g t e b u d ig u n a k a n 1 0 0 k g k a p u r t o h o r d e n g a n s y a r a t 0 ,2 % H 2 .
G r a f i k : P e r k e m b a n g a n V o l u m e P r o d u k s i B a h a n G a l i a n B a t u K a p u r In d o n e s i a
P e r k e m b a n g a n V o l u m e P r o d u k s i B a h a n G a lia n B a t u K a p u r I n d o n e s ia
30.000.000
27.695.416
S u m b e r: B P S , 2 0 2 5
P e rk e m b a n g a n p r o d u k s i b a tu k a p u r b e r f lu k t u a s i d a la m r e n ta n g ta h u n 2017 sam pai 2023,
v o lu m e h a s il p r o d u k s i p e r t a m b a n g a n b a t u k a p u r t e r c a t a t 4 , 3 8 ju t a m 3 p a d a 2 0 1 7 m e n ja d i 7 ,2 6
ju t a m 3 t a h u n 2 0 1 8 , k e m u d ia n m e n in g k a t s ig n if ik a n p a d a 2 0 1 9 m e n ja d i 2 7 , 7 0 ju t a m 3 , la lu
t e r u s m e n g a la m i p e n u r u n a n p r o d u k s i p a d a 2 0 2 0 s a m p a i 2 0 2 0 t e r c a t a t m e n ja d i 8 ,3 4 ju t a m 3 ,
d a n k e m b a li m e n g a la m i p e n in g k a t a n m e n ja d i 9 , 9 0 ju t a m 3 p a d a 2 0 2 3 . P e r t u m b u h a n s e ja la n
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d e n g a n p e r t u m b u h a n v o lu m e p r o d u k s i y a n g m e n g g u n a k a n k a p u r s e b a g a i b a h a n b a k u in d u s t r i
p e t e r n a k a n , in d u s t r i p e m b u a t a n b a h a n k o n s t r u k s i, d a n in d u s t r i p e le b u r a n lo g a m . O le h k a r e n a
itu , p o t e n s i in d u s t r i b a tu k a p u r m e m ilik i p r o s p e k y a n g m e n ja n jik a n s e ja la n d e n g a n b e s a r n y a
p e n g g u n a a n u n t u k p r o d u k - p r o d u k d i b e r b a g a i in d u s t r i t e r u t a m a d e n g a n a d a n y a a k s e le r a s i
p e m b a n g u n a n in f r a s t r u k t u r , in d u s t r ia lis a s i d a n p e n g e m b a n g a n p e r k o t a a n d i In d o n e s ia .
2 .1 7 K e ja d ia n S e te la h T a n g g a l S tu d i K e la y a k a n ( S u b s e q u e n t E v e n t)
B e rd a s a rk a n L a p o ra n K euangan A u d it PSI per ta n g g a l 30 S e p te m b e r 2025 No.
0 0 3 9 6 / 2 . 1 1 2 7 / A U . 1 / 0 5 / 1 6 5 -1 /1 / X I / 2 0 2 5 y a n g d it e r b it k a n o le h K A P H e n d r a w in a t a H a n n y E r w in
d a n S u m a r g o t a n g g a l 2 8 N o v e m b e r 2 0 2 5 m o d a l a ta u p e n y e r t a a n s a h a m d a ri P e m e g a n g
Saham PSI b e lu m d is e t o r k a n sam pai dengan per ta n g g a l la p o r a n keuangan a u d it 30
S e p t e m b e r 2 0 2 5 , d im a n a p a d a L a p o r a n K e u a n g a n A u d it s is i E k u it a s t e r c a t a t s e b a g a i P iu ta n g
S e to ra n M o d a l d a ri P e m e g a n g S a h a m .
K e m u d ia n D a n a S e t o r a n M o d a l o le h P e m e g a n g S a h a m k e p a d a P S I d ila k u k a n p a d a b u la n
N o v e m b e r 2 0 2 5 , s e h in g g a t e r ja d i p e r u b a h a n s t r u k t u r E k u ita s d im a n a M o d a l D is e t o r t e r c a t a t
sebesar Rp. 5 0 .0 0 0 .0 0 0 .0 0 0 ,- sesuai dengan b u k ti s e to r a n m odal yang t e r c a t a t d a la m
r e k e n in g k o r a n P S I.
S t r u k t u r P e m e g a n g s a h a m P S I s e s u a i A k t a P e r n y a t a a n K e p u tu s a n P e m e g a n g S a h a m P S I N o .
5 2 T a n g g a l 2 3 S e p t e m b e r 2 0 2 5 o le h A n a s t a s ia C h a n d r a , S . H . , M .K n ., N o t a r is d i T a n g e r a n g ,
s u s u n a n p e m e g a n g s a h a m P S I a d a la h s e b a g a i b e r ik u t :
Persentase
Pemegang Saham Lembar Saham Jumlah
Kepemilikan
P T A n a g a G ro u p In d o n e s ia 4 9 .5 0 0 9 9 ,0 0 % 4 9 .5 0 0 .0 0 0 .0 0 0
P T G a lle y A d h ik a A rn a w a m a 500 1 ,00 % 5 0 0 .0 0 0 .0 0 0
Jumlah 50.000 100,00% 50.000.000.000
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Studi Kelayakan Bisnis Terkai Penambahan KBLI m
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III. A n a lis is K e la y a k a n
A n a lis is K e la y a k a n B is n is p a d a b a b in i d id a s a r k a n p a d a c a k u p a n a ta u L in g k u p P e n u g a s a n
yang d ib e r ik a n P e rs e ro a n , d i m a n a fo k u s u ta m a pengem bangan usaha yang t e r d ir i d a r i
p e n a m b a h a n k e g ia t a n u s a h a y a it u ja s a p e n g a n g k u t a n b a r a n g m e la lu i ja l u r p e la y a r a n d o m e s t ik
m a u p u n in t e r n a s io n a a l d e n g a n r in c ia n p e n a m b a h a n K B L I 5 0 1 3 1 ( A n g k u t a n L a u t D a la m N e g e r i
u n t u k B a r a n g U m u m ) , K B L I 5 0 1 3 3 ( A n g k u t a n L a u t D a la m N e g e r i u n t u k B a r a n g K h u s u s , K B L I
50141 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g U m u m ), K B L I 5 0 1 4 2 (A n g k u ta n L a u t L u a r
N e g e ri u n tu k B a ra n g K h u s u s ). H al in i sesuai dengan k o n f ir m a s i P e rs e ro a n yang te la h
d is e s u a ik a n d e n g a n r e n c a n a p r o y e k s i k e u a n g a n t e r k a it ja s a p e n g a n g k u t a n b a r a n g m e la lu i j a lu r
p e la y a r a n d o m e s t ik y a n g d ib e r ik a n o le h M a n a je m e n P e r s e r o a n s e b a g a i r e n c a n a b is n is ja n g k a
p a n ja n g . S e la in itu , F IT T ju g a m e la k u k a n penam bahan k e g ia t a n usaha y a it u a k t if it a s
p e ru s a h a a n h o ld in g ( K B L I 6 4 2 0 0 ) . H a l in i s e s u a i d e n g a n k o n f ir m a s i P e r s e r o a n y a n g te la h
d is e s u a ik a n dengan re n c a n a p ro y e k s i k e u a n g a n s e b e lu m dan s e t e la h tra n s a k s i re n c a n a
in v e s t a s i p a d a P S I y a n g d ib e r ik a n o le h M a n a je m e n P e r s e r o a n s e b a g a i r e n c a n a b is n is ja n g k a
p a n ja n g .
3 .1 A spek Pasar
D a la m a n a lis is k e la y a k a n p a d a A s p e k P a s a r , K J P P A n d e s t a m e la k u k a n e v a lu a s i d a n t in ja u a n
b e b e r a p a v a r ia b e l y a n g m e n ja d i b a g ia n d a r i A s p e k P a s a r , a n t a r a la in :
a. P a n g s a P a s a r u n t u k k e g ia t a n u s a h a ja s a p e n g a n g k u t a n b a r a n g m e la lu i j a lu r p e la y a r a n
d o m e s t ik d a n su sta in ab ility s e r t a k e g ia t a n u s a h a a k t iv it a s p e r u s a h a a n h o ld in g d a r i p a s a r
te rs e b u t;
b. P o t e n s i P a s a r , S a s a r a n P a s a r d a n P o t e n s i N ila i P a s a r ;
c. K o m p e t is i d a n p e la k u d i in d u s t r i y a n g s e je n is ;
d. S tra te g i p e m a s a ra n
3 .1 .1 P a n g s a d a n K e s in a m b u n g a n (S u s ta in a b ility ) d a ri P a s a r
P angsa Pasar
W ila y a h p e r a ir a n y a n g lu a s m e n d o r o n g in d u s t r i p e la y a r a n d i I n d o n e s ia m e m ilik i p e r a n y a n g
s a n g a t p e n t in g u n t u k s is t e m lo g is t ik n a s io n a l d a la m m e n d is t r ib u s ik a n b a r a n g d a n ja s a . S is t e m
p e n g a n g k u ta n d e n g a n m o d a t r a n s p o r t a s i la u t y a n g d ik e lo la d e n g a n b a ik d a n e f is ie n a k a n
m e n in g k a t k a n d a y a s a in g e k o n o m i d a n k o n e k t iv it a s d i s e lu r u h w ila y a h I n d o n e s ia s e b a g a i
n e g a r a k e p u la u a n . B o n g k a r m u a t b a r a n g m e r u p a k a n k e g ia t a n y a n g m e m p u n y a i a n d il t e r h a d a p
p e r e k o n o m ia n b a ik d a ri segi a k t iv it a s p e rh u b u n g a n la u t h in g g a p e n g a ru h n y a te rh a d a p
p e n g e m b a n g a n e k o n o m i d a e r a h . B o n g k a r m u a t b a r a n g p e la y a r a n d a la m n e g e r i d a p a t b e r u p a
B a h a n P o k o k , B a h a n S t r a t e g is , M ig a s , N o n m ig a s d a n B a r a n g L a in n y a . J e n is ja s a p e la y a r a n
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m e m ilik i c a k u p a n y a n g o p e r a s io n a l y a n g lu a s u n t u k a n g k u t a n b a r a n g , a n g k u t a n p e n u m p a n g ,
a n g k u t a n c a ir a n d a n g a s , a n g k u ta n k h u s u s , in d u s t r i p e r ik a n a n , ja s a la in n y a t e r k a it a n g k u ta n
a ir d a n la y a n a n p e n d u k u n g m a r it im . B o n g k a r m u a t b a r a n g m e r u p a k a n k e g ia t a n ja s a a n g k u ta a n
a ir y a n g m e m p u n y a i a n d il t e r h a d a p p e r e k o n o m ia n b a ik d a r i s e g i a k t iv it a s p e r h u b u n g a n la u t
h in g g a p e n g a ru h n y a te rh a d a p pengem bangan ekonom i d a e ra h . B ongkar m uat b a ra n g
p e la y a r a n d a la m n e g e r i d a p a t b e r u p a B a h a n P o k o k , B a h a n S t r a t e g is , M ig a s , N o n m ig a s d a n
B a r a n g L a in n y a . B e r d a s a r k a n r e n c a n a p e r u s a h a a n , la y a n a n y a n g a k a n d is e d ia k a n o le h P S I
y a it u p e n g a n g k u ta n k o m o d it a s u ta m a b e ru p a b ijih n ik e l dan b a tu kapur dengan r u te
o p e r a s io n a l u t a m a b e r a d a d i p e r a ir a n S u la w e s i, y a it u r u te K e n d a r i - L a n g a r a d a n r u te R a h a -
Baubau. D engan s e b a ra n cadangan b ijih n ik e l s e b a g ia n b e s a r s e k it a r 9 0 % te rs e b a r di
S u la w e s i T e n g a h , S u la w e s i S e la t a n , S u la w e s i T e n g g a r a d a n M a lu k u U t a r a s e h in g g a d e n g a n
p e lu a n g sum ber daya dan cadangan n ik e l y a n g b e s a r, m a k a p e r m in ta a n akan a n g k u ta n
t r a n s p o r t a s i la u t d ib u t u h k a n u n t u k k e g ia t a n p e n g ir im a n k a r g o d i w ila y a h S u la w e s i. H a l t e r s e b u t
ju g a t e r lih a t d a r i g a m b a r a n in d u s t r i s e p e r t i d i g a m b a r k a n p a d a s u b b a b 2 . 1 6 y a n g m e n u n ju k k a n
p a n g s a p a s a r in d u s t r i p e n g ir im a n b a h a n t a m b a n g y a n g a k a n t e r u s b e r k e m b a n g .
D engan m e lih a t p a n g s a p a s a r y a n g a d a , F I T T b e re n c a n a u n t u k m e ia k u k a n penam bahan
k e g ia t a n usaha ja s a p e n g a n g k u ta n b a ra n g m e la lu i j a lu r p e la y a r a n d o m e s t ik dengan
m e n g a k u is is i P S I.
K e s in a m b u n g a n (S u s ta in a b ility )
D a la m m e n ja la n k a n k e g ia t a n u s a h a d a la m ja s a p e n g a n g k u t a n b a r a n g m e la lu i j a lu r p e la y a r a n
d o m e s t ik n a n t in y a PSI akan m e ia k u k a n k o n t r a k e k s k lu s if d a la m ja n g k a p a n ja n g dengan
b e b e r a p a p e la n g g a n e k s it in g . N a m u n s a a t in i P S I b e lu m r e s m i b e r o p e r a s i d a n b e lu m m e m ilik i
a r m a d a s e h in g g a k o n t r a k p e n g a n g k u t a n k a r g o k a p a l b e lu m r e s m i d it a n d a t a n g a n i. D e n g a n
b e b e r a p a p e r t im b a n g a n t e r u s m e n in g k a t n y a p r o d u k s i p e r ta m b a n g a n t e r u t a m a k o m o d it a s b ijih
n ik e l d i S u la w e s i y a n g d ip r e d ik s i a k a n t e r u s m e n in g k a t s e ir in g d e n g a n k e b u t u h a n b e r b a g a i
in d u s t r i d i I n d o n e s ia m e n ja d ik a n P e r s e r o a n d a p a t m e ia k u k a n k e g ia t a n u s a h a ja s a p e la y a r a n
d o m e s t ik y a n g b e r k e s in a m b u n g a n d i r u t e o p e r s io n a l S u le w e s i. S e la in itu , u p a y a k e p a t u h a n
lin g k u n g a n a k a n d ila k u k a n o le h P e r s e r o a n u n t u k m e n ja g a k e s in a m b u n g a n b is n is p e r u s a h a a n
d ia n t a r a n y a d e n g a n p e m a k a ia n b a h a n b a k a r m in y a k d e n g a n k a n d u n g a n s u lf u r y a n g r e n d a h
guna m e n g u ra n g i e m is i s e k to r p e la y a r a n sesuai dengan a tu r a n O r g a n is a s i M a r it im
I n t e r n a s io n a l t a h u n 2 0 2 0 . A s p e k k e s in a m b u n g a n y a n g d ih a r a p k a n d a p a t d ila k u k a n o le h P S I
kedepan la in n y a y a itu m e m b e r ik a n d a m p a k s o s ia l y a n g p o s it if m e la lu i k o la b o r a s i d e n g a n
m a s y a r a k a t p e s is ir d a la m p r o g r a m p e la t ih a n a w a k k a p a l.
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S e d a n g k a n d a la m m e n ja la n k a n k e g ia t a n u s a h a A k t iv it a s P e r u s a h a a n H o ld in g n a n t in y a F IT T
m e la k u k a n in v e s t a s i p a d a P S I y a n g b e r g e r a k d a la m in d u s t r i ja s a p e n g a n g k u t a n b a r a n g m e la lu i
ja lu r p e la y a r a n d o m e s t ik . P e r lu a s a n u s a h a t e r s e b u t d ila k u k a n u n t u k m e m ilik i a n a k p e r u s a h a a n
yang m e m u n g k in k a n d a r i b e r b a g i s e k t o r in d u s t r i g u n a m e n ja g a k e s in a m b u n g a n k e g ia t a n
u s a h a F IT T .
3 .1 .2 P o t e n s i P a s a r , S a s a r a n d a n P o t e n s i N ila i P a s a r
PSI m e m ilik i s a s a ra n p e la n g g a n p r io r it a s y a itu p e ru s a h a a n p e rta m b a n g a n , yang fo k u s
la y a n a n a n n y a b e r u p a a n g k u t a n k o n t a in e r is a s i b ijih n ik e l d a n b a tu k a p u r . P r io r it a s t e r s e b u t
s e ja la n d e n g a n a d a n y a p o t e n s i p a s a r ja s a a n g k u ta n la u t u n t u k k o m o d it a s b ijih n ik e l d a n b a tu
k a p u r d i I n d o n e s ia , k h u s u s n y a d i w ila y a h S u la w e s i s e ir in g d e n g a n k e b ija k a n u n t u k m e n d o r o n g
h ilir is a s i in d u s t r i p e r t a m b a n g a n . D im a n a t e r ja d i lo n ja k a n p r o d u k s i b ijih n ik e l p a d a ta h u n 2 0 2 1 ,
2 0 2 2 , d a n 2 0 2 3 m a s in g - m a s in g t e r c a t a t s e b e s a r 6 5 ,5 1 ju t a to n , 9 8 , 1 9 ju t a to n d a n 1 3 7 , 8 0 ju t a
t o n . L o n ja k a n p r o d u k s i m e r u p a k a n s a la h s a tu d a m p a k d a r i la r a n g a n e k s p o r b ijih n ik e l m e n ta h
yang m e n d o ro n g p e rc e p a ta n in v e s t a s i di s e k to r h ilir is a s i dengan m em bangun f a s ilit a s
p e n g o la h a n d i I n d o n e s ia s e c a r a m a s if. B e r d a s a r k a n B o o k le t T a m b a n g N ik e l 2 0 2 0 , p r o y e k
s m e lt e r n ik e l m a s ih d ip e r lu k a n s e ja la n d e n g a n p r o y e k s i p e r m in t a a n n ik e l p a d a ta h u n 2 0 4 0
s e b e s a r ± 1 ,7 ju t a to n N i. D it in ja u d a r i w ila y a h d e n g a n s u m b e r d a y a d a n c a d a n g a n n ik e l p a lin g
b e s a r m a k a S u la w e s i m e r u p a k a n p r o v in s i d e n g a n p o t e n s i in d u s t r i n ik e l t e r b e s a r d i In d o n e s ia .
S e b a ra n cadangan b ijih n ik e l s e b a g ia n b e s a r s e k it a r 9 0 % t e r s e b a r d i S u la w e s i T e n g a h ,
S u la w e s i S e la t a n , S u la w e s i T e n g g a r a dan M a lu k u U ta ra s e h in g g a PSI m e m ilik i p o te n s i
a n g k u t a n p a d a b ijih n ik e l c u k u p b e s a r d e n g a n f o k u s r u t e o p e r a s io n a l d i S u la w e s i.
B e rd a s a rk a n d a ta in f o r m a s i m a n a je m e n , F IT T b e re n c a n a m e la k u k a n in v e s t a s i pada
p e r u s a h a a n y a n g m e n a w a r k a n p e lu a n g a ta u p o t e n s i u n t u k m e n c ip t a k a n n ila i t a m b a h . S e k t o r
in d u s t r i y a n g s a a t in i m e m ilik i p o t e n s i b e r t u m b u h s e ja la n d e n g a n p e m b a n g u n a n p e r e k o n o m ia n
I n d o n e s i y a it u s e k t o r ja s a p e n g a n g k u t a n b a r a n g m e la lu i j a lu r p e la y a r a n d o m e s t ik . In v e s t a s i
t e r s e b u t d ip r o y e k s ik a n akan m e n c a ta tk a n la b a b e r s ih t a h u n 2 0 3 0 s e b e s a r R p 1 4 , 5 8 m ilia r
( P r o y e k s i) . H a l t e r s e b u t m e n ja d i p o t e n s i p e n a m b a h a n n ila i p a s a r b a g i F IT T .
3 .1 .3 P e s a in g U s a h a
R e n c a n a p e n a m b a h a n k e g ia t a n u s a h a P e r s e r o a n b e r u p a ja s a p e n g a n g k u t a n b a r a n g m e la lu i
j a lu r p e la y a r a n d o m e s t ik t e n t u n y a t id a k t e r le p a s d a r i k o m p e t it o r . B e r d a s a r k a n in f o r m a s i d a r i
m a n a je m e n P S I u n t u k s a a t in i p e r u s a h a a n s e je n is d i In d o n e s ia y a n g d a p a t d ija d ik a n r e f e r e n s i
s e c a r a u m u m b e r g e r a k d i in d u s t r i y a n g s a m a d a n m e m ilik i k e g ia t a n u s a h a y a n g s e b a n d in g
d e n g a n P S I, d ia n t a r a n y a :
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No N a m a P e ru s a h a a n
1. P T . M e r a t u s L in e
2. P T . T a n t o In tim L in e
3. S a m u d e r a S h ip p in g L in e
4. M IS C B e r h a d
5. C O S C O S h ip p in g B u lk
S u m b e r : M a n a je m e n P S I
S edangkan u n tu k re n c a n a p e n a m b a h a n k e g ia t a n u s a h a F I T T b e r u p a a k t if it a s p e r u s a h a a n
h o ld in g b e r d a s a r k a n d a t a d a r i B u r s a E f e k In d o n e s ia ( B E I) p e r u s a h a a n y a n g m e n ja la n k a n
k e g ia t a n u s a h a s e b a g a i p e r u s a h a a n in v e s t a s i t e r c a t a t d i b u r s a s e b a g a i b e r ik u t :
No N a m a P e ru s a h a a n
1. P T . S a ra to g a In v e s ta m a S e d a y a T b k (S R T G )
2. P T . S in a r M a s M u lt ia r t h a T b k ( S M M A )
3. P T P r o v id e n t In v e s t a s i B e r s a m a T b k ( P A L M )
4. P T . M N C K a p it a l I n d o n e s ia T b k . ( B C A P )
5. P T . I n d o r it e l M a k m u r I n t e r n a s io n a l T b k . ( D N E T )
6. P T . M N C A s ia H o ld in g T b k ( B H IT )
7. P T . C h a r n ic C a p it a l T b k . ( N IC K )
S u m b e r : B u r s a E f e k In d o n e s ia
3 .1 .4 S tra te g i P e m a s a ra n
S tra te g i p e m a s a ra n P S I d a la m re n c a n a penam bahan k e g ia t a n u s a h a ja s a a n g k u ta n la u t
d o m e s t ik d ia r a h k a n p a d a p e n g e m b a n g a n la y a n a n p e n g a n g k u t a n b a r a n g b e r b a s is b usiness to
b usiness ( B 2 B ) d e n g a n p e n d e k a t a n la y a n a n k u s t o m is a s i s e s u a i k e b u t u h a n p e n g g u n a ja s a .
P e r u s a h a a n d ip o s is ik a n s e b a g a i p e n y e d ia ja s a a n g k u ta n la u t d a n lo g is tik t e r in t e g r a s i y a n g
b e r f o k u s p a d a p e m e n u h a n k e b u t u h a n d is t r ib u s i k o m o d it a s p e r t a m b a n g a n , k h u s u s n y a b ijih
n ik e l d a n b a tu k a p u r . D a la m p e la k s a n a a n n y a , P S I m e n y e d ia k a n la y a n a n p e n g a n g k u t a n h a s il
t a m b a n g m e n g g u n a k a n a r m a d a m ilik s e n d ir i d e n g a n d u k u n g a n p e n g e lo la a n o p e r a s io n a l d a n
ja d w a l p e la y a r a n yang te re n c a n a . K e g ia t a n bongkar m uat d if o k u s k a n pada p e la b u h a n -
p e la b u h a n s t r a t e g is d i w ila y a h S u la w e s i, y a itu P e la b u h a n K e n d a r i d a n P e la b u h a n L a n g a r a ,
s e rta r u te P e la b u h a n R aha dan P e la b u h a n Baubau. M e la lu i s t r a t e g i p e m a s a r a n in i, PSI
m e n a r g e t k a n t e r b a n g u n n y a k e r ja s a m a ja n g k a m e n e n g a h h in g g a p a n ja n g d e n g a n p e r u s a h a a n
t a m b a n g , d e n g a n p e n e k a n a n p a d a a s p e k k e a n d a la n la y a n a n , e f is ie n s i b ia y a , k e p a s t ia n ja d w a l
p e n g a n g k u ta n , s e rta k o n t in u it a s o p e r a s io n a l, s e h in g g a s e c a ra k e s e lu r u h a n m endukung
k e la y a k a n u s a h a d a n p o t e n s i p e r t u m b u h a n p e n d a p a t a n P S I.
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P e n a m b a h a n K B L I a k t iv it a s p e r u s a h a a n h o ld in g t id a k m e n g h a s ilk a n p r o d u k a ta u la y a n a n y a n g
d ib e r ik a n la n g s u n g o le h F I T T k e p a d a p e la n g g a n s e h in g g a p e r u s a h a a n t id a k m e m ilik i a k t iv it a s
p e m a s a r a n . K e g ia t a n o p e r a s io n a l d ila k u k a n o le h a n a k u s a h a s e h in g g a a k t iv it a s b e r k a it a n
d e n g a n p e m a s a r a n la n g s u n g d ila k u k a n o le h e n t it a s a n a k .
3 .2 A s p e k T e k n is
D a la m a n a lis is k e la y a k a n p a d a A s p e k T e k n is , K J P P A n d e s t a m e ia k u k a n e v a lu a s i d a n t in ja u a n
b e b e r a p a v a r ia b e l y a n g m e n ja d i b a g ia n d a r i A s p e k te k n is , a n t a r a la in :
3 .2 .1 S p e s ifik a s i K a p a l
PSI akan m e m b e li kapal o p e r a s io n a l u n tu k m e n u n ja n g k e g ia t a n usaha sebagai ja s a
p e n g a n g k u t a n b a r a n g m e la lu i j a lu r p e la y a r a n d o m e s t ik d e n g a n s p e s if ik a s i s e b a g a i b e r ik u t:
a. N am a Kapal : J in g x i 01
1) In fo rm a s i D a s a r K a p a l
• J e n is K a p a l T o n g k a n g K a rg o D e k (D e c k C a rg o B a rg e )
• T a h u n P e m b u a ta n 2021
• B e n d e ra I n d o n e s ia
• P e la b u h a n R e g is tr a s i B a ta m
• G ro s s T o n n a g e (G T ) 4016
• D e a d w e ig h t ( D W T ) 9 .9 0 0 M T
2) D im e n s i U t a m a
• P a n ja n g K e s e lu r u h a n ( L O A ) 9 1 , 4 4 m e t e r ( 3 0 0 ft)
• L e b a r (B re a d th ) 2 7 , 4 3 m e t e r ( 9 0 ft)
• D a la m ( D e p t h M L D ) 6 , 1 0 m e t e r ( 2 0 ft)
• D r a ft 4 ,8 0 m e te r
3) S p e s if ik a s i S t r u k t u r
• K e t e b a la n p la t lu n a s 12 m m
• K e t e b a la n p la t d a s a r 12 m m
• K e t e b a la n p la t s a m p in g 12 m m
• K e t e b a la n p la t d e k 12 m m
4) P e r a la t a n D e k
• M e s in ja n g k a r 7 to n , d ig e r a k k a n m e s in
• Jangkar 1 x 2 . 0 0 0 k g ( ja n g k a r t a n p a b a t a n g )
• D ia m e t e r r a n ta i ja n g k a r 38 mm
P T H o te l F itr a In te r n a tio n a l T b k
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/ F
K J P P E di A n d e s ta d an R e k a n
• P a n ja n g r a n ta i ja n g k a r 1 0 8 m e te r
• T o w in g w ir e R a n t a i ja n g k a r 3 8 m m x 8 m , k a w a t b a ja 6 x 3 6 (W S
x 2 4 m , t a m b a n g P P m a t a 1 0 in c i
• T a lita m b a t T a m b a n g P P m a ta 8 in c i
N am a Kapal K e lly 0 3
1) In fo rm a s i D a s a r K a p a l
• J e n is K a p a l K a p a l t u n d a {tug bo a t)
• B e n d e ra I n d o n e s ia
• P e la b u h a n R e g is tr a s i B a ta m
• G ro s s T o n n a g e (G T ) 207
• T a h u n P e m b u a ta n 2020
• G a la n g a n P e m b u a t K a r y a T e k n ik U t a m a
• P e m ilik K a p a l P T . A n a g a S h ip p in g I n d o n e s ia
2) P a r a m e t e r T e k n is U t a m a
• P a n ja n g K e s e lu r u h a n ( L O A ) 27 m
• L e b a r(B ) 8 ,2 m
• D a la m (H ) 4 m
• D r a f t (T ) 3 ,7 m
• M e s in U t a m a Y a n m a r 6 E Y 1 7 W , 1 1 3 8 H P @ 1 4 5 0 r p m x 2 u n it
• G e a rb o x Y a n m a r t y p e Y X H - 5 0 0 L x 2 U n it
• G enset Y a n m a r Y a m a g e n 4 T N V - 6 0 K V A x 2 U n it
3) P e r a la t a n D e k & K o n f ig u r a s i K a p a l
P e r a la t a n D e k
• Jangkar : 2 x 4 0 0 k g ( s t o c k le s s )
• D ia m e t e r r a n ta i ja n g k a r : 1 9 m m x P a n ja n g 2 4 5 m
• T o w in g r o p e : t a li P P d ia m e t e r 1 0 in c i x p a n ja n g 2 0 0 m
• M o o r in g lin e : t a li P P d ia m e t e r 6 in c i x P a n ja n g 1 0 0 m
P e r a la t a n N a v ig a s i
• R a d io S S B
• G P S N a v ig a t o r
• M a r in e R a d a r
• A I S C la s s A
P T H o te l F itr a In te r n a tio n a l T b k
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T H E 3 / E N 1 C A P P R A I S A
O
K J P P Edi A n d e s ta d an R e k a n
P e r a la t a n K e s e la m a t a n
• R a k it P e n o lo n g : 2 u n it x k a p a s it a s 1 0 o r a n g
• J a k e t p e la m p u n g : 1 2 b u a h
• P e la m p u n g ( life b u o y ) : 8 b u a h
P e r a la t a n P e m a d a m K e b a k a r a n
• A P A R d r y c h e m ic a l: 6 k g x 4 u n it, 9 k g x 2 u n it
• A P A R f o a m : 9 lit e r x 3 lite r
c. N am a Kapal : A S H E R A H 10
1) In fo rm a s i D a s a r K a p a l
• J e n is K a p a l : T o n g k a n g K a rg o D e k (D e c k C a rg o B a rg e )
• T a h u n P e m b u a ta n : 20 Juni 2022
• B e n d e ra : I n d o n e s ia
• P e la b u h a n R e g is tr a s i : B a ta m
• G ro s s T o n n a g e (G T ) : 4 . 0 1 6 to n
• D e a d w e ig h t ( D W T ) : 9 .6 0 0 to n
2) S p e s f ik a s i U t a m a
• P a n ja n g K e s e lu r u h a n : 9 1 , 4 4 m e t e r ( 3 0 0 k a k i)
• Lebar : 2 7 , 4 3 ( 9 0 k a k i)
• D a la m : 6 , 1 0 m e t e r ( 2 0 k a k i)
• D ra ft : 4 ,8 0 m e te r
K o n s tru k s i K a p a l
• K e t e b a la n p la t lu n a s 12 m m
• K e t e b a la n p la t d a s a r 12 m m
• K e t e b a la n p la t s is i 12 m m
• K e t e b a la n p la t d e k 14 m m
• K e t e b a la n s e k a t m e m a n ja n g 9 m m (3 la p is )
• K e t e b a la n s e k a t m e lin t a n g 9 mm
• K e t e b a la n p e la t p e n u t u p b u r it a n 12 m m
4) P e r a la t a n D e k
• W in c h ja n g k a r 7 to n ( d e n g a n m e s in p e n g g e r a k )
• Jangkar 1 x 1 .4 0 0 k g ( s t o c k le s s a n c h o r )
• D ia m e t e r r a n ta i ja n g k a r 34 m m
• P a n ja n g r a n ta i 1 0 8 m e te r
P T H o te l F itr a In te r n a t io n a l T b k
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T H E S C / E N T / F / c A P P R A I S A L
K J P P E di A n d e s ta dan R e k a n
• T o w in g w ir e R a n t a i 3 8 m m x 6 m w ir e s lin g 6 x 3 8 ( W S ) x 2 4 M P P ,
t a li d ia m e t e r 1 0 in c i
• T a lita m b a t T a li P P d ia m e t e r 8 in c i
d. N am a Kapal A S H E R A H 11
1) In fo rm a s i D a s a r K a p a l
• J e n is K a p a l T o n g k a n g K a rg o D e k (D e c k C a rg o B a rg e )
• T a h u n P e m b u a ta n 2023
• B e n d e ra In d o n e s ia
• P e la b u h a n R e g is tr a s i B a ta m
• B ir o K la s if ik a s i B K I ( B ir o K la s if ik a s i In d o n e s ia )
2) P a r a m e t e r T e k n is U t a m a
• P a n ja n g K e s e lu r u h a n 9 1 , 4 4 m e t e r ( 3 0 0 k a k i)
• Lebar 2 7 , 4 3 m e t e r ( 9 0 k a k i)
• D a la m 6 , 1 0 m e t e r ( 2 0 k a k i)
• D ra ft 4 ,9 3 m e te r
• G ro s s T o n n a g e (G R T ) 3 .8 8 9
• N e t T o n n a g e (N T ) 1 .1 6 7
• K a p a s it a M u a ta n ( P a y lo a d ) 9 . 6 5 0 to n
• K a p a s it a s B e b a n D e k 8 to n /m 2
3) M a t e r ia l S t r u k t u r
• K e t e b a la n p la t d a s a r : 12 m m
• K e t e b a la n p la t s is i : 12 m m
• K e t e b a la n p la t d e k : 14 m m
• K e t e b a la n s e k a t m e m a n ja n g : 9 m m ( 3 s e k a t m e m a n ja n g )
• K e t e b a la n s e k a t m e lin t a n g : 9 mm
• K e t e b a la n p e la t b u r it a n : 12 m m
4) P e r a la t a n D e k
• W in c h ja n g k a r 7 t o n , d e n g a n m e s in p e n g g e r a k ( M o d e l: K 4 1 0 0 D )
• Jangkar 1 x 2 . 0 0 0 k g ( s t o c k le s s a n c h o r / ja n g k a r t a n p a
p a la n g )
• D ia m e t e r r a n ta i ja n g k a r 38 mm
• P a n ja n g r a n ta i ja n g k a r 108 m
• T o w in g g e a r r a n ta i 3 8 m m x 4 , 5 m , w ir e r o p e 6 x 3 8 ( W S ) x 2 4 m ,
t a li P P d ia m e t e r 1 0 in c i
P T H o te l F itr a In te r n a t io n a l T b k
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E S C N T IF C A R P R A IS A
K J P P Edi A n d e s ta d an R e k a n
• T a lita m b a t : t a li P P d ia m e t e r 8 in c i
• F ender ban : D 1 0 0 0 x 5 0 u n it, D 1 5 0 0 * 4 u n it
e. N am a Kapal J IN G X I0 2
1) In fo rm a s i D a s a r K a p a l
• J e n is K a p a l T o n g k a n g K a rg o D e k (D e c k C a rg o B a rg e )
• T a h u n P e m b u a ta n 2021
• B e n d e ra I n d o n e s ia
• P e la b u h a n R e g is tr a s i B a ta m
• G ro s s T o n n a g e (G T ) 4016
• D e a d w e ig h t ( D W T ) 1205
• K a p a s it a s M u a ta n 9850 MT
• T a n g g a l P e le t a k a n L u n a s 21 J u n i 2 0 2 1
2) D im e n s i U t a m a
• P a n ja n g K e s e lu r u h a n 9 1 , 4 4 m ( 3 0 0 k a k i)
• Lebar 2 7 , 4 3 m ( 9 0 k a k i)
• D a la m 6 , 1 0 m ( 2 0 k a k i)
• D r a ft 4 ,8 0 m
3) K o n s tru k s i K a p a l
• K e t e b a la n p la t lu n a s 12 m m
• K e t e b a la n p la t d a s a r 12 m m
• K e t e b a la n p la t s is i 12 m m
• K e t e b a la n p la t d e k 12 m m
• K e t e b a la n s e k a t m e m a n ja n g 8 mm
• K e t e b a la n s e k a t m e lin t a n g 8 mm
• K e t e b a la n p e la t p e n u t u p b u r it a n 12 m m
4) P e r a la t a n D e k
W in c h ja n g k a r : 7 to n ( d e n g a n m e s in p e n g g e r a k )
Jangkar : 1 * 2 0 0 0 k g ( s t o c k le s s a n c h o r / ja n g k a r ta n p a
p a la n g )
D ia m e t e r r a n ta i ja n g k a r : 38 m m
P a n ja n g r a n ta i :1 0 8 m m
T o w in g g e a r : R a n t a i 3 8 m m x 8 m W ir e s lin g 6 x 3 6 ( W S ) x 2 4 m
T a li M P P d ia m e t e r 1 0 in c i
• T a li t a m b a t : T a li P P d ia m e t e r 8 in c i
P T H o te l F itr a In te r n a tio n a l T b k
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K J P P E d i A n d e s ta da R e k a n
f. N am a Kapal : S e g a ra 6 0
1) In fo rm a s i D a s a r K a p a l
• J e n is K a p a l : T o n g k a n g K a rg o D e k (D e c k C a rg o B a rg e )
• T a h u n P e m b u a ta n : 2022
• G ro s s T o n n a g e (G T ) : 3889
• N et Tonnage : 1167
• K a p a s it a s M u a ta n : 9800 MT
• T a n g g a l P e le t a k a n L u n a s : 2 6 J u li 2 0 2 2
• G a la n g a n P e m b u a t : P T . K a r y a T e k n ik U t a m a
• K la s if ik a s i K a p a l : B K I C la s s S c a n t lin g
2) P a r a m e t e r T e k n is
• P a n ja n g K e s e lu r u h a n : 9 1 , 4 4 m e t e r ( 3 0 0 k a k i)
• Lebar : 2 7 , 4 3 m e t e r ( 9 0 k a k i)
• D a la m : 6 , 1 0 m e t e r (2 0 k a k i)
• S a r a t A ir ( D r a f t ) : 4 ,9 3 m e te r
3) P e r a la t a n D e k
• M e s in ja n g k a r : 7 to n , d ig e r a k k a n m e s in , m o d e l Y F C M - 3 4
• Jangkar : 1 x 1 4 0 0 k g ( s t o c k le s s a n c h o r )
• D ia m e t e r r a n ta i : 34 m m
• P a n ja n g r a n ta i : 1 0 8 m e te r
g. N am a Kapal : J in g x i 0 3
1) In fo rm a s i D a s a r K a p a l
• J e n is K a p a l : T o n g k a n g K a rg o D e k (D e c k C a rg o B a rg e )
• B e n d e ra : I n d o n e s ia
• P e la b u h a n R e g is tr a s i : B a ta m
• M a r k o f f T o n . C e r t. : G T 4 0 1 6 N o . 9 0 6 8 /P P m
• K la s if ik a n K a p a l : B ir o K la s if ik a s i In d o n e s ia ( B K I)
• P a y lo a d : 10000 M T
• D eck Load : 8 to n
• Y e a r o f B u ild : 2021
• K e e l L a id : 4 A g u s tu s 2021
• B u ild e r : K a r y a T e k n ik U t a m a
P T H o te l F itr a In te r n a t io n a l T b k
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I E N T I F I C A I S A L
K J P P E di A n d e s ta d an R e k a n
2) D e c k E q u ip m e n t
• W in d la s s : 7 to n w it h e n g in e d r iv e n
• A nchor : 1 x 2 0 0 0 k g ( s t o c k le s s )
• D ia m e t e r C h a in : 38 mm
• L e n g th o f C h a in : 108 m
• T o w in g L in e : A n c h o r C h in e 3 8 m m x 8 m W ir e S lin g 6 x 3 6 ( W S )
x 2 4 m P P R o p e C ir c 1 0 ”
• M o o r in g L in e : P P R o p e C ir c 8 ”
3) P r in c ip le D im e n s io n
• L e n g th O .A . 9 1 ,4 4 m (3 0 0 F T )
• B r e a d t h (B ) 2 7 , 4 3 m (9 0 F T )
• D e p th M ild 6 ,1 0 m ( 2 0 F T )
• D r a f t (T ) 4 ,8 0 m
4) S c a n t lin g
• K e e l P la te 12 m m
• B o t t o m P la te 12 m m
• S id e S h e e l 12 m m
• D e c k P la te 12 m m
• L o n g it u d in a l B H D 8 mm
• T ra n s v e rs a l B H D 8 mm
• T ra n s o m 12 m m
3 .2 .2 R e n c a n a P e n a m b a h a n K e g ia ta n U s a h a
F I T T a k a n m e n a m b a h k a n b e b e r a p a K B L I s e b a g a i u p a y a m e la n ju t k a n k e la n g s u n g a n u s a h a
dengan m e ia k u k a n in v e s t a s i p e n y e r t a a n saham pada p e ru s a h a a n a n a k s e h in g g a d e n g a n
r e n c a n a p e n a m b a h a n K B L I, k e g ia t a n u s a h a P e r s e r o a n m e n ja d i s e b a g a i b e r ik u t :
Kode KBLI Nama KBLI Keterangan
Rencana Penambahan KBLI
64200 A k tiv ita s P e ru s a h a a n H o ld in g K e lo m p o k ini m e n c a k u p k e g ia ta n d a ri p e ru s a h a a n
h o ld in g (h o ld in g c o m p a n ie s ), y a itu p e ru s a h a a n ya n g
m enguasai aset d a ri s e k e lo m p o k p e ru s a h a a n
s u b s id ia ri dan k e g ia ta n u ta m a n y a a d a la h
k e p e m ilik a n k e lo m p o k te rs e b u t. "H o ld in g C o m p a n ie s
" tid a k te rlib a t d a la m ke g ia ta n u s a h a p e ru s a h a a n
s u b s id ia rin y a . K e g ia ta n n y a m encakup ja s a ya n g
d ib e rik a n p e n a s ih a t (c o u n s e llo rs ) d a n p e ru n d in g
P T H o te l F itr a In t e r n a t io n a l T b k
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/ E N T / F / C A P P R A I S A L
K J P P Edi A n d e s ta d an R e k a n
Kode KBLI Nama KBLI Keterangan
( n e g o tia to r s ) d a la m m e ra n c a n g m e rg e r d a n a k u is is i
p e ru s a h a a n .
50131 A n g k u ta n L a u t D a la m N e g e ri K e lo m p o k ini m encakup usaha p e n g a n g k u ta n
u n tu k B a ra n g U m u m b a ra n g u m u m m e la lu i la u t d e n g a n m e n g g u n a k a n
kapal la u t a n ta rp e la b u h a n d a la m n e g e ri d e n g a n
m e la y a ri tra y e k s e c a ra te ta p dan te ra tu r (lin e r)
d e n g a n b e rja d w a l, a ta u tra y e k tid a k te ta p d a n tid a k
te ra tu r (tra m p e r). T e rm a s u k usaha p e rs e w a a n
a n g k u ta n la u t b e rik u t o p e ra to m y a
50133 A n g k u ta n L a u t D a la m N e g e ri K e lo m p o k ini m encakup usaha p e n g a n g k u ta n
u n tu k B a ra n g K h u s u s b a ra n g dengan m enggunakan kapal la u t ya n g
d ira n c a n g s e c a ra k h u s u s u n tu k m e n g a n g k u t su a tu
je n is b a ra n g te rte n tu , s e p e rti a n g k u ta n b a ra n g
b e rb a h a y a , lim b a h b a h a n b e rb a h a y a d a n b e ra c u n ,
bahan b a k a r m in y a k , m in y a k b u m i, h a sil o la h a n ,
L P G , L N G d a n C N G , ikan d a n s e je n is n y a . T e rm a s u k
u s a h a p e rs e w a a n a n g k u ta n la u t b e rik u t o p e ra to m y a .
50141 A n g k u ta n L a u t L u a r N e g e ri K e lo m p o k ini m encakup usaha p e n g a n g k u ta n
u n tu k B a ra n g U m u m b a ra n g m e la lu i la u t d e n g a n m e n g g u n a k a n k a p a l la u t
a n ta rp e la b u h a n d i In d o n e s ia d e n g a n p e la b u h a n di
lu a r n e g e ri d e n g a n m e la y a ri tra y e k s e c a ra te ta p d a n
te ra tu r (lin e r) d e n g a n b e rja d w a l, a ta u tra y e k tid a k
te ta p d a n tid a k te ra tu r (tra m p e r). T e rm a s u k u s a h a
p e rs e w a a n a n g k u ta n la u t b e rik u t o p e ra to m y a .
50142 A n g k u ta n L a u t L u a r N e g e ri K e lo m p o k ini m encakup usaha a n g k u ta n la u t
u n tu k B a ra n g K h u s u s in te m a s io n a l u n tu k b a ra n g khusus, c o n to h n y a
a n g k u ta n b a ra n g b e rb a h a y a , lim b a h bahan
b e rb a h a y a dan b e ra c u n , te rm a s u k ikan dan
s e je n is n y a . A n g k u ta n la u t khusus dengan
m e n g g u n a k a n k a p a l b e rb e n d e ra In d o n e s ia d e n g a n
k o n d is i dan p e rs y a ra ta n k a p a ln y a d is e s u a ik a n
d e n g a n je n is ke g ia ta n u s a h a p o k o k n y a s e rta u n tu k
m e la y a n i tra y e k tid a k te ta p d a n tid a k te ra tu r a ta u
tra m p e r a n ta rp e la b u h a n di In d o n e s ia dengan
p e la b u h a n di lu a r n e g e ri. T e rm a s u k usaha
p e rs e w a a n a n g k u ta n la u t b e rik u t o p e ra to m y a .
3 .2 .3 K e te r s e d ia a n d a n K u a lita s S u m b e r D a y a
P S I s a a t in i b e lu m r e s m i b e r o p e r a s i s e c a r a k o m e r s ia l d a n k e te r s e d ia a n s u m b e r d a y a m a n u s ia
h a n y a t e r d a p a t p a d a p o s is i in ti y a n g d it u g a s k a n p e m e g a n g s a h a m . T im m a n a je m e n in ti y a itu
D ir e k s i dan K o m is a r is P S I. Di s is i la in , d a la m penam bahan k e g ia t a n usaha a k t iv it a s
P T H o t e l F itr a In t e r n a t io n a l T b k
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E S C I E N T I F I C A P P R A I S A L
K J P P E di A n d e s ta dan R e k a n
p e r u s a h a a n h o ld in g , F I T T m e m ilik i k a p a s it a s t e r k a it d e n g a n k e g ia t a n u s a h a s e b a g a i a k t if it a s
p e r u s a h a a n h o ld in g y a it u d ia n t a r a n y a :
a. F IT T d id ir ik a n pada ta h u n 2014 sebagai p e ru s a h a a n m a n a je m e n p e r h o t e la n yang
k o m p e t e n d i I n d o n e s ia , d e n g a n p r in s ip u ta m a m e m b e r ik a n p e la y a n a n y a n g t e r b a ik u n t u k
ta m u d e n g a n h a r g a y a n g t e r ja n g k a u . K e g ia t a n u s a h a b e r u s a h a d a la m b id a n g k o n s t r u k s i
g e d u n g , b e r u s a h a d a la m b id a n g p e n y e d ia a n a k o m o d a s i, b e r u s a h a d a la m b id a n g re a l
e s t a t , b e r u s a h a d a la m b id a n g a k t iv it a s o la h r a g a d a n r e k r e a s i la in n y a . K e g ia t a n U s a h a
F I T T d ija la n k a n o le h 2 a n a k p e r u s a h a a n y a itu B M P d a n F A W d e n g a n r in g k a s a n s e b a g a i
b e r ik u t :
1) B M P m e n g e lo la h o te l b in t a n g 3 F itr a H o te l M a ja le n g k a y a n g b e r a la m a t d i J a la n K .H .
Abdul H a lim No. 88, K e lu r a h a n M u n ju l, K e c a m a ta n M a ja le n g k a , K a b u p a te n
M a ja le n g k a , P r o v in s i J a w a B a r a t.
2) FAW m e r u p a k a n p e r u s a h a a n y a n g m e m ilik i k e g ia t a n u s a h a w is a t a r e lig i d a n t o u r
t r a v e l h a ji s e la in itu u s a h a la in n y a y a it u p e n y e d ia a n h o te l d a n p e n g in a p a n bagi
ja m a a h h a ji s e rta m a n a je m e n p e n g e lo la a n w is a t a r e lig i m a n a s ik u m ra h yang
p r o p e s io n a l, a m a n a h d a n b e r k a h .
b. K e p e m ilik a n s a h a m s e c a r a la n g s u n g pada BM P dan FAW m e n u n ju k k a n F IT T s u d a h
m e m ilik i p e n g a la m a n d a la m k e g ia t a n in v e s t a s i pada p e ru s a h a a n b e rb a g a i s e k to r .
K e m u d ia n , F IT T b e re n c a n a m e la k u k a n d iv e s t a s i e n t it a s anak yang d im ilik i s e c a ra
la n g s u n g y a it u (i) B M P , d a n (ii) F A W . F I T T b e r e n c a n a u n t u k m e la k u k a n d iv e s t a s i e n t it a s
a n a k y a n g d im ilik i s e c a r a la n g s u n g y a it u (i) B M P , d a n (ii) F A W . D iv e s t a s i p a d a B M P u n t u k
k e p e m ilik a n s a h a m s e b e s a r 9 9 , 9 9 9 8 % a ta u 5 4 9 . 9 9 9 le m b a r s a h a m m ilik F IT T . D iv e s t a s i
p a d a F A W u n t u k k e p e m ilik a n s a h a m s e b e s a r 9 9 , 9 6 % a ta u 5 0 2 . 2 9 9 le m b a r s a h a m . F IT T
ju g a b e r e n c a n a m e la k u k a n in v e s t a s i p a d a P S I y a itu p e r u s a h a a n y a n g b e r g e r a k d ib id a n g
ja s a p e n g a n g k u ta n b a r a n g j a lu r p e la y a r a n d o m e s t ik m aupun in t e r n a s io n a l s e h in g g a
p e ru s a h a a n akan penam bahan KBLI a k t if it a s p e ru s a h a a n h o ld in g pada k e g ia t a n
usahanya. D ila t a r b e la k a n g i upaya F IT T yang akan m e n ja d i p e m b e li d a la m re n c a n a
A k u is is i S a h a m E k s is t in g P S I, d im a n a F I T T a k a n m e la k u k a n a k u s is i k e p e m ilik a n s a h a m
s e b e s a r R p . 1 4 ,0 0 m ilia r .
c. B a h a n b a k u m e n ta h
D a la m re n c a n a penam bahan k e g ia t a n usaha, F I T T t id a k m e n g h a s ilk a n p ro d u k a ta u
la y a n a n s e h in g g a t id a k t e r d a p a t b a h a n b a k u m e n ta h y a n g d ig u n a k a n .
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3 .2 .4 B a n y a k n y a K a p a l d a n K a p a s ita s D a y a A n g k u t
a. P S I b e lu m m e m ilik i a r m a d a u n t u k k e g ia t a n o p e r a s io n a l s a m p a i d e n g a n t a n g g a l s t u d y
k e la y a k a n . S e s u a i d e n g a n b usiness plan y a n g d ib u a t o le h m a n a je m e n , t e r d a p a t in v e s t a s i
b e r u p a 6 u n it k a p a l t o n g k a n g d a n 1 u n it tu g b o a t d e n g a n s p e s if ik a s i s e s u a i d e n g a n p a d a
s u b b a b 3 .2 .1 . P e m b e lia n k a p a l d ir e n c a n a k a n s e le s a i s e b e lu m J u n i 2 0 2 6 s e ja la n d e n g a n
t a r g e t P S I u n t u k d a p a t b e r o p e r a s i p a d a J u n i 2 0 2 6 . S a m p a i d e n g a n t a h u n 2 0 3 0 t id a k a d a
r e n c a n a p e n a m b a h a n k a p a l a ta u r e n c a n a p e m b a r u a n a r m a d a s e la in p e m b e lia n 6 u n it
k a p a l t o n g k a n g d a n 1 u n it tu g b o a t. P S I a k a n m e n y e w a 5 u n it t u g b o a t u n t u k m e n u n ja n g
k e g ia t a n o p e r a s io n a l p e r u s a h a a n s e h in g g a ju m la h k a p a l m ilik i s e n d ir i y a it u 6 u n it k a p a l
t o n g k a n g d a n 1 u n it tu g b o a t d a n k a p a l s e w a s e ju m la h 5 u n it t u g b o a t .
b. R a t a - r a t a k a p a s it a s d a y a a n g k u t k a p a l y a it u s e b e s a r 9 .8 0 0 M T p e r p e la y a r a n .
3 .2 .5 P e k e r ja d a n A h li P r o f e s io n a l
B e r ik u t b e b e r a p a p e k e r ja d a n d a n a h li p r o f e s s io n a l y a n g d im ilik i P S I d a n F I T T d ia n t a r a n y a :
a. P S I s a a t in i b e lu m r e s m i b e r o p e r a s i s e c a r a k o m e r s ia l d a n k e te r s e d ia a n s u m b e r d a y a
m a n u s ia hanya te rd a p a t pada p o s is i in ti yang d it u g a s k a n pem egang saham . T im
m a n a je m e n in ti y a it u D ir e k s i d a n K o m is a r is P S I. R e n c a n a p e r e k r u t a n k a ry a w a n a ka n
d im u la i p a d a F e b r u a r i 2 0 2 6 u n t u k m e n g is i b e r b a g a i p o s is i.
b. P S I a k a n m e n a m b a h te n a g a c re w k a p a l d e n g a n to ta l 6 0 o ra n g . C re w k a p a l y a n g a k a n
d ir e k r u t h a ru s m e m ilik i s e r t if ik a t d ia n t a r a n y a u n tu k aw ak kapal m e m ilik i s e r t if ik a s i
(■S tandards o f Training, C ertification, a n d W atchkeeping ( S T C W ) y a itu s e r t if ik a s i p e la t ih a n
a w a k k a p a l in t e r n a s io n a l. S e r ta s e r t if ik a t k o m p e t e n s i la in n y a d a n u n t u k p o s is i m a n a je m e n
d a r a t s e p e r t i m a n a je m e n k a p a l, in s iy u r p e r a w a t a n , a h li p e r e n c a n a a n lo g is t ik m e m ilik i
p e n d id ik a n t e r k a it lo g is t ik a ta u p e la y a r a n d a n s e r t if ik a s i IS O 9 0 0 1 / 2 8 0 0 0 .
c. S e la in r e k r u t m e n y a n g d ila k u k a n o le h p ih a k P S I, t e n a g a a h li u n t u k k e g ia t a n o p e r a s io n a l
kapal akan d iis i o le h c re w kapal b e r p e n g a la m a n d a ri p e ru s a h a a n p e m ilik kapal
s e b e lu m n y a . H a l t e r s e b u t s e s u a i d e n g a n k e s e p a k a t a n a n t a r a P S I d e n g a n p e m ilik k a p a l
d a la m p e m b e lia n u n it k a p a l b a h w a p e m ilik k a p a l a k a n t u r u t m e n y e r t a k a n A n a k B u a h
K a p a l ( A B K ) k e p a d a P S I s e la m a 1 t a h u n p e r t a m a p e m b e lia n .
d. P a d a p e r io d e 3 0 S e p t e m b e r 2 0 2 5 , F I T T m e m ilik i k a r y a w a n s e b a n y a k 6 2 o r a n g t e r d ir i d a r i
2 3 k a r y a w a n t e t a p , 2 2 k a r y a w a n k o n t r a k s e r t a 1 7 k a r y a w a n h a r ia n b e r d a s a r k a n L a p o r a n
K e u a n g a n A u d it p e r 3 0 S e p t e m b e r 2 0 2 5 . R e n c a n a p e n a m b a h a n A k t iv it a s P e r u s a h a a n
H o ld in g t id a k m e n a m b a h s u m b e r d a y a m a n u s ia F I T T d e n g a n t e t a p m e m p e r t a h a n k a n
s e lu r u h k a r y a w a n d a n p e n g u r u s .
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3 .2 .6 A lu r d a n F lo w C h a rt
D a la m m e n ja la n k a n b is n is pada k e g ia t a n u s a h a ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r
p e la y a r a n d o m e s t ik , P S I m e m ilik i a lu r b is n is s e b a g a i b e r ik u t:
Nam a Tahapan D e s k r ip s i B is n is A lu r P ro s e s
1. Boolking B e r d a s a r k a n p e r m in ta a n (1 ) M e n e r im a p e r m in ta a n
p e la n g g a n , m e la k u k a n t r a n s p o r t a s i p e la n g g a n
p e m e s a n a n k a rg o u n tu k (2 ) M e m e r ik s a k a p a s it a s
p e n g ir im a n b a r a n g t r a n s p o r t a s i k a p a l d a n r u te
p e la y a r a n
(3 ) K o n f ir m a s i r u a n g k a r g o d a n
la k u k a n r e s e r v a s i
r
(4 ) M e n g ir im k a n s u r a t k o n f ir m a s i
p e m e s a n a n k e p a d a p e la n g g a n
2. Loaclin g M e m u a t b a ra n g k e k a p a l (1 ) M e m a s t ik a n w a k t u d a n lo k a s i
y a n g t e la h d ip e s a n p e m u a t a n d e n g a n p e la n g g a n
(2 ) M e m p e r s ia p k a n d o k u m e n d a n
p e r a la t a n y a n g d ip e r lu k a n u n t u k
p e m u a ta n
(3 ) M e n g a w a s i p ro s e s p e m u a ta n
u n t u k m e m a s t ik a n b a r a n g
S d im u a t d e n g a n a m a n
(4 ) S e t e la h p e m u a t a n s e le s a i,
m e la k u k a n p e n g e c e k a n d a f t a r
m u a ta n ( m a n if e s t )
3. T rar sp o lia tio n M e n g a n g k u t b a ra n g d a ri (1 ) K a p a l b e r a n g k a t d a n m e la k u k a n
P e la b u h a n a s a l k e p e la y a r a n d i la u t
P e la b u h a n tu ju a n (2 ) M e m a n ta u p e rg e ra k a n k a p a l di
m enggunakan kapal k o n d is i k a r g o
(3 ) M e m a s t ik a n k e a m a n a n d a n
e f is ie n s i k a p a l s e la m a p e la y a r a n
r
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KJPP Edi A n d e s t a dan Rekan
I S A L
O
Nam a Tahapan D e s k r ip s i B is n is A lu r P ro s e s
4. Un 'O' idling M e m b o n g k a r a ta u (1 ) B e r k o o r d in a s i d e n g a n
m e n u ru n k a n b a ra n g d a ri P e la b u h a n t u ju a n u n t u k
k a p a l d i P e la b u h a n t u ju a n p e r s ia p a n p e m b o n g k a r a n
(2 ) M e n g a w a s i p ro s e s
p e m b o n g k a ra n u n tu k
m e m a s t ik a n b a r a n g d it u r u n k a n
r dengan am an
(3 ) M e m e r ik s a d a f t a r p e m b o n g k a r a n
( c a r g o u n lo a d in g lis t) u n t u k
m e m a s t ik a n t id a k a d a k e s a la h a n
5. De live ry M e n y e ra h k a n b a ra n g (1 ) P e la n g g a n m e n e r im a b a r a n g
k e p a d a p e la n g g a n s e c a r a d a n m e la k u k a n
f in a l p e n a n d a t a n g a n a n b u k ti
p e n e r im a a n
(2 ) M e m b e r ik a n d o k u m e n d a n
b e r k a s y a n g d ip e r lu k a n k e p a d a
p e la n g g a n
(3 ) M e n y e le s a ik a n k o n t r a k
r
p e n g a n g k u t a n d a n m e la k u k a n
p e n y e le s a ia n t r a n s a k s i b is n is
S u m b e r : M a n a je m e n P S I
3 .3 A s p e k P o la B is n is
3 .3 .1 K e u n g g u la n K o m p e titif
B e r ik u t m e r u p a k a n k e u n g g u la n p o la b is n is a g a r le b ih k o m p e t it if d a la m m e n ja la n k a n k e g ia t a n
u s a h a ja s a p e n g a n g k u t a n b a r a n g m e la lu i p e la y a r a n d o m e s t ik :
a. P S I a k a n m e n y e d ia k a n la y a n a n p e n g a n g k u t a n d e n g a n a r m a d a k a p a l d e n g a n r u t e y a n g
d ija la n k a n s e s u a i d e n g a n s t a n d a r in d u s t r i u n t u k m e m e n u h i k e b u t u h a n p e n g ir im a n t e p a t
w a k t u k e t e m p a t t u ju a n . K e c e p a t a n d a n k e t e p a t a n w a k t u la y a n a n m e r u p a k a n n ila i t a m b a h
b a g i p e r u s a h a a n p e n g a n g k u t a n b a r a n g b a g i p e m ilik k a r g o . D a la m p e n y e d ia a n la y a n a n
r u te , p e ru s a h a a n te rn s b e ru p a y a u n tu k m e n in g k a t k a n penggunaan s is t e m n a v ig a s i
m o d e rn dan m e la k u k a n p e n ja d w a la n yang e fis ie n u n tu k p e m ilik k a rg o . R u te u ta m a
p e la y a r a n P S I m e r u p a k a n r u te y a n g s u d a h m a t a n g d e n g a n e f is ie n s i o p e r a s io n a l y a n g
s ta b il.
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b. PSI kedepan akan m em bangun lo y a lit a s dengan p e la n g g a n m e la lu i k o n t r a k ja n g k a
p a n ja n g s e r t a b e k e r ja s a m a d e n g a n k lie n b e s a r . M e s k ip u n s a a t in i P S I b e lu m m e m ilik i
k o n tra k re s m i d e n g a n p e m ilik k a r g o d ik a r e n a k a n b e lu m m e m ilik i a r m a d a k a p a l s e rta
b e lu m b e r o p e r a s i s e c a r a r e s m i.
S e m e n ta ra itu , d a la m upaya penam bahan k e g ia t a n usaha a k t if it a s p e ru s a h a a n h o ld in g ,
k e u n g g u la n k o m p e t it if F I T T d a la m m e n ja la n k a n u s a h a n y a y a it u m e m ilik i track record s e b a g a i
p e r u s a h a a n in d u k d e n g a n k e p e m ilik a n s a h a m la n g s u n g p a d a B M P d a n F A W s e h in g g a F IT T
d a p a t d ia n g g a p p e r u s a h a a n in v e s t a s i y a n g b e r p e n g a la m a n . S e ja la n d e n g a n penam bahan
k e g ia t a n u s a h a a k t if it a s p e r u s a h a a n h o ld in g m a k a p e r u s a h a a n b e r e n c a n a m e ia k u k a n in v e s t a s i
p a d a P S I a ta u s e k t o r la in n y a d e n g a n m e m p e r t im b a n g k a n p o t e n s i p a s a r g u n a m e n in g k a t k a n
d a y a s a in g F IT T .
3 .3 .2 K e m a m p u a n P e s a in g u n t u k M e n ir u P r o d u k
J u m la h p e s a in g b is n is y a n g m e m ilik i k a r a k t e r b is n is y a n g s a m a d e n g a n P S I ju m la h n y a b a n y a k ,
k a re n a s u d a h b a n y a k p e ru s a h a a n a n g k u ta n la u t y a n g b e r iz in d i I n d o n e s ia . K e m u n g k in a n
p e s a in g b a ru m em asuki b id a n g usaha yang sam a ju g a cukup besar s e ja la n dengan
p e rk e m b a n g a n t r a n s p o r t a s i lo g is t ik la u t s e h in g g a m em buat usaha le b ih k o m p e t it if . U p a y a
u n t u k t e t a p b e r t a h a n d it e n g a h p e r s a in g a n y a n g k o m p e t it if d a p a t d ila k u k a n o le h P S I d e n g a n
p e n e r a p a n s t r a t e g i d if e r e n s ia s i la y a n a n y a n g t id a k m u d a h d it ir u o le h p e s a in g . H a l t e r s e b u t
d ila k u k a n d e n g a n f o k u s p a d a s e g m e n b usiness to business d e n g a n s p e s ia lis a s i a n g k u ta n
u n t u k k o m o d it a s b ijih n ik e l d a n b a tu k a p u r , y a n g m e m b u t u h k a n p e n a n g a n a n k h u s u s s e rta
p e m a h a m a n m e n d a la m t e r h a d a p in d u s t r i p e r t a m b a n g a n . F o k u s p a d a r u t e - r u t e s t r a t e g is s e p e r t i
r u t e d i P u la u S u la w e s i, p e n g g u n a a n k a p a l y a n g s e s u a i d e n g a n k a r a k t e r is t ik m u a ta n , s e r t a
p e n e ra p a n s t a n d a r k e s e la m a t a n dan k e p a tu h a n akan m endukung P S I d a la m b e r s a in g di
in d u s t r i ja s a a n g k u t a n la u t.
S e la in itu , p e r s a in g a n d e n g a n b id a n g u s a h a p e r u s a h a a n in v e s t a s i a ta u p e r u s a h a a n h o ld in g
c u k u p b e s a r d im a n a p e r u s a h a a n la in d a p a t m e ia k u k a n in v e s t a s i p a d a p e r u s a h a a n la in y a n g
d ip e r k ir a k a n m e m ilik i p o t e n s i p a s a r y a n g b a ik . K e g ia t a n u s a h a in i t id a k m e n g h a s ilk a n p r o d u k
s e h in g g a p e s a in g yang m e m ilik i d a n a in v e s t a s i d a p a t m e ia k u k a n p e n y e rta a n saham dan
m e n ja d i p e r u s a h a a n in d u k . H a l t e r s e b u t m e m b u a t p e s ia n g a n m e n ja d i k o m p e t it if .
3 .3 .3 K e m a m p u a n u n t u k M e n c i p t a k a n N ila i
Kem am puan m e n c ip t a k a n n ila i y a n g d im a k s u d m e lip u ti n ila i b a g i P e r s e r o a n m aupun bagi
p e la n g g a n . Penam bahan k e g ia t a n usaha dengan r u te yang b e rfo k u s d i S u la w e s i d a p a t
m e m b e r ik a n s a la h s a tu p ilih a n b a g i p e r u s a h a a n p e m ilik k a r g o d i p a s a r y a n g m e m b u t u h k a n
ja s a la y a n a n t r a n s p o r t a s i la u t d o m e s t ik . D is is i la in , p e n a m b a h a n k e g ia t a n u s a h a t r a n s p o r t a s i
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la u t d a p a t m e m b e rik a n ta m b a h a n s u m b e r p e n d a p a ta n bagi P e rs e ro a n d an m e n in g k a tk a n
k in e rja k e u a n g a n .
D a la m p e n a m b a h a n u s a h a a k tiv ita s p e ru s a h a a n h old in g d a p a t m e m b e rik a n ta m b a h a n s u m b e r
p e n d a p a ta n d a n m e n in g k a tk a n k in e rja ke u a n g a n bagi FITT. S e la n ju tn y a , d a ri m a n fa a t te rs e b u t
m a k a p e n a m b a h a n k e g ia ta n u s a h a te rs e b u t m a m p u m e m b e rik a n nilai ta m b a h u n tu k FITT.
3 .3 .4 P ro s e s O p e ra s i
B e rd a s a rk a n d a ta d ari m a n a je m n PSI, d a la m m e la n ja k a n k e g ia ta n o p e ra s io n a l m e ru ju k pada
P ro s e d u r O p e ra s i S ta n d a r P ro s e s s e b a g a i b e r ik u t :
Nama Tahapan item Pemeriksaan Penanggung Jawab
24 ja m s e b e lu m m a su k 1. M e m e rik s a p e rs y a ra ta n p e n ce g a h a n C h ie f O ffic e r
p e la b u h a n e p id e m i te rb a ru d i p e la b u h a n ,
2. M e n g u ji ko n d isi m e sin u ta m a a tau m esin C h ie f E n g in e e r
b a n tu d an k e n d a ra a n d a ru ra t C a d a n g a n .
1 ja m s e b e lu m b e rs a n d a r / 1. K o n firm a si in fo rm a si p ilo t ya n g a ka n n a ik ke K a pten
sandar kapal,
2. M e m e rik s a p e ra la ta n b e rla b u h (tali ta m b a t B o a tsw a in
a ta u w in ch ).
S e te la h m e n in g g a lka n M e n ye ra h ka n “log m a s u k -k e lu a r p e la b u h a n ” ke S e co n d O ffic e r
p e la b u h a n p e ru sa h a a n .
3 .3 .5 L o k a s i d a n A k s e s ib ilta s te r h a d a p B a r a n g M u a ta n
R ute o p e ra s io n a l u ta m a P e ru s a h a a n akan b e rfo k u s di W ila y a h S u la w e s i ya itu R ute K e n d a ri -
L a n g a ra d a n R u te R a h a - B a u b a u d e n g a n rin cia n s e b a g a i b erikut:
a. R u te K e n d a ri - L a n g a ra
R u te 1 ini m e ru p a k a n ru te d e n g a n p e la b u h a n m u a t di K e n d a ri d a n p e la b u h a n b o n g k a r di
L a n g a ra d e n g a n a su m si to ta l ja ra k te m p u h p u la n g pergi ka pa l s e ja u h 60 m ile, ke c e p a ta n
k a p a l 4 kn ot, d a n to ta l w a ktu p e r trip 8 ,6 3 h ari. J a lu r ru te p e la y a ra n m e la u i K e n d a ri -
L a n g a ra d a p a t d ilih a t p a d a g a m b a r b erikut:
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G a m b a r : R u te K e n d a ri - L a n g a ra
K o n d isi e k s is tin g P e la b u h a n K e n d a ri d a n P e la b u h a n L a n g a ra s e b a g a i b erikut:
G a m b a r : P e la b u h a n K e n d a r i d a n L a n g a r a
P E L A B U H A N K EN D A R I P E L A B U H A N LA N G A RA
Sum ber: M anajem en PSI
b. R u te R a ha - B aubau
R u te 2 m e ru p a k a n ru te d e n g a n p e la b u h a n m u a t di R aha d an p e la b u h a n b o n g k a r di B a u
b au d e n g a n a su m si to ta l ja ra k te m p u h p u la n g p e rg i ka pa l s e ja u h 84 m ile, ke c e p a ta n kapal
4 knot, d an to ta l w a ktu p e r trip 8 ,8 8 hari. J a lu r ru te p e la y a ra n m e la u i R a h a - B a u -b a u d a p a t
d ilih a t p a d a g a m b a r b e r ik u t:
J a lu r ru te p e la y a ra n m e la ui R a ha - B au b a u d a p a t d ilih a t p a d a g a m b a r b e riku t:
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G a m b a r : R u te R a h a - B a u b a u
K o n d isi e k s is tin g P e la b u h a n K e n d a ri d a n P e la b u h a n L a n g a ra s e b a g a i berikut:
G a m b a r : P e la b u h a n R a h a d a n B a u b a u
Sum ber: M anajem en PS I
3 .3 .6 P o te n s i s u m b e r m u a ta n d a n w iia y a h ta r g e t p a s a r
B e rd a s a rk a n d a ta m a n a je m e n , m u a ta n p e la n g g a n PSI ya itu p e n g a n g k u ta n u n tu k je n is
k o m o d ita s bijih n ikel d a n batu k a p u r v o lu m e p e r p e la y a ra n s e k ita r 9 .8 0 0 M T. D a fta r d e n g a n
p e rs y a ra ta n k h u s u s p e n g irim a n s e b a g a i b erikut:
a. T a n g g u n g ja w a b pen u h u n tu k b o n g k a r m uat.
b. P e m ilik ka rg o m e n a n g g u n g se lu ru h risiko p e n g a n g k u ta n .
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c. B ia y a d e m u rra g e ata u b ia ya ya ng h a ru s d ib a y a rk a n a p a b ila g a g a l m e n g e lu a rk a n barang
s e s u a i d e n g a n ja d w a l y a n g d ite n tu k a n s e b e s a r R p 5 0 ju ta /h a ri. B ia ya ini d ik e lu a rk a n
d e n g a n k e te n tu a n jik a m e le b ih i k e te n tu a n hari p e la ya ra n .
3 .3 .7 P e s a i n g d i s e k i t a r lo k a s i
B e rd a s a rk a n in fo rm a si m a n a je m e n , p e ru s a h a a n ya ng b e rg e ra k di J a s a y a n g s a m a u n tu k rute
p e n g a n g k u ta n bijih n ike l ata u b a tu k a p u r s e b a g a i b erikut:
a. PT. M e ra tu s Line m e ru p a k a n p e ru s a h a a n p e la y a ra n lokal ya n g b e ra s a l d a ri In d o n e s ia dan
m e n g u ta m a k a n s tra te g i h a rg a re n d a h u n tu k ja s a n y a .
b. S a m u d e ra S h ip p in g Line (p e m ilik k a p a l S in g a p u ra , ru te n y a m e n c a k u p A s ia T e n g g a ra ,
m e n a w a rk a n la ya n a n fre k u e n s i tin gg i).
c. T a n to Intim Line (p e n g a n g k u t ka rg o cu ra h In d o n e sia , fo k u s p a d a p e n g a n g k u ta n m in e ra l).
d. M IS C B e rh a d (p e ru s a h a a n p e la y a ra n M a la ysia , m e n y e d ia k a n la ya n a n lo g is tik te rp a d u ).
e. C O S C O S h ip p in g B u lk (p e ru s a h a a n m ilik n e g a ra C h in a, d e n g a n k a p a s ita s a n g k u t b esa r).
B e rik u t ini m e ru p a k a n p e rb a n d in g a n s tra te g i ta rif d a ri m a n a je m e n a ta s p e sa in g ya ng b e ru s a h a
d ib id a n g ya ng s a m a d e n g a n PSI.
T a b e l : P e r b a n d i n g a n S t r a t e g i T a r i f P e s a in g
No. N a m a P e ru s a h a a n S tr a te g i T a r if K e te ra n g a n
1. P T M e ra tu s L in e P e rs a in g a n h a rg a re n d a h T a rif p e n g a n g k u ta n 1 0 % -
15% le bih re n d a h d a ri ra ta-
ra ta p asar.
2. S a m u d e ra S h ip p in g H a rg a m e n e n g a h -tin g g i, M e n y e d ia k a n la y a n a n nilai
fre k u e n s i p e la y a ra n tin g g i ta m b a h (c o n to h n y a : ja s a
Line
kepabeanan)
3. P T T a n to Intim H a rg a m e n e n g a h , ke rja P ro p o rsi klie n k o n tra k ja n g k a
s a m a sta b il p a n ja n g tin g g i
L ine
4. M IS C B erha d L a y a n a n p re m iu m , A rm a d a ka pa l m o d e rn
k e a n d a la n tin g g i d e n g a n c a k u p a n a s u ra n s i
le n g k a p
5. C O S C O S h ip p in g K e u n g g u la n ska la, D isko n b e s a r u n tu k klien
p e n e ta p a n h a rg a fle k s ib e l u ta m a
B ulk
S um ber: M anajem en PSI
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A s p e k M o d e l M a n a je m e n
N T I F I C
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I S A L
*
3 .4 .1 K e t e r s e d ia a n T e n a g a K e r ja
U n tu k p e n a m b a h a n k e g ia ta n u s a h a s e b a g a i ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r p e la ya ra n
d o m e s tik , m a k a te rk a it k e b u tu h a n te n a g a ke rja b e rd a s a rk a n e v a lu a s i d e n g a n m a n a je m e n PSI
d is a m p a ik a n b a h w a :
a. PSI s a a t ini b elu m re sm i b e ro p e ra s i se c a ra k o m e rs ia l d a n ke te rs e d ia a n s u m b e r d a ya
m a n u s ia hanya te rd a p a t p a d a posisi inti y a n g d itu g a s k a n pem egang saham . Tim
m a n a je m e n inti ya itu D ireksi d an K o m is a ris P S I. R e n c a n a p e re k ru ta n ka ry a w a n akan
d im u la i p a d a F e b ru a ri 2 0 2 6 u n tu k m e n g isi b e rb a g a i posisi b a g ia n a d m in is tra s i u m u m dan
b a g ia n cre w .
b. S e la in re k ru tm e n ya ng d ila k u k a n oleh p ih a k P S I, te n a g a ahli u n tu k k e g ia ta n o p e ra s io n a l
kapal a ka n d iisi o le h c re w ka pa l b e rp e n g a la m a n d a ri p e ru s a h a a n p e m ilik kapal
s e b e lu m n y a . H al te rs e b u t se s u a i d e n g a n ke s e p a k a ta n a n ta ra PSI d e n g a n p e m ilik ka p a l
d a la m p e m b e lia n u n it ka pa l b a h w a p e m ilik k a p a l akan tu ru t m e n y e rta k a n A n a k B uah K apal
(A B K ) k e p a d a PSI s e la m a 1 ta h u n p e rta m a p e m b e lia n .
c. K e b u tu h a n k a ry a w a n PSI u n tu k m e n ja la n k a n k e g ia ta n o p e ra s io n a l p e ru s a h a a n d a p a t
d iu ra ik a n s e b a g a i b erikut:
1) B a g ia n A d m in is tra s i U m u m
No K e b u tu h a n S D M J u m la h
1. C o m m is io n e r 1 o ra n g
2. P re s id e n t D ire c to r 1 o ra n g
3. M a n a g in g D ire c to r 1 o ra n g
4. D ire c to r 1 o ra n g
5. O p e ra tio n a l M a n a g e r 1 o ra n g
6. O p e ra tio n a l S ta ff 5 o ra n g
7. M a rk e tin g M a n a g e r 1 o ra n g
8. M a rk e tin g S ta ff 1 o ra n g
9. F in a n c in g m a n a g e r 1 o ra n g
10. F in a n c in g s ta ff 1 o ra n g
S um ber: M anajem en PSI
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A I S A L
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2) B ag ia n C re w
No K e b u tu h a n S D M J u m la h
1. N a k o d a K ap a l 6 o ra n g
2. C h ie f E n g in e e r 6 o ra n g
3. S e co n d O ffic e r 6 o ra n g
4. T h ir O ffic e r 6 o ra n g
5. K e p a la K elasi 6 o ra n g
6. K e la si B iasa 30 o ra n g
Sum ber: M anajem en PS I
S e s u a i ta b e l re n c a n a ke b u tu h a n s u m b e r d a y a m a n u s ia d ia ta s, k e g ia ta n o p e ra s io n a l
m e m e rlu k a n p e rs o n il atau c re w ka pa l d e n g a n to ta l 6 0 o ra n g u n tu k m e n g o p e ra s ik a n kapal,
m e m b e rik a n p e la y a n a n , d e n g a n ta n g g u n g ja w a b s p e s ifik se s u a i d e n g a n tu g a s fu n g s i p e r
b a g ia n u n tu k m e m a s tik a n ka pa l b e rla y a r a m a n d a n e fis ie n se s u a i p era tu ra n .
U n tu k p e n a m b a h a n k e g ia ta n u sa h a s e b a g a i a k tifita s p e ru s a h a a n h o ld in g , m a ka te rka it
ke b u tu h a n te n a g a ke rja b e rd a s a rk a n e v a lu a s i d e n g a n m a n a je m e n F IT T d is a m p a ik a n bah w a:
a. F IT T m e m ilik i tra c k re co rd s e b a g a i p e ru s a h a a n in d u k d e n g a n k e p e m ilik a n s a h a m
la n g s u n g p a d a B M P d an F A W s e h in g g a F IT T d a p a t d ia n g g a p p e ru s a h a a n in v e s ta s i yang
b e rp e n g a la m a n .
b. P a d a p e rio d e 30 S e p te m b e r 2 02 5 , F IT T m e m iliki ka ry a w a n s e b a n y a k 6 2 o ra n g te rd iri d ari
2 3 k a ry a w a n te ta p , 2 2 k a ry a w a n k o n tra k se rta 17 k a ry a w a n h a ria n b e rd a s a rk a n L a p o ran
K e u a n g a n A u d it p e r 30 S e p te m b e r 2 0 2 5 . R e n c a n a p e n a m b a h a n A k tiv ita s P e ru s a h a a n
H o ld in g tid a k m e n a m b a h s u m b e r d a y a m a n u s ia F IT T d e n g a n te ta p m e m p e rta h a n k a n
se lu ru h k a ry a w a n d a n p e n g u ru s.
3 .4 .2 K e k a y a a n I n t e l e k t u a l (In te lle c tu a l P ro p e rty )
M e n u ru t UU ya ng te la h d is a h k a n oleh D P R -R I p a d a ta n g g a l 21 M a re t 1997, H a k A ta s
K ekayaaan In te le k tu a l a d a la h h a k -h a k se c a ra hukum yang b e rh u b u n g a n dengan
p e rm a s a la h a n h asil penem uan dan k re a tiv ita s s e s e o ra n g atau b e b e ra p a o ra n g yang
b e rh u b u n g a n dengan p e rlin d u n g a n p e rm a s a la h a n re p u ta s i d a la m b ida n g k o m e rsia l
(com m ercial reputation) d a n tin d a k a n /ja s a d a la m b id a n g k o m e rs ia l (goodwill).
R e n c a n a p e n a m b a h a n b isn is s e b a g a i o b je k k e la y a k a n d a la m la p o ra n ini, tid a k a d a a s e t tak
b e rw u ju d y a n g te rlib a t di d a la m n y a d an d ik a te g o rik a n s e b a g a i K e ka y a a n Inte le ktu a l, ka re na
m e ru p a k a n k e g ia ta n u s a h a p e rd a g a n g a n y a n g b e rja la n u m u m ata u se s u a i d e n g a n o rd e ra n
d ari p e la n g g a n ya ng m e m b u tu h k a n .
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3 .4 .3 M a n a je m e n R is ik o
K eg ia ta n u s a h a P e rs e ro a n tid a k lu p u t d a ri risiko atau k e tid a k p a s tia n d a la m p ro s e s dan
p e la k s a n a a n o p e ra s io n a ln y a . U n s u r ke tid a k p a s tia n te rs e b u t d a p a t m e n ja d i s e m a k in b e s a r
a k ib a t p e ru b a h a n iklim b is n is y a n g s e m a k in c e p a t d a n k o m p le ks, s e h in g g a m e n ja d i risiko b isnis
ya n g tid a k m u n g k in d ih in d a ri, n a m u n w a jib d ik e lo la m e la lu i m e k a n is m e M a n a je m e n R isiko.
M a n a je m e n telah m e n g k a ji d a n m e n g e lu a rk a n k e b ija k a n u n tu k m e n g e lo la s e tia p risiko
te rs e b u t. P e rs e ro a n m e n e ra p k a n k e b ija k a n m a n a je m e n risiko a kan m e n g u ra n g i p en g a ru h
ke tid a k p a s tia n p a s a r te rh a d a p k in e rja k e u a n g a n p e ru s a h a a n .
B e rik u t a d a la h b e b e ra p a rin g k a s a n k e b ija k a n d a n p ra k tik m a n a je m e n risiko u n tu k p e n a m b a h a n
ke g ia ta n u s a h a ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r p e la y a ra n d o m e s tik :
a. M itig a si R isiko O p e ra s io n a l
R isiko o p e ra s io n a l s e p e rti k e c e la k a a n ta b ra k a n , ka nd a s, k e b a k a ra n se rta k e ru sa ka n
m esin a ka n s e c a ra s is te m a tis d id o k u m e n a ta s ik a n o le h p e ru s a h a a n d a la m ca ta ta n
k e c e la k a a n ka pa l se rta a d a n y a p e rlin d u n g a n a s u ra n si. P e ru s a h a a n ju g a b e ru p a y a u n tu k
m e la k u k a n p e m e lih a ra a n kapal. S e la in itu, d a la m m e n ja la n k a n k e g ia ta n u s a h a k h u s u s n ya
d ib id a n g p e la y a ra n m a ka P e rs e ro a n m e m iliki m e k a n is m e atau re n c a n a d a ru ra t u n tu k
risiko to p a n atau ty p h o o n d e n g a n tu ju a n m e m a s tik a n ke s e la m a ta n kapal, kru d a n m u a ta n
s e rta m e m in im a lk a n g a n g g u a n o p e ra s io n a l. M a ka ra n ta i k e p u tu s a n ata u a lu r p ro s e s u n tu k
ta n g g a p a n d a ru ra t b e ru p a to p a n a tau typ h o o n s e b a g a i b erikut:
1) P e n e rim a a n p e rin g a ta n :
a) M e m a n ta u s e c a ra re a l-tim e in fo rm a s i d ari le m b a g a m e te o ro lo g i s e p e rti Joint
Typhoon W arning C enter (JT W C ), B iro M e te o ro lo g i T io n g k o k d a n p e rin g a ta n
o to rita s p e la b u h a n .
b) K ap te n ka pa l m e la p o rk a n p e rk e m b a n g a n c u a c a ke p u s a t o p e ra s i p e ru s a h a a n
s e tia p 6 ja m .
2) P e n ila ia n risiko, b e rik u t ini m e ru p a k a n s ta n d a r re s p o n s tig a tin g k a t y a n g d ite ra p k a n :
a) P e rin g a ta n K un in g (p u s a t to p a n b e rja ra k 5 0 0 m il la u t d a ri ru te p e la ya ra n):
a k tifka n re n c a n a d a ru ra t d an e v a lu a s i rute a lte rn a tif.
b) P e rin g a ta n O ra n y e (p u s a t to p a n b e rja ra k 2 0 0 m il la u t d a ri rute): h e n tika n
k e g ia ta n b o n g k a r/m u a t, ka pa l m e n ja u h d ari a re a b e rb a h a ya .
c) P e rin g a ta n M e ra h (p u s a t to p a n b e rja ra k 50 m il la u t d ari rute): w a jib m e n g h in d a r
d a n b e rla b u h di a re a am a n u n tu k sia ga .
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3) K e p u tu s a n p e ru b a h a n rute:
a) K a p te n ka pa l b e rs a m a K o m ite K e a m a n a n P e ru s a h a a n (te rm a s u k D ire k tu r
P e la ya ra n d an k o n s u lta n m e te o ro lo g i) m engadakan ra p a t d a ru ra t u n tu k
m e m a s tik a n ke p u tu s a n p e ru b a h a n ru te d a la m 15 m enit.
b) P e la n g g a n , p e ru s a h a a n a s u ra n s i, d an a gen di p e la b u h a n tu ju a n w a jib d ib e ri
in fo rm a s i s e c a ra B ersa m a .
4) E v a lu a s i p a sca p e n a n g a n ya itu d a la m w a ktu 24 ja m s e te la h to p a n b erlalu, w a jib
m e n y e ra h k a n “ L a p o ra n Insiden u n tu k m e n g o p tim a lk a n p ro s e d u t ta n g g a p d a ru ra t di
m a sa m e n d a ta n g .
b. M itig a si R is ik o K e u a n g a n
1) F lu k tu a s i h a rg a b a h a n b a k a r m e m iliki p o te n s i m e m p e n g a ru h i p e n d a p a ta n p e ru sa h a a n
d ik a re n a k a n kom ponen b iaya bah a n bakar cukup besar d a la m o p e ra s io n a l
p e ru s a h a a n . P e ru s a h a a n M e n y u s u n d o k u m e n stra te g i lin d u n g n ila i (hedging ) bah a n
b a k a r u n tu k m e n g e lo la ris ik o flu k tu a s i h a rg a b a h a n b a k a r di m a s a d e p a n d ia n ta ra n y a
d a p a t d e n g a n ko n tra k b e rja n g ka .
c. M itig a si R isiko P e rs a in g a n U sa ha :
1) M e m p e rta h a n k a n fo k u s p a d a k u a lita s la y a n a n ya ng d ib e rik a n .
2) M e n g e m b a n g k a n s tra te g i p e n e tra s i p a s a r ya n g e fe k tif u n tu k m e m p e rta h a n k a n p a n g s a
p a s a rd a n m e n a rik p e la n g g a n baru.
3) M e n in g k a tk a n e fis ie n s i o p e ra s io n a l u n tu k m e n ja g a ta rif y a n g k o m p e titif.
4) M e n g e m b a n g k a n la y a n a n in o v a tif y a n g m e m b e d a k a n d a ri p esa in g .
d. M itig a s i R isiko K e p a tu h a n
1) P e ru s a h a a n w a jib m e m a tu h i re g u la s i d an k e te n tu a n d ari K e m e n te ria n P e rh u b u n g a n
s e rta re g u la s i In te rn a tio n a l M a ritim e O rg a n iz a tio n (IM O ), d a n p e ra tu ra n lin g ku n g a n .
R is ik o k e tid a k p a tu h a n d a p a t b e rd a m p a k p a d a sa n k s i h u ku m d a n d e n d a .
2) Hal ya n g a kan d ila k u k a n o le h p e ru s a h a a n u n tu k k o n tro l e m is i d ia n ta ra n y a : (1) P ada
e m is s io n c o n tro l a re a p ro s e s p e rg a n tia n b a h a n b a k a r h a ru s < 0 ,1 % su lfur, te rm a s u k
p e n g a m b ila n s a m p e l, p e n c a ta ta n , d a n p e la p o ra n ; w ila y a h lain s e p e rti s u lp h u r e m is s io n
c o n tro l a re a m e m iliki p ro s e d u r ke p a tu h a n s e ru p a , (2) T e k n o lo g i P e n g u ra n g a n E m isi
d e n g a n p e rtim b a n g k a n p e n g g u n a a n s c ru b b e r ata u b a h a n b a k a r a lte rn a tif, se su a i
s tra te g i g a s ru m a h k a ca IMO.
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3) M a n a je m e n sa m p a h d e n g a n m e n g g u n a k a n te m p la te M a rin e P o lu tio n M A R P O L A n n e x
V, d ita n d a ta n g a n i k a p te n , dengan rin cia n je n is s a m p a h , ju m la h , dan m e to d e
p e n g o la h a n . Latih kru m e n g g u n a k a n p e ra la ta n p e n g e lo la a n s a m p a h d e n g a n benar.
T a n g g a p T u m p a h a n T a k T e rd u g a m e n c a k u p p ro s e d u r d a ru ra t u n tu k tu m p a h a n m in ya k
ata u sa m p a h , m e m in im a lk a n d a m p a k lin g k u n g a n .
e. M itig a si R is ik o P e ru b a h a n P e rm in ta a n P asar:
1) M e la k u k a n ris e t p a s a r d a n s u rve i p e la n g g a n s e c a ra b e rk a la u n tu k m e m a h a m i tren
p a s a r d an ke b u tu h a n p e la n g g a n .
2) M e m p e rta h a n k a n fle k s ib ilita s d a la m p o rto fo lio la ya n a n a g a r c e p a t b e ra d a p ta s i d e n g a n
p e ru b a h a n tre n p a s a r d a n p e rm in ta a n p e la n g g a n .
3) K e m b a n g k a n stra te g i p e m a s a ra n ya n g e fe k tif u n tu k m e m p e rta h a n k a n p e la n g g a n yang
s u d a h a d a d an m e n a rik p e la n g g a n baru.
B e rik u t a d a la h b e b e ra p a rin g k a s a n k e b ija k a n d a n p ra k tik m a n a je m e n risiko u n tu k p e n a m b a h a n
ke g ia ta n u s a h a a k tiv ita s p e ru s a h a a n h o ld in g :
a. M itig a s i R isiko E ko n o m i, S o sia l P olitik:
1) P e ru s a h a a n m e la k u k a n p e m a n ta u a n te rh a d a p p e ru b a h a n k e b ija k a n p e m e rin ta h ,
ko n d is i so sia l, d a n in d ik a to r e k o n o m i m a k ro y a n g b e rp o te n s i m e m e n g a ru h i kin erja
in v e s ta s i. P e n g e n d a lia n risiko d ila k u k a n d e n g a n m e la k u k a n p e n y e s u a ia n te rh a d a p
s tra te g i in v e s ta s i b e rd a s a rk a n ko n d is i e k o n o m i.
b. M e n g u ra n g i R isiko K e te rg a n tu n g a n p a d a K e g ia ta n U sa h a d an P e n d a p a ta n P e ru s a h a a n
A n a k:
1) M e la k u k a n d iv e rs ifik a s i e k s p o s u r risiko d e n g a n in v e s ta s i p a d a b e b e ra p a s e k to r a g a r
m e m in im a lis ir risiko ya n g d ih a d a p i o le h s e tia p p e ru s a h a a n anak.
2) P e ru s a h a a n d a p a t m e la k u k a n b e rb a g a i s tra te g i d a la m m e n g h a d a p i p e n u ru n a n k in e rja
p a d a p e ru s a h a a n a n a k d e n g a n m e la k u k a n d iv e s ta s i ata u re s tru k tu ris a s i u s a h a a g a r
p e n d a p a ta n p e ru s a h a a n te ta p baik.
c. M itig a si R isiko K e p a tu h a n d an R e gu la si:
1) P e ru s a h a a n m e n ja g a k e p a tu h a n re g u la s i, m e n g ik u ti p e rk e m b a n g a n p e ra tu ra n h uku m
d a n p e ru n d a n g -u n d a n g a n y a n g b e rla ku s e h u b u n g a n d e n g a n k e g ia ta n u sa h a
2) P e ru s a h a a n d a p a t m e la k u k a n a n a lis is d a m p a k k e b ija k a n a ta s in v e s ta s i g u n a m e n ja g a
nilai in v e s ta s i d a la m m e n g h a d a p i ke tid a k p a s tia n e k s te rn a l. M e m p e rta h a n k a n fo k u s
p a d a k u a lita s p ro d u k d a n la ya n a n y a n g d ib e rik a n .
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d. M itig a si R is ik o S u m b e r D a ya M a n usia :
1) M e la k u k a n b e rb a g a i p ro g ra m p e la tih a n d a n p e n g e m b a n g a n u n tu k m a n a je m e n .
2) M e la k u k a n e v a lu a s i a ta s kin erja m a n a je m e n s e c a ra berkala .
e. M itig a si R isiko In v e sta si d an P e n g e m b a n g a n U sa ha :
1) M e n e ta p k a n e v a lu a s i s e te la h k e g ia ta n in v e s ta s i p a d a p e ru s a h a a n a n a k d ila k u k a n .
2) M e la k u k a n p ro s e s in v e s ta s i y a n a g ke ta t b e rd a s a rk a n a n a lis is ya n g k u a t d e n g a n due
diligence atau uji tu n ta s ya ng m e n d a la m se rta stud i k e la y a k a n s e b e lu m m e n e n tu k a n
in v e s ta s i p ada s u a tu p e ru s a h a a n .
3 .4 .4 K a p a s ita s d a n K e m a m p u a n M a n a je m e n
R e n c a n a p e n a m b a h a n k e g ia ta n u s a h a m e ru p a k a n re n c a n a ya ng te la h d ip e rtim b a n g k a n oleh
d e w a n k o m is a ris d an d e w a n d ire k s i s e b a g a i re n c a n a ya ng d iy a k in i d a p a t m e m b e rik a n
ko n trib u s i p o s itif bag i k in e rja o p e ra s io n a l d an k in e rja ke u a n g a n P e rse ro a n .
PSI s a a t ini b e lu m re sm i b e ro p e ra s i s e c a ra k o m e rs ia l d a n k e te rs e d ia a n s u m b e r d a y a m a n u sia
h an ya te rd a p a t p a d a p o sisi inti ya n g d itu g a s k a n p e m e g a n g sa h a m . T im m a n a je m e n inti yaitu
D ireksi d an K o m is a ris P S I. R e n c a n a p e re kru ta n ka ry a w a n a ka n d im u la i p a d a F e b ru a ri 2 0 2 6
u n tu k m e n g isi b e rb a g a i posisi u n tu k b ag ia n a d m in is tra s i um u m d an b ag ia n crew .
B e b e ra p a p e rtim b a n g a n lain a d a n y a k a p a s ita s d an k e m a m p u a n m a n ja m e n PSI d ia n ta ra n y a :
a. T e n a g a ahli u n tu k k e g ia ta n o p e ra s io n a l k a p a l a ka n d iisi o le h c re w ka pa l b e rp e n g a la m a n
d a ri p e ru s a h a a n p e m ilik ka pa l se b e lu m n y a . H al te rs e b u t se s u a i d e n g a n ke se p a k a ta n
a n ta ra PSI d e n g a n p e m ilik ka pa l d a la m p e m b e lia n u n it k a p a l b a h w a p e m ilik ka p a l a kan
tu ru t m e n y e rta k a n Anak B ua h K ap a l (A B K ) ke p a d a PSI s e la m a 1 ta h u n p e rta m a
p e m b e lia n ;
b. A danya p ro g ra m p e la tih a n P e rso n e l ya ng d ite ra p k a n sebagai upaya m e n in g k a tk a n
k a p a s ita s d an k e a h lia n se s u a i b id a n g n y a ;
c. PSI m e m ilik i m a n a je m e n ris ik o y a n g te ru k u r d e n g a n m e la k u k a n p e m e ta a n risiko d an
ke n d a li a ta s s e tia p risiko se rta u p a ya d a la m m e la k u k a n e lim in a s i risiko;
d. M a n a je m e n m e m iliki b uku m a n u a l m a n a je m e n ke s e la m a ta n ka pa l b e rd a s a rk a n ko n v e n si
in te rn a s io n a l b e s e rta a m a n d e m e n te rb a ru n y a , p e ra tu ra n k h u s u s In d o n e s ia d a n n e g a ra
p e la b u h a n , te rm a s u k a ra h a n d a ri o to rita s m a ritim s e te m p a t s e rta p a n d u a n p ra ktik te rb a ik
in d u stri, s e p e rti s ta n d a r te rk a it y a n g d ite rb itk a n o le h International Cham ber o f Shipping
(IC S ) d a n IMO;
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e. M e m iliki s tra te g i u n tu k p e n e n tu a n ta rif ya ng m e n y e im b a n g k a n h a rg a d e n g a n ku a lita s
la y a n a n s e s u a i posisi m u a ta n .
D a la m p e n a m b a h a n k e g ia ta n u s a h a a k tiv ita s p e ru s a h a a n h o ld in g , s e c a ra ke s e lu ru h a n F IT T
s a a t ini te la h m e m iliki M a n a je m e n d e n g a n k a p a s ita s d a n ke m a m p u a n ya ng telah teruji.
M a n a je m e n m e m iliki track record s e b a g a i p e ru s a h a a n in d u k d e n g a n k e p e m ilik a n s a h a m
la n g s u n g p a d a B M P d a n F A W s e h in g g a F IT T d a p a t d ia n g g a p p e ru s a h a a n in v e s ta s i ya ng
b e rp e n g a la m a n .
3 .4 .5 K e s e s u a ia n S tr u k t u r O r g a n is a s i d a n M a n a je m e n
R e n c a n a s tru k tu r o rg a n is a s i d a n m a n a je m e n PSI s e h u b u n g a n a d a n y a re n c a n a p e n a m b a h a n
ke g ia ta n u s a h a s e b a g a i ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r p e la y a ra n d o m e s tik m a u p u n
s e b a g a i b erikut:
—
K O M IS A R IS
D IR E K TU R
P R O JE C T M ANAGEM ENT K EU A N G A N & AKU N TA N SI L E G A L & SO M
— a m u B K S B tfu m ttn B —
8? v ‘ fS )t ■ '-1 !
M A R K E T IN G CREW M A IN T E N A N C E
-
Sum ber: M anajem en PSI
PSI tid a k m e m e rlu k a n p e ru b a h a n a ta s s tru k tu r ya ng d im iliki, n a m u n perlu p e n a m b a h a n ju m la h
p e rs o n e l y a itu pada b a g ia n b a g ia n a d m in is tra s i um u m s e p e rti O p e ra tio n a l M a n a g er,
O p e ra tio n a l S taff, M a rk e tin g M a n a g e r, M a rk e tin g S taff, F in a n c in g m a n a g e r d an F in a n c in g s ta ff
u n tu k m e n d u k u n g o p e ra s io n a l p e n a m b a h a n k e g ia ta n u sah a . S e rta p e n a m b a h a n b a g ia n c re w
u n tu k ke g ia ta n o p e ra s io n a l m e m e rlu k a n p e rso n il ata u c re w k a p a l to ta l 6 0 o ra n g d e n g a n rin cian
se b a g a i b erikut.
No K e b u tu h a n S D M J u m la h
1. N a k o d a K ap a l 6 o ra n g
2. C h ie f E n g in e e r 6 o ra n g
3. S e co n d O ffic e r 6 o ra n g
4. T h ir O ffic e r 6 o ra n g
5. K e p a la K elasi 6 o ra n g
6. K elasi B iasa 3 0 o ra n g
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S tru k tu r o rg a n is a s i d an m a n a je m e n e k s is tin g F IT T s e h u b u n g a n a d a n y a re n c a n a p e n a m b a h a n
ke g ia ta n u s a h a s e b a g a i a k tifita s p e ru s a h a a n h old in g s e b a g a i b erikut:
Sum ber: M anajem en F IT T
P e rs e ro a n tid a k m e m e rlu k a n p e ru b a h a n te rh a d a p s tru k tu r m a n a je m e n u n tu k m e n d u k u n g
o p e ra s io n a l p e n a m b a h a n k e g ia ta n u s a h a baru. H al ini s e p e rti ya ng te la h d ija b a rk a n p ada sub
b a b di a ta s te rk a it k a p a s ita s d a n k e m a m p u a n M a n a je m e n , di m a n a F IT T ya ng te la h m e m iliki 2
p e ru s a h a a n a n a k d a n b e rp e ra n s e b a g a i p e ru s a h a a n induk.
P e rtim b a n g a n tid a k d ip e rlu k a n n y a p e ru b a h a n s tru k tu r o rg a n is a s i a ta s re n c a n a p e n a m b a h a n
ke g ia ta n u s a h a P e rs e ro a n , a n ta ra lain p e n a m b a h a n ke g ia ta n u sa h a a k tiv ita s p e ru s a h a a n
h o ld in g b e ru p a in v e s ta s i pada p e ru s a h a a n la in sudah d ila k u k a n o le h F IT T se h in g g a
m a n a ja m e n su d a h m e m ilik i k a p a s ita s d a n ke m a m p u a n d a la m m e n ja la n k a n k e g ia ta n u sah a
b aru te rs e b u t. P e n a m b a h a n se g m e n u sa h a te rs e b u t m e m iliki p o la y a n g s a m a d e n g a n ke gia tan
in v e s ta s i di B M P d a n F A W s e h in g g a tid a k m e la k u k a n p e n y e s u a ia n a ta u p e ru b a h a n s ig n ifika n
te rh a d a p p o la b isnis.
3 .4 .6 R e n c a n a P e r e k r u t a n T e n a g a K e r ja
R encana penam bahan k e g ia ta n usaha P e rs e ro a n se u s a i d e n g a n business plan akan
m e n a m b a h k a n te n a g a ke rja p a d a b a g ia n a d m in is tra s i u m u m s e p e rti O p e ra tio n a l M a n a g er,
O p e ra tio n a l S taff, M a rk e tin g M a n a g e r, M a rk e tin g S taff, F in a n c in g m a n a g e r dan F in a n c in g s ta ff
s e rta c re w k a p a l p a d a F e b e ru a ri 2 0 2 6 u n tu k m e n d u k u n g k e g ia ta n o p e ra s io n a l p e ru s a h a a n
ya n g d ire n c a k a n b e ro p e ra s i s e c a ra re sm i p a d a Ju ni 2 0 2 6 m e la lu i p ro s e s re k ru tm e n . S e lain
re k ru tm e n y a n g d ila k u k a n o le h p ih a k P SI, te n a g a a hli u n tu k k e g ia ta n o p e ra s io n a l ka pa l akan
d iisi o le h c re w ka pa l b e rp e n g a la m a n d a ri p e ru s a h a a n p e m ilik k a p a l s e b e lu m n y a . Hal te rs e b u t
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s e s u a i d e n g a n k e s e p a k a ta n a n ta ra PSI d e n g a n p e m ilik k a p a l d a la m p e m b e lia n u n it ka pa l
b a h w a p e m ilik ka pa l a kan tu ru t m e n y e rta k a n A n a k B uah K a p a l (A B K ) ke p a d a PSI s e la m a 1
ta h u n p e rta m a p e m b e lia n .
3 .5 A sp ek K eu an g an P en am b ah an K B LI 50131 (A n g k u ta n L a u t D a la m N e g e ri
u n tu k B a ra n g U m u m ), K BLI 50133 (A n g k u ta n L a u t D a la m N e g e ri u n tu k
B a ra n g K husus, K B LI 50141 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g
U m u m ), K B L I 5 0 1 4 2 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ra n g K h u s u s )
A s p e k k e u a n g a n a d a la h s a la h sa tu a s p e k ya ng d ika ji d a la m s tu d i k e la y a k a n . K ajian ini
m e n g a n a lis is b e s a ra n in v e s ta s i d an p e n d a p a ta n p e rta h u n b e ru p a re n c a n a in v e s ta s i PSI
s e h in g g a d id a p a tk a n s u a tu k e s im p u la n a p a k a h p ro y e k /re n c a n a la y a k d ila k s a n a k a n a ta u p u n
tid a k. D a la m stu d i ke la y a k a n ini, P en ila i m e n g ka ji k e b u tu h a n in v e s ta s i, p ro y e k s i k e u a n g a n,
p e n e n tu a n tin g k a t d is k o n to [discount rate), k e la y a k a n in v e s ta s i, d an a n a lis a s e n s itiv ita s .
3 .5 .1 B ia y a In v e s ta s i A w a l
B e la n ja m odal m e ru p a k a n in v e s ta s i aw al yang d ik e lu a rk a n P e rs e ro a n te rk a it d e n g a n
p e n a m b a h a n k e g ia ta n u sa h a ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r p e la y a ra n d o m e s tik yang
d ia n g g a rk a n u n tu k b ia ya p e m b e lia n 6 u n it kapal to n g k a n g d an 1 u n it tu g b o a t s e b e s a r
R p 2 0 0 .0 0 0 .0 0 0 .0 0 0 ,-.
INVESTASI JUMLAH HARGA (Rp)
1 Kapal tongkang Kargo Dek (Asherah 1 Unit 30.000.000.000
10),dengan D W T 9 600 MT, G RT 4016 Ton
2 K A paltongkang Kargo Dek (Asherah 1 U nit 31.000.000.000
11),dengan D W T 9650 MT, G RT 3889 Ton
3 Kapal tongkang Kargo Dek (Jingxi 02),dengan 1 U nit 30.000.000.000
DW T 9850 MT, G R T 4016 Ton
4 Kapal tu gb oa t (Kelly 03) 1 Unit 17.000.000.000
5 Kapal tongkang Kargo Dek (Jingxi 0 1),dengan 1 Unit 30.000.000.000
D W T 9900 MT, G R T 4016 Ton
6 Kapal tongkang Kargo Dek (S egara 60),dengan 1 Unit 32.000.000.000
D W T 9800 MT, G RT 3889 Ton
7 Kapal tongkang Kargo Dek (Jingxi 03),dengan 1 Unit 30.000.000.000
D W T 9850 MT, G RT 4016 Ton
Total Investasi 200.000.000.000
P T H o te l F itr a In te r n a tio n a l T b k
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R A I S A L
O
3 .5 .2 S u m b e r P e m b ia y a a n
S u m b e r p e m b ia y a a n p e n a m b a h a n k e g ia ta n u s a h a b e ra sa l d a ri m o d al se n d iri d a n p in ja m a n a n
b an k d e n g a n to ta l R p 2 0 0 .0 0 0 .0 0 0 .0 0 0 ,-.
No. Sumber Pembiayaan Komposisi Total (Rp)
1. M odal Sendiri 25% 50.000.000.000
2. Pinjam an Bank 75% 150.000.000.000
3 .5 .3 A n a lis is P r o y e k s i K e u a n g a n d a n A s u m s i
K ajian a s p e k k e u a n g a n m e n g a n a lis is b e s a ra n in v e s ta s i d a n a ru s ka s b ersih p e rta h u n n y a
s e h in g g a d id a p a tk a n s u a tu k e s im p u la n a p a ka h su atu p ro y e k /re n c a n a k e g ia ta n u s a h a baru
la ya k d ila k s a n a k a n a ta u p u n tid a k. A s u m s i d a n p ro s p e k tif ke u a n g a n y a n g te rb e n tu k m e ru p a k a n
p ro y e k s i ke u a n g a n y a n g telah m e n d a s a rk a n a su m si m e la lu i p e n y e s u a ia n v a ria b e l m a kro dan
va ria b e l u m u m la in n y a se s u a i k e g ia ta n u s a h a ya ng m e n ja d i o b je k ka jia n k e la y a k a n , ko n d isi
d an in fo rm a s i te rk in i o p e ra s io n a l P e rs e ro a n , ka jia n in d u stri d a n ta rg e t p e n c a p a ia n o leh
m a n a je m e n P e rs e ro a n se s u a i h a s il d is k u s i d a n k o m u n ik a s i o le h m a n a je m e n P e rs e ro a n te rk a it
k e m a m p u a n p e n c a p a ia n n y a d an d is e tu ju i o le h m a n a je m e n P e rs e ro a n d an a tau P e m b e ri
T uga s.
a. A sum si Um um
B e rik u t ini a d a la h a s u m s i k e u a n g a n ya n g d ig u n a k a n u n tu k p ro s p e k tif p ro y e k s i k e u a n g a n
p ro y e k a tau re n c a n a p e n a m b a h a n k e g ia ta n u s a h a ja s a p e n g a n g k u ta n b ara n g m e la lu i ja lu r
p e la y a ra n d o m e s tik ya n g akan d ija la n k a n P e rs e ro a n d a la m b e n tu k L a p o ra n P osisi K e u a n g a n,
L a p o ra n L a b a R ugi K o m p re h e n s if d an L a p o ra n A ru s K as P e rs e ro a n , u n tu k ja n g k a w a ktu
p e rio d e O k to b e r 2 0 2 5 - 2 03 0 .
A s u m s i u m u m a d a la h a su m si y a n g b e rs u m b e r d a ri d a ta p a s a r y a n g d iy a k in i va lid s e b a g a i
s ta n d a r d a s a r p e n y e s u a ia n d a la m re v ie w p ro y e k s i ke u a n g a n u n tu k d ite ra p k a n s e la m a p e rio d e
p ro y e k s i, s e b a g a im a n a a n ta ra lain a d a la h s e b a g a i b erikut:
1) T in g k a t Infla si : 3 ,0 0 % , R a ta -ra ta in fla si DKI J a k a rta 3 ta h u n te ra k h ir
2) P e rtu m b u h a n E k o n o m i : 3 ,3 0 % R a ta -ra ta p e rtu m b u h a n e k o n o m i 5 ta h u n te ra k h ir
3) P a ja k B ad a n P e ru s a h a a n : 22%
4) P e rtu m b u h a n U M P : 5% R a ta -ra ta p e rtu m b u h a n U M P DKI J a k a rta 3 ta h u n
te ra k h ir
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b. A s u m s i P r o y e k s i L a p o r a n P o s is i K e u a n g a n
B e rik u t a d a la h a su m si ya n g d ig u n a k a n u n tu k p e n y u s u n a n p ro y e k s i L a p o ra n P osisi K e u a n g a n
a ta s p ro y e k a ta u re n c a n a p e n a m b a h a n k e g ia ta n u s a h a ja s a p e n g a n g k u ta n b ara n g m e la lu i ja lu r
p ela y a ra n d o m e s tik ya ng a kan d ija la n k a n P e rse ro a n u n tu k p e rio d e O k to b e r 2 0 2 5 - 2030:
1) B e la n ja m o d a l m e ru p a k a n in v e s ta s i a w al y a n g d ik e lu a rk a n P e rs e ro a n te rk a it d e n g a n
p e n a m b a h a n k e g ia ta n u s a h a ja s a p e n g a n g k u ta n b ara n g m e la lu i ja lu r p e la y a ra n d o m e s tik
ya n g d ia n g g a rk a n u n tu k b ia ya p e m b e lia n 6 u n it ka p a l to n g k a n g d a n 1 u n it tu g b o a t a g a r
dapat d ig u n a k a n sebagai o p e ra s io n a l P e rse ro a n . B e la n ja m odal yang d ila k u k a n
m e m p e rtim b a n g k a n k a p a s ita s d a n k e m a m p u a n y a n g te la h d ik o n firm a s i d a n d ite rim a
s e b a g a i a su m si y a n g w a ja r b a g i P e rse ro a n ;
2) S u m b e r p e n d a n a a n ya ng d ig u n a k a n u n tu k m o d a l ke rja d a n b e la n ja m o d a l m e n g g u n a k a n
fa s ilita s uta n g Lem baga K euangan Bank dengan tin g k a t bunga sebesar 8 ,6 7 % .
Penggunaan fa s ilita s uta n g bank d is e s u a ik a n dengan ke b u tu h a n pendanaan d an
k e te rs e d ia a n ka s y a n g d ig u n a k a n u n tu k m o d al ke rja o p e ra s io n a l P e rs e ro a n ;
3) D e p re s ia s i atau p e n y u s u ta n m e n g g u n a k a n m e to d e g a ris lu ru s u n tu k ka pa l a d a la h 16
ta h u n . J a n g k a w a ktu d e p re s ia s i a tau p e n y u s u ta n d ite ra p k a n b e rd a s a rk a n P e ra tu ra n
M e n te ri K e u a n g a n R e p u b lik In d o n e s ia No. 72 T a h u n 2 0 2 3 te n ta n g P e n y u s u ta n H a rta
B e rw u ju d d a n /a ta u A m o rtis a s i H a rta T a k B e rw u ju d .
4) P e rp u ta ra n m o d a l k e rja u n tu k p iu ta n g u s a h a a d a la h s e la m a 60 h ari d a n p e rp u ta ra n u n tu k
uta n g u s a h a a d a la h 3 0 hari, d e n g a n m e m p e rtim b a n g k a n k e p a d a p e rp u ta ra n m o d a l ke rja
u n tu k p e ru s a h a a n s e je n is y a n g b e rla k u s e c a ra u m um .
P r o y e k s i L a p o r a n P o s is i K e u a n g a n
B e rd a s a rk a n a su m si ya ng m e n d a s a ri p e n y u s u n a n a ta s review p ro y e k s i L a p o ra n P osisi
K e u a n g a n , p ro s p e k tif L a p o ra n P osisi K e u a n g a n p e rio d e O k to b e r 2 0 2 5 - 2 0 3 0 a d a la h s e b a g a i
berikut:
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o
(dalam Rupiah)
2025 2026 2027 2028 2029 2030
1 O k t - 31 D e s 1 J a n - 31 D e s 1 J a n - 31 D e s 1 J a n - 31 D e s 1 J a n - 31 D e s 1 J a n - 31 D e s
A set
A set Lancar
Kas dan Setara Kas 50.014.380.981 4.167.515.848 33.104.544.735 41.052.559.956 49.236.972.659 57.649.240.710
Piutang Usaha - 11.928.928.177 10.844.975.342 10.815.344.262 10.844.975.342 10.844.975.342
Pajak Dibayar
Dimuka 53.625 53.625 53.625 53.625 53.625 53.625
J u m la h A s e t L a n c a r 5 0 .0 1 4 .4 3 4 .6 0 6 1 6 .0 9 6 .4 9 7 .6 5 0 4 3 .9 4 9 .5 7 3 .7 0 2 5 1 .8 6 7 .9 5 7 .8 4 3 6 0 .0 8 2 .0 0 1 .6 2 6 6 8 .4 9 4 .2 6 9 .6 7 8
A s e t T id a k L a n c a r
A s e tT e ta p 193.750.000.000 181.250.000.000 168.750.000.000 156.250.000.000 143.750.000.000
J u m la h A s e t T id a k
Lancar - 1 9 3 .7 5 0 .0 0 0 .0 0 0 1 8 1 .2 5 0 .0 0 0 .0 0 0 1 6 8 .7 5 0 .0 0 0 .0 0 0 1 5 6 .2 5 0 .0 0 0 .0 0 0 1 4 3 .7 5 0 .0 0 0 .0 0 0
JUM LAH ASET 5 0 .0 1 4 .4 3 4 .6 0 6 2 0 9 .8 4 6 .4 9 7 .6 5 0 2 2 5 .1 9 9 .5 7 3 .7 0 2 2 2 0 .6 1 7 .9 5 7 .8 4 3 2 1 6 .3 3 2 .0 0 1 .6 2 6 2 1 2 .2 4 4 .2 6 9 .6 7 8
L ia b ilita s d a n E k u ita s
L ia b ilita s
L ia b ilit a s J a n g k a
Pendek
Utang Usaha - 9.212.910.497 7.359.892.603 7.448.896.721 7.581.690.904 7.697.380.438
Utang lainnya 32.038.975 32.038.975 32.038.975 32.038.975 32.038.975 32.038.975
Utang Pajak 9.750 9.750 9.750 9.750 9.750 9.750
Uang Muka
Operasional 10.000.000 10.000.000 10.000.000 10.000.000 10.000.000 10.000.000
Bagian Yang jatuh
tem po dalam 1 Tahun :
Pinjaman Bank - - 21.428.571.429 21.428.571.429 21.428.571.429 21.428.571.429
J u m la h L ia b ilita s
Jangka Pendek 4 2 .0 4 8 .7 2 5 9 .2 5 4 .9 5 9 .2 2 2 2 8 .8 3 0 .5 1 2 .7 5 6 2 8 .9 1 9 .5 1 6 .8 7 5 2 9 .0 5 2 .3 1 1 .0 5 8 2 9 .1 6 8 .0 0 0 .5 9 2
L ia b ilita s J a n g k a
P a n ja n g
Pinjaman Bank - 150.000.000.000 128.571.428.571 107.142.857.143 85.714.285.714 64.285.714.286
J u m la h L ia b ilit a s
J a n g k a P a n ja n g - 1 5 0 .0 0 0 .0 0 0 .0 0 0 1 2 8 .5 7 1 .4 2 8 .5 7 1 1 0 7 .1 4 2 .8 5 7 .1 4 3 8 5 .7 1 4 .2 8 5 .7 1 4 6 4 .2 8 5 .7 1 4 .2 8 6
J U M L A H L IA B IL IT A S 4 2 .0 4 8 .7 2 5 1 5 9 .2 5 4 .9 5 9 .2 2 2 1 5 7 .4 0 1 .9 4 1 .3 2 8 1 3 6 .0 6 2 .3 7 4 .0 1 8 1 1 4 .7 6 6 .5 9 6 .7 7 2 9 3 .4 5 3 .7 1 4 .8 7 8
E k u ita s
Modal Saham 50.000.000.000 50.000.000.000 50.000.000.000 50.000.000.000 50.000.000.000 50.000.000.000
Laba (Rugi) Ditahan (22.614.119) (27.614.119) 591.538.428 17.797.632.374 34.555.583.826 51.565.404.854
Laba (Rugi) Tahun
Berjalan (5.000.000) 619.152.547 17.206.093.947 16.757.951.451 17.009.821.029 17.225.149.946
J U M L A H E K U IT A S 4 9 .9 7 2 .3 8 5 .8 8 1 5 0 .5 9 1 .5 3 8 .4 2 8 6 7 .7 9 7 .6 3 2 .3 7 4 8 4 .5 5 5 .5 8 3 .8 2 6 1 0 1 .5 6 5 .4 0 4 .8 5 4 1 1 8 .7 9 0 .5 5 4 .8 0 0
J U M L A H L IA B IL IT A S &
E K U IT A S 5 0 .0 1 4 .4 3 4 .6 0 6 2 0 9 .8 4 6 .4 9 7 .6 5 0 2 2 5 .1 9 9 .5 7 3 .7 0 2 2 2 0 .6 1 7 .9 5 7 .8 4 3 2 1 6 .3 3 2 .0 0 1 .6 2 6 2 1 2 .2 4 4 .2 6 9 .6 7 8
c. A s u m s i L a p o r a n L a b a R u g i K o m p r e h e n s if
B e rik u t a d a la h a s u m s i ya ng d ig u n a k a n u n tu k p e n y u s u n a n p ro y e k s i L a p o ra n L a b a R ugi
K o m p re h e n s if a ta s p ro y e k ata u re n c a n a p e n a m b a h a n k e g ia ta n u s a h a ja s a p e n g a n g k u ta n
bara n g m e la lu i ja lu r p e la y a ra n d o m e s tik ya ng a ka n d ija la n k a n P e rs e ro a n u n tu k p e rio d e
O k to b e r 2 0 2 5 - 2 0 3 0 :
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1) P e n d a p a ta n pada p ro ye ksi keuangan d id a s a rk a n pada a su m si p e n d a p a ta n yang
d id a p a tk a n o le h k a p a l o p e ra s io n a l y a n g m e la k u k a n trip u n tu k ru te 1 d an 2 di w ila y a h
S u la w e si;
2) O p e ra s io n a l p e n d a p a ta n d ia s u m s ik a n m u la i d ip e ro le h di ta h u n 2 0 2 6 s e te la h p e n a m b a h a n
ke g ia ta n u s a h a b aru a tau K B LI b aru P e rs e ro a n se le s a i d ila k u k a n ;
3) A s u m s i ju m la h trip d a la m 1 bula n d ih itu n g d e n g a n e s tim a s i ja ra k te m p u h p e r trip p ula ng
p ergi, ke c e p a ta n ka pa l p e r trip, se rta e s tim a s i w a ktu b o n g k a r m u a ta n s e h in g g a d a p a t
d ita rik k e s im p u la n ju m la h trip p e rb u la n ya itu 3 kali trip. P e n d a p a ta n p e r ka p a l s e tia p bulan
d e n g a n a su m si ju m la h trip k a p a l p e r b u la n s e b a n y a k 3 kali trip, ra ta -ra ta ju m la h a n g k u ta n
s e b e s a r 9 .8 0 0 M T, d an b ia y a a n g k u t s e b e s a r Rp. 6 8 .0 0 0 ,-. s e h in g g a d a p a t d ik e ta h u i
ju m la h p e n d a p a ta n p e r bulan. K e m u d ia n u n tu k m e n e n tu k a n tota l p e n d a p a ta n p e r tah un
te rd a p a t a su m si ya itu ju m la h ka pa l ya ng o p e ra s io n a l s e tia p ta h u n s e b a n y a k 3 unit, ju m la h
b u la n e fe k tif o p e ra s io n a l ya itu 8 b ula n u n tu k p ro y e k s i ta h u n 202 6 , d a n 11 b ula n u n tu k
p e rio d e p ro y e k s i 2 0 2 7 -2 0 3 0 . A n g k a b u la n e fe k tif o p e ra s io n a l s u d a h d ik u ra n g i d e n g a n
w a ktu p e rb a ik a n k a p a l (d o ckin g rin g a n ) ya itu 1 b ula n p e r tah u n.
4) H a rg a p o k o k p e n d a p a ta n m e ru p a k a n b ia y a la n g s u n g ya ng te rd iri d ari:
a) B ia ya b ah a n b a k a r ka pa l b e ru p a b io d ie s e l d e n g a n ra ta -ra ta k o n s u m s i b ah a n b a k a r
p e r h a ri/k a p a l s e b a n y a k 4 .0 0 0 lite r/h a ri/k a p a l. T o ta l b ia y a b a h a n b a k a r kapal
m e n g a la m i p e n in g k a ta n b e rd a s a rk a n ra ta -ra ta in fla si 3% s e tia p ta h u n n y a ;
b) B ia ya s e w a 5 tu g b o a t ya itu R p 4 0 0 ju ta p e r u n it b e rd a s a rk a n in fo rm a s i m a n a je m e n
d e n g a n p e m ilik ka pa l se w a ;
c) B ia ya p e la b u h a n d ia s u m s ik a n 10% d ari to ta l p e n d a p a ta n s e tia p p e rio d e p ro ye ksi;
d) B ia ya tid a k la n g s u n g b e ru p a g aji A B K a ta u c re w k a p a l y a n g te rd iri d a ri n a h k o d a
ka pa l, c h ie f e n g in e e r, s e co n d o ffice r, th ir o ffic e r, k e p a la k e la s i d an ke la si b iasa,
d im a n a tota l beb a n g a ji te rs e b u t m e n g a la m i ke n a ik a n s e b e s a r 5 % b e rd a s a rk a n rata-
rata k e n a ik a n U M R s e tia p ta h u n n y a ;
e) B ia ya tid a k la n g s u n g la in n ya itu b ia y a p e m e lih a ra a n & p e rb a ik a n s e b e s a r 10% d ari
to ta l nilai kapal;
f) B ia y a tid a k la n g s u n g s e p e rti b ia y a ja s a m a n a je m e n te rk a it p e la tih a n se rta b ia y a se w a
k a n to r k a ry a w a n d an m e ss s e b e s a r R p 1 0 0 ju ta p e r ta h u n ;
g) B ia y a P e n y u s u ta n s e b a g a im a n a p e n je la s a n p ada poin (2) A s u m s i P ro y e k s i L a p o ran
P osisi K e u a n g a n .
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5) B eb a n u s a h a m e ru p a k a n b e b a n y a n g d ik e lu a rk a n u n tu k d a p a t m e n ja la n k a n o p e ra s io n a l
te rk a it d e n g a n ke g ia ta n u s a h a ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r p e la ya ra n
d o m e s tik ya ng te rd iri dari:
a) B eban g aji a d m in is tra s i d a n um u m u n tu k Commisioner, President Director, M anaging
Director, Director, Operational Manager, O perational Staff, M arketing Manager,
M arketing Staff, Financing m anager d an Financing sta ff d im a n a to ta l b e b a n gaji
te rs e b u t m e n g a la m i k e n a ika n s e b e s a r 5% b e rd a s a rk a n ra ta -ra ta k e n a ik a n U M R
s e tia p ta h u n n y a ;
b) B e b a n tu n ja n g a n k a ry a w a n s e b e s a r 10% d a ri nilai gaji;
c) B e b a n a s u ra n s i (H ull a nd M a c h in e ri P re m iu m ) s e b e s a r 0 ,7 5 % d a ri nilai kapal;
d) B eban se w a k a n to r s e b e s a r R p 5 ju ta p e r b ula n ya ng d ig u n a k a n u n tu k ke gia tan
k a ry a w a n di d a ra t d e n g a n d e n g a n k e n a ika n in flasi s e tia p ta h u n n y a ;
e) B e b a n v a ria b le d e n g a n tota l s e b e s a r 0 ,0 5 % d a ri to ta l p e n d a p a ta n s e tia p p e rio d e
p ro y e k s i ya ng te rd iri d a ri beb a n p e m e lih a ra a n k a n to r d a n ru m a h ta n g g a kantor,
0 ,2 5 % d a ri to ta l p e n d a p a ta n s e tia p p e rio d e p ro y e k s i y a n g te rd iri d a ri beban
p e rja la n a n d in a s s e rta 1% d a ri to ta l p e n d a p a ta n s e tia p p e rio d e p ro ye ksi ya ng te rdiri
d a ri b e b a n Iain-lain.
P ro y e k s i L a p o ra n L a b a R u g i K o m p r e h e n s if
B e rd a s a rk a n a su m si ya n g m e n d a s a ri p e n y u s u n a n a ta s re v ie w p ro y e k s i L a p o ra n L a b a Rugi
K o m p re h e n s if, p ro s p e k tif L a p o ra n L a b a R ugi K o m p re h e n s if p e rio d e O k to b e r 2 0 2 5 - 2 0 3 0
a d a la h s e b a g a i b erikut:
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1 •
KJPP Edi Andesta dan Rekan
(dalam Rupiah)
L a p o ran La b a Rugi 2925 2929 2027 2029 2929 2939
1 O fc t-3 1 O es 1 J a n -3 1 0 m 1 J a n -3 1 D as 1 J a n - 31 O es 1 J a n - 3 1 O es 1 J a n - 3 1 O es
F o re c a s t
P e n d a o a B n U saha - 71 9 7 1 .2 0 0 .0 0 0 131 9 4 7 .2 0 0 0 0 0 131 9 4 7 2 0 0 0 0 0 131 94 7 2 0 0 00 0 131 9 4 7 2 0 0 00 0
S eda n L a n q s u n q - (5 5 5 0 4 .5 6 0 .0 0 0 ) (6 9 5 4 5 .3 6 0 0 0 0 ) (9 0 8 7 6 5 4 0 OOOl (9 2 2 4 3 .9 0 6 .0 0 0 ) (9 3 651 4 6 2 OOOl
Laba K otor - 15 3 9 9 .9 4 0 0 0 0 42 40 1 6 4 0 0 0 0 41 0 7 0 5 9 0 0 0 0 3 9 .7 0 3 2 9 4 .0 0 0 36295 738000
B eb an U sah a
B eba n U m um da n A dm inistrasi (5 0 0 0 0 0 0 1 (4 9 7 6 2 0 5 .6 0 0 ) (5.531 34 3 6 0 0 ) (5 691 5 9 7 6 0 0 ) (5 .6 5 9 .6 0 7 .6 0 0 ) (6 .034 2 7 4 6 0 0 )
P ajak P e n g h a sila n Final - (6 6 3 .6 5 4 .4 0 0 ) (1 .5 6 3 3 6 6 4 0 0 ) (1 58 3 366 4 0 0 | (1 .5 8 3 .3 6 6 4 0 0 ) (1 .5 8 3 3 6 6 4 0 0 l
Jum lah B e b a n U sah a (5 .0 0 0 0 0 0 ) (5 9 3 9 .9 9 0 .0 0 0 ) (7 .1 1 4 .7 1 0 0 0 0 ) (7 2 7 4 964 000) (7 .4 4 2 .9 7 4 .0 0 0 ) (7 .6 1 7 .6 4 1 .0 0 0 )
Laba (Rugi) U sah a (5 0 0 0 000) 10 5 4 9 .7 9 0 .0 0 0 3 5 2 6 7 .1 3 0 0 0 0 3 3 7 9 5 9 9 5 00 0 3 2 2 6 0 .3 2 0 .0 0 0 3 0 .6 7 8 0 9 7 00 0
Penghasilan (B eb an ) La in-la in
L a b a (R u g il seltsih la irs - ne to
B eban K e u a n g a n - (9 7 5 6 .0 0 0 .0 0 0 ) (1 3 0 0 8 0 0 0 0 0 0 ) (1 2 311 142 8571 (1 0 4 5 2 .8 5 7 14 3) (8 .5 9 4 571 42 9)
P e n g h a s ia n IB e b a n l Lain-lain - B ersih - (9 7 5 9 .0 0 0 .0 0 0 ) (1 3 .0 0 6 .0 0 0 0 0 0 ) (1 2 311 14 2 .8 5 7 ) (1 0 .4 5 2 .6 5 7 .1 4 3 ) (8 .5 9 4 57 1 42 9)
Laba (Rugi) Sebehan Pajak (5 0 0 0 000) 7 9 0 .7 6 0 .0 0 0 2 2 2 7 9 .1 3 0 0 0 0 21 4 8 4 .5 5 3 1 4 3 2 1 .8 0 7 .4 6 2 .8 5 7 2 2 .0 8 3 5 2 5 .5 7 1
M a n fa a t (B e b a n ) Pajak P eng hasilan
P ajak Kim ( 1 7 1 6 2 7 .4 5 3 ) (5 0 7 3 0 3 6 0 5 3 ) (4 726 601 6 9 1 ) 14.797 .541 .829 ) (4 8 5 8 3 7 5 6 2 6 i
Laba (Rugi) B e rs ih Ta h u n B erjalan (5 0 0 0 .0 0 0 ) 9 1 9 .1 5 2 .5 4 7 1 7 2 0 9 .0 9 3 94 7 19 7 5 7 9 5 1 .4 5 1 1 7 .0 0 9 .8 2 1 .0 2 9 17225149946
P ro y e k s i L a p o ra n A ru s K as
D eng a n h asil p ro ye ksi L a p o ra n P osisi K e u a n g a n d a n L a p o ra n Lab a R ugi K o m p re h e n s if, m a ka
d ip e ro le h g a m b a ra n p ro y e k s i L a p o ra n A ru s K a s p e rio d e O k to b e r 2 0 2 5 - 2 0 3 0 s e b a g a i b erikut:
(dalam Rupiah)
Laporan Arus Kas 20 25 2021 2927 20 26 20 29 20 16
1 0 k t - 3 1 Oos 1 J a n - 31 Oes 1 J a n - 3 1 Oes 1 J a n -3 1 D e a 1 J e n - 3 1 Oes 1 Ja n - 31 D e *
Forecast
Arus Kas dan Aktivitas Operas)
Laba (R ugi| Bersih Tahun Berjalan (5 00 0 00 0) 61 9.152 547 17 206 093 947 16 757 951 451 17.009.821 029 17 22 5 149 946
Penam bahan Beban Non K euangan:
P enyusuB n dan A m ortsasi 6 2 5 0 .0 0 0 000 12.500 000 000 12 500 000 0 0 0 12.500.000.000 12 50 0 000 000
Perubahan M odal K e rja .
P u ia n g Usaha (1 1 9 2 6 .9 2 8 177) 1.083 952 834 2 9 6 3 1 08 0 129.631 080)
H uS ng Usaha 9 2 1 2 .9 1 0 .4 9 7 (1 .8 5 3 .0 1 7 8 9 4 ) 89 004 119 132.794.183 115 68 9 534
ToS i Perubahan M odal Kerja (2.716.017.680) (7 6 9 0 6 5 060) 118.635.199 103.163,103 115 6 8 9 5 3 4
Jumlah Arus Kas Oari A ktivitas Operasi (5.000.040) 4 .1 5 3 .1 3 4 9 9 7 2 1 .9 3 7 9 2 1 1 1 6 2 9 .3 7 6 5 8 6 6 5 0 2 9 .6 1 2 9 6 4 1 3 1 2 9 .t4 0 .8 1 9 480
A n n Kas Oari A ktivitas Investasi
Pembehan Aset TeBp (200.000.000.000)
Jumlah Arus Kas Oari A ktivitas Investasi - (2 0 0 .0 0 0 9 0 0 9 0 0 ) • - - -
Arus Kas Oan Aktivitas Pendanaan
Penenm aan D ana Seloran M odal 50 000 000 000
Penenm aan D ana Pmjaman Kredit Investasi 150.000.000 000
Penenm aan D ana Pmjaman K epaoa Pem egang Saha ■n
Pem bayaran P o to k Pmjaman K redit Investasi (21 428 571 429) 121.428.571429) (21 428 571 429)
Pem bayaran P o to k Pmjaman K epada Pem eqanq Saham - *
Jumlah Arus Kas Oari A ktivitas Pendanaan 50 000.000.000 150.000.000.000 - (2 1 4 2 8 .5 7 1 4 2 9 ) (21.428.571.429) (21.428 571.429)
Kenafean (Penurunanl Kas dan Setara Kas 4 9 9 9 5 .0 0 0 9 0 0 145949.865.133) 21937926116 7941015222 8.114.412.703 1412268051
Kas da n SeBra Kas A *a ! Periode 19.380 981 50.014.380 981 4 167 51 5 848 33 104 544 735 41.052.559 956 49 23 6 972 659
Kas dan Setara Kas Akhir Period# 50914360981 4.197.515.948 33.104 5 4 4 7 3 5 4 1 .0 5 2 5 5 9 9 5 6 4 9 2 3 6 9 7 2 .6 5 9 5 7 .6 4 1 2 4 0 7 1 0
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T in g k a t D is k o n to
T in g k a t d is k o n to m e ru p a k a n tin g k a t p e n g e m b a lia n ya ng d ih a ra p k a n ya ng re le va n yang
d ig u n a k a n u n tu k m e n g h itu n g n ila i s e k a ra n g d a ri a lira n ka s di m asa depan. P en ilai
m e m p e rtim b a n g k a n p e n e n tu a n tin g k a t d is k o n to b e rd a s a rk a n fa k to r-fa k to r s e p e rti in d u s try bisnis,
risiko e k o n o m i d a n p o litik di In d o n e s ia (country risk) u n tu k m e n c a p a i a ru s ka s p ro ye ksi. D a la m
m e n e n tu k a n discount factor (D F ) d ip e rh itu n g k a n s e b e s a r 9 ,7 9 % , d im a n a a n g k a ini m e ru p a k a n
tin g k a t d is k o n to W A C C (W eighted Average Cost o f Capital) d e n g a n k o m p o s is i in d u s tri a n ta ra
tin g k a t d is k o n to e k u ita s d e n g a n tin g k a t b u n g a p in ja m a n s e te la h pajak.
WACC
Cost o f Equity
R isk free rate 6,88%
M arket risk pre m iu m 7,03%
L evered Beta 0,86
S pecific R isk 0,00%
(-) D efault Spread 1,87%
Cost of Equity 11,06%
Cost of Debt
In vestm e nt Credit 8,67%
Tax 22,00%
Cost of Debt 6,76%
Capital Structure
D eb t to Total capitalization 29,43%
E q uity to Total capitalization 70,57%
WACC 9,79%
K e te ra n q a n (s u m b e r d ip e ro le h se s u a i d e n g a n T a n q q a l P en ila ia n):
a. T in g k a t B e b a s R isiko (R f) m e n g g u n a k a n Indonesia Goverm ent Securities Yield Curve per
ta n g g a l p isah b a ta s (cut o ff date).
b. Beta (P) m e ru p a k a n ra ta -ra ta Beta p e ru s a h a a n p e m b a n d in g p a d a in d u s tri se je n is dan
b e rs u m b e rd a ri dam odaran s e s u a i ta n g g a l p isah b a ta s (cut o ff date).
c. Risk Prem ium (R p m ) b e rs u m b e r d a ri dam odaran u n tu k n e g a ra In d o n e s ia s e s u a i ta n g g a l
p isa h b a ta s (cut o ff date).
d. Cost o f debt b e rs u m b e r d a ri tin g k a t b u n g a b a n k P e rs e ro p e r 3 0 S e p te m b e r 2 0 2 5 dan
d ik u ra n g k a n o le h p a ja k b a d a n P e rs e ro a n s e b e s a r 22% .
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3 .5 .4 A n a l i s i s T i t i k I m p a s (B re a k E v e n P o in t A n a ly s is )
T itik im p a s a ta u break even point (B E P ) a d a la h k e a d a a n s u a tu u s a h a y a n g tid a k m e m p e ro le h
laba d a n tid a k m e n d e rita rugi a ta u d e n g a n k a ta lain su atu u s a h a d ik a ta k a n im p a s jik a ju m la h
p e n d a p a ta n ( revenue ) s a m a d e n g a n ju m la h b iaya , a ta u a p a b ila la ba k o n trib u s i h a n ya d a p a t
d ig u n a k a n u n tu k m e n u tu p b ia ya te ta p sa ja . B E P d a p a t d ifo rm u la s ik a n s e b a g a i b erikut:
T o ta l Biaya T e ta p
BFP = ------------------------ ------------ ----------
T o ta l Biaya V a ria b e l
^ ^ P enjualan ''
N ilai B E P m e n c e rm in k a n p e n d a p a ta n m in im a l y a n g d ip e rlu k a n a g a r te rja d i B E P P e rh itu n g a n
B E P p a d a p ro y e k s i a ta s a d a la h s e b a g a i b erikut:
A n a l i s i s b re a k even p o in t
2025
2026 2027 2028 2029 2030
K e te ra n g a n O k t- D es
1 2 3 4 5 6
BEP N/A 55.134.872.108 77.180.243.687 79.041.826.569 80.994.799.054 83.045.435.402
BEP Rp
Rata-rata 76,61% 58,49% 59,90% 61,38% 62,94%
B E P ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r p e la y a ra n d o m e s tik s e la m a p e rio d e p ro y e k s i akan
d ic a p a i ra ta -ra ta p a d a p e n d a p a ta n s e b e s a r R p 8 4 ,4 2 m iliar, a ta u ra ta -ra ta s e b e s a r 6 8 ,5 5 % d ari
p e n d a p a ta n d ilu a r p e rh itu n g a n p aja k, b u n g a d an d e p re s ia s i.
3 .5 .5 A n a l i s i s P r o f i t a b i l i t a s (O v e r a ll P ro fita b ility )
A n a lis is p ro fita b ilita s a ta s p e n a m b a h a n k e g ia ta n u s a h a p e n u n ja n g d ita m p ilk a n p a d a tab el
b e rik u t ini:
2025
2026 2027 2028 2029 2030
K e te ra n g a n O kt - Des
1 2 3 4 5 6
Gross Profit Marqin (GPM) 0,00% 22,77% 32,14% 31,13% 30,09% 29,02%
EBITDA Marqin 0,00% 23,34% 36,22% 35,09% 33,92% 32,72%
EBIT Marqin 0,00% 14,65% 26,74% 25,61% 24,45% 23,25%
Net Profit Marqin (NPM) 0,00% 0,86% 13,04% 12,70% 12,89% 13,05%
Return On Assets (ROA) -0,01% 0,30% 7,64% 7,60% 7,86% 8,12%
A n a lis is p ro fita b ilitia s ini b e rtu ju a n u n tu k ke m a m p u a n ya ng d im ilik i P e ru s a h a a n u n tu k
m e n g h a s ilk a n se b u a h laba.
B e rd a s a rk a n p ro y e k s i k e u a n g a n p e n a m b a h a n k e g ia ta n u s a h a ja s a p e n g a n g k u ta n barang
m e la lu i ja lu r p e la y a ra n d o m e s tik , s e la m a p e rio d e p ro ye ksi ra ta -ra ta m a rg in la ba b ersih p e rio d e
b e rja la n a d a la h s e b e s a r 6 ,8 5 % . S e d a n g k a n ra ta -ra ta p e n g e m b a lia n a s e t (R O A ) d a ri re n c a n a
p e n a m b a h a n k e g ia ta n u sa h a b aru ya ng d ila k u k a n o le h P e rs e ro a n a d a la h s e b e s a r 4 ,2 1 % .
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3 .5 .6 T i n g k a t I m b a l B a l i k I n v e s t a s i (O v e r a ll R e tu rn O n In v e s m e n t)
D e n g a n R O I, P e rs e ro a n d a p a t m e n g e ta h u i s e b e ra p a e fis ie n p e ru s a h a a n g u n a m e m a n fa a tk a n
aktiva u n tu k k e g ia ta n o p e ra s io n a l d a n d a p a t m e m b e rik a n in fo rm a s i u ku ra n p ro fita b ilita s
P e rs e ro a n . F o rm u la d a la m p e rh itu n g a n RO I a da la h:
N e t R etu rn on In v e s tm e n t
ROI = ----------------- -------------------------- x 1 0 0 %
Cost or In v e s m e n t
N et Return on Investm ent d im a k s u d a d a la h k e u n tu n g a n b ersih y a n g d ip e ro le h s e la m a p e rio d e
p ro y e k s i. Cost o f Investm ent d im a k s u d a d a la h in v e s ta s i (C A P E X ) y a n g d ik e lu a rk a n s e la m a
p e rio d e p ro ye ksi.
B e rd a s a rk a n p e rh itu n g a n to ta l k e u n tu n g a n b ersih te rh a d a p to ta l C A P E X s e la m a p e rio d e
p ro y e k s i, m a ka d ih a s ilk a n ra ta -ra ta R O I d ari re n c a n a p e n a m b a h a n k e g ia ta n u sa h a ja s a
p e n g a n g k u ta n b a ra n g m e la lu i ja lu r p e la y a ra n d o m e s tik ya ng d ila k u k a n oleh P e rs e ro a n s e b e s a r
137,3% .
3 .5 .7 A n a lis is K e la y a k a n K e u a n g a n P r o y e k
B e rd a s a rk a n p ro ye ksi L a p o ra n P osisi K e u a n g a n d a n L a p o ra n L aba R ugi K o m p re h e n s if u ntuk
p e rio d e O k to b e r - D e s e m b e r 2 0 2 5 - 2 0 3 0 , d ih a s ilk a n A ru s K as B e b a s (Free Cash Flow) p ro y e k
ke g ia ta n u sa h a b aru ya n g s e la n ju tn y a d e n g a n m e n g g u n a k a n tin g k a t d is k o n to b e rd a s a rk a n
p e rh itu n g a n W A C C d ita m b a h d e n g a n Term inal Value (N ilai K e k a l) d e n g a n m e n g g u n a k a n
p e rtu m b u h a n s e b e s a r 3 ,3 0 % m a k a d ip e ro le h h a sil p e rh itu n g a n IR R di a ta s W A C C d a n PI di
a ta s 1 s e b a g a im a n a d itu n ju k a n p a d a ta b e l b erikut:
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2025
2026 2027
O k t - D es
0 1 2 3
EBT (5.000.000) 790.780.000 22.279.130.000
( - ) Pajak - (171.627.453) (5.073.036.053)
( + ) Bunga (1-T) 22% 7.609.680.000 10.146.240.000
( + ) Penyusutan &
- 6.250.000.000 12.500.000.000
Amortisasi
- _ .
( - ) Capex
( - ) Perubahan Modal Kerja (2.716.017.680) (769.065.060)
Nilai Investasi Kapal (200.000.000.000)
A r u s k a s B e r s ih ( 2 0 0 .0 0 0 .0 0 0 .0 0 0 ) ( 5 .0 0 0 .0 0 0 ) 1 1 .7 6 2 .8 1 4 .8 6 7 3 9 .0 8 3 .2 6 8 .8 8 6
WACC 9,79%
Perpetuity Growth 3,30%
Cap. Rate (O f Terminal
Value) 6,49%
T e r m in a l V a lu e
Discount Period 0,25 1,25 2,25
Discount Factor 1,0000 0,9769 0,8898 0,8104
N ila i K in i A r u s K a s B e r s ih ( 2 0 0 .0 0 0 .0 0 0 .0 0 0 ) ( 4 .8 8 4 .5 7 0 ) 1 0 .4 6 6 .2 8 8 .8 4 2 3 1 .6 7 3 .6 0 5 .1 2 0
2028 2029 2030
0 4 5 6
EBT 21.484.553.143 21.807.462.857 22.083.525.571
( - ) Pajak (4.726.601.691) (4.797.641.829) (4.858.375.626)
( + ) Bunga (1-T) 22% 9.602.691.429 8.153.228.571 6.703.765.714
( + ) Penyusutan & Am ortisasi 12.500.000.000 12.500.000.000 12.500.000.000
( - ) Capex - - -
( - ) Perubahan Modal Kerja 118.635.199 103.163.103 115.689.534
Nilai Investasi Kapal (200.000.000.000)
A r u s k a s B e r s ih ( 2 0 0 . 0 0 0 .0 0 0 .0 0 0 ) 3 8 .9 7 9 .2 7 8 .0 7 9 3 7 .7 6 6 .2 1 2 .7 0 3 3 6 .5 4 4 .6 0 5 .1 9 4
WACC 9,79%
Perpetuity Growth 3,30%
Cap. R ate (O f Terminal Value) 6,49%
T e r m in a l V a lu e 5 8 1 .4 0 0 .0 5 6 .5 5 2
Discount Period - 3,25 4,25 5,25
Discount Factor 1,0000 0,7381 0,6723 0,6123
N ila i K in i A r u s K a s B e r s ih ( 2 0 0 . 0 0 0 .0 0 0 .0 0 0 ) 2 8 .7 7 1 .7 0 3 .2 4 1 2 5 .3 8 9 .8 6 4 .2 5 2 3 7 8 .3 8 3 .0 6 6 .2 9 2
N e t P r e s e n t V a lu e 2 7 4 .6 7 9 .6 4 3 .1 7 7
IR R 2 7 ,0 1 %
P r o f it a b ilit y In d e x (P I) 2 ,3 7
P a y b a c k P e r io d 6 T a h u n 1 B u la n
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D e ng a n m e n g g u n a k a n a su m si p ro y e k s i k e u a n g a n ja n g k a p a n ja n g ya ng te la h d ila k u k a n e va lu a si
d an p e n y e s u a ia n , m e n u n ju k k a n b a h w a p e n a m b a h a n k e g ia ta n u s a h a u s a h a P e rs e ro a n b e rup a
ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r p e la y a ra n d o m e s tik d ip e ro le h g a m b a ra n v a ria b e l yang
p o s itif a n ta ra lain:
a. In te rn a l R ate o f R etu rn ( I R R ) > T i n g k a t D i s k o n t o
IRR y a n g d ih a s ilk a n a d a la h s e b e s a r 2 7 ,0 1 % ya ng b e ra rti di a ta s tin g k a t discount rate yang
s e b e s a r 9 ,7 9 % .
b. N e t P re s en t Value ( N P V ) > 0
N P V ya ng d ih a s ilk a n m e n u n ju k k a n a n g k a y a n g p o s itif ya itu s e b e s a r R p 2 7 4 .6 7 9 .6 4 3 .1 7 7 .
c. P ro fitab ility In d e x ( P I) > 1
PI y a n g d ip e ro le h a d a la h s e b e s a r 2 ,3 7 ya ng b e ra rti lebih b e s a r d a ri 1.
d. P a yb ack P e rio d ( P P )
PP yang d ih a s ilk a n s e b e s a r 6 ,0 5 ya ng b e ra rti d ip e ro le h d a la m w a ktu 6 ta h u n 1 bulan.
3 .6 A s p e k K e u a n g a n P e n a m b a h a n K B L I 6 4 2 0 0 (A k tiv ita s P e r u s a h a a n H o ld in g )
A s p e k k e u a n g a n a d a la h sa la h sa tu a s p e k yang d ik a ji d a la m stu d i k e la y a k a n . K ajian ini
m e n g a n a lis is b e s a ra n in v e s ta s i d a n p e n d a p a ta n p e rta h u n s e b e lu m d a n s e te la h tra n s a ksi
b e ru p a re n c a n a in v e s ta s i pada PSI s e h in g g a d id a p a tk a n su a tu k e s im p u la n a pa kah
p ro y e k /re n c a n a la y a k d ila k s a n a k a n a ta u p u n tid ak. D a la m stu d i k e la y a k a n ini, P en ila i m e n g ka ji
ke b u tu h a n in v e s ta s i s e b e lu m d a n s e te la h tra n s a k s i, p ro y e k s i k e u a n g a n se b e lu m d a n se te lah
tra n s a k s i, p e n e n tu a n tin g k a t d is k o n to (discount rate), k e la y a k a n in v e s ta s i s e b e lu m d an s e te la h
tra n s a k s i, d a n a n a lis a se n s itiv ita s .
3 .6 .1 B ia y a In v e s ta s i A w a l
B e la n ja m o d a l m e ru p a k a n in v e s ta s i a w a l y a n g d ik e lu a rk a n F IT T te rk a it d e n g a n p e n a m b a h a n
ke g ia ta n u s a h a a k tiv ita s p e ru s a h a a n h o ld in g ya ng d ia n g g a rk a n u n tu k p e n y e rta a n s a h a m p a d a
PSI s e b e s a r R p 14,0 0 m iliar.
3 .6 .2 S u m b e r P e m b ia y a a n
S u m b e r p e m b ia y a a n p e n a m b a h a n k e g ia ta n u s a h a b e ra s a l d a ri m o d al se n d iri yaitu d iv e s ta s i
a ta s saham p e ru s a h a a n anak yakni BMP dan FAW yang d ija la n k a n dengan total
R p 1 4 .0 0 0 .0 0 0 .0 0 0 .
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3 .6 .3 A n a lis is P r o y e k s i K e u a n g a n d a n A s u m s i
K a jia n a s p e k k e u a n g a n m e n g a n a lis is b e sa ra n in v e s ta s i d a n a ru s ka s b ersih p e rta h u n n y a
s e h in g g a d id a p a tk a n s u a tu ke s im p u la n a p a ka h s u a tu p ro y e k /re n c a n a k e g ia ta n u sa h a baru
la ya k d ila k s a n a k a n a ta u p u n tid a k. A s u m s i d a n p ro s p e k tif ke u a n g a n ya ng te rb e n tu k m e ru p a k a n
p ro y e k s i k e u a n g a n y a n g te la h m e n d a s a rk a n a s u m s i m e la lu i p e n y e s u a ia n v a ria b e l m a k ro dan
va ria b e l u m u m la in n y a se s u a i k e g ia ta n u s a h a y a n g m e n ja d i o b je k ka jia n k e la y a k a n , ko nd isi
d an in fo rm a s i te rk in i o p e ra s io n a l P e rse ro a n , ka jia n in d u s tri d a n ta rg e t p e n c a p a ia n o leh
m a n a je m e n P e rs e ro a n se s u a i h a sil d is k u s i d a n k o m u n ik a s i o le h m a n a je m e n P e rs e ro a n te rk a it
ke m a m p u a n p e n c a p a ia n n y a d a n d is e tu ju i oleh m a n a je m e n P e rs e ro a n d an ata u P e m b e ri
T u g a s.
a. A sum si Um um
B e rik u t ini a d a la h a s u m s i k e u a n g a n ya ng d ig u n a k a n u n tu k p ro s p e k tif p ro y e k s i ke u a n g a n
p ro y e k atau re n c a n a p e n a m b a h a n k e g ia ta n u s a h a A k tiv ita s P e ru s a h a a n H o ld in g ( K B L I6 4 2 0 0)
yang a kan d ija la n k a n P e rs e ro a n d a la m b e n tu k L a p o ra n P o sisi K e u a n g a n , L a p o ra n L a b a R ugi
K o m p re h e n s if, u n tu k ja n g k a w a ktu p e rio d e O k to b e r 2 0 2 5 - 2 03 0 .
A s u m s i u m u m a d a la h a su m si y a n g b e rs u m b e r d a ri d a ta p a s a r ya ng d iy a k in i va lid s e b a g a i
s ta n d a r d a s a r p e n y e s u a ia n d a la m re v ie w p ro y e k s i ke u a n g a n u n tu k d ite ra p k a n s e la m a p e rio d e
p ro y e k s i, s e b a g a im a n a a n ta ra lain a d a la h s e b a g a i b erikut:
1) P e rtu m b u h a n E k o n o m i : 3 ,3 0 % R a ta -ra ta p e rtu m b u h a n e k o n o m i 5 ta h u n te ra k h ir
2) P a ja k B a d a n P e ru s a h a a n : 2 2%
b. A s u m s i P r o y e k s i L a p o r a n P o s is i K e u a n g a n
B e rik u t a d a la h a su m si y a n g d ig u n a k a n u n tu k p e n y u s u n a n p ro ye ksi L a p o ra n P osisi K e u a n g a n
a ta s p ro y e k a ta u re n c a n a p e n a m b a h a n ke g ia ta n u s a h a A k tiv ita s P e ru s a h a a n H o ld in g (K B LI
6 4 2 0 0 ) ya n g a kan d ija la n k a n P e rs e ro a n u n tu k p e rio d e O k to b e r 2 0 2 5 - 2030:
1) B e la n ja m o d a l m e ru p a k a n in v e s ta s i a w a l ya n g d ik e lu a rk a n P e rs e ro a n te rk a it d e n g a n
p e n a m b a h a n ke g ia ta n u s a h a a k tiv ita s p e ru s a h a a n h o ld in g d e n g a n re n c a n a in v e s ta si
p a d a P S I. B e la n ja m o d al ya ng d ila k u k a n m e m p e rtim b a n g k a n k a p a s ita s d a n ke m a m p u a n
ya n g te la h d ik o n firm a s i d an d ite rim a s e b a g a i a s u m s i ya n g w a ja r bag i P e rs e ro a n ;
P T H o te l F itr a In te r n a tio n a l T b k
Studi Kelayakan Bisnis Terkai Penambahan KBLI 89
Page 94
/ N T / F / C A P P R A I S A L
KJPP Edi Andesta dan Rekan
P r o y e k s i L a p o r a n P o s is i K e u a n g a n S e b e lu m T r a n s a k s i
B e rd a s a rk a n a su m si y a n g m e n d a s a ri p e n y u s u n a n a ta s review p ro y e k s i L a p o ra n P osisi
K e u a n g a n , p ro s p e k tif L a p o ra n P osisi K e u a n g a n p e rio d e O k to b e r 2 0 2 5 - 2 0 3 0 a d a la h s e b a g ai
berikut:
(dalam Rupiah)
2025 2026 2027 2028 2029 2030
LAPORAN POSISI KEUANGAN 10kt-31 Oes lJan-31Des 1 Jan-31 Des lJan-31Des lJan-31Des 1 Jan-31 Des
Forecast Forecast Forecast Forecast Forecast Forecast
ASET
A se t Lancar
Kas da n S etara Kas 3 2 .5 8 0 .7 6 4 .2 4 0 3 4 .2 3 2 .7 8 0 .7 2 3 3 6 .6 5 3 .2 4 1 .4 9 2 1 1 3 3 6 .8 1 7 .0 7 3 1 4 .7 0 6 .2 7 6 .2 5 9 2 1 .4 2 0 .7 7 4 .0 2 5
P iu ta n g Usaha 4 6 1 .7 2 9 .3 6 5 4 1 0 .1 6 0 .8 5 4 3 6 2 .3 7 6 .6 2 0 4 0 1 .5 2 7 .1 3 7 3 9 3 .4 8 1 .1 3 9 4 8 9 .9 5 2 .7 9 5
P iu ta n g L a in -la in - P ihak Ketiga - - - - - -
P ersediaan 8 8 .8 6 5 .0 3 1 8 9 .7 5 3 .6 8 1 9 0 .6 5 1 .2 1 8 9 1 .5 5 7 .7 3 0 9 1 .5 5 7 .7 3 0 9 1 .5 5 7 .7 3 0
Pajak D ibayar D im u k a - - - - - -
U angM uka 1 8 .9 3 1 .6 3 7 .6 2 3 1 8 .9 3 1 .6 3 7 .6 2 3 1 8 .9 3 1 .6 3 7 .6 2 3 4 7 .5 2 8 .2 9 8 .2 3 7 - -
Jumlah asetlan car 52.062.996.259 53.664332.881 56.037306354 59358300.177 15.191.315.129 22.002384.550
A se t T id a k Lancar
A se t pa ja k ta n g g u h a n 1 8 1 .7 0 3 .1 0 1 1 8 1 .7 0 3 .1 0 1 1 8 1 .7 0 3 .1 0 1 1 8 1 .7 0 3 .1 0 1 1 8 1 .7 0 3 .1 0 1 1 8 1 .7 0 3 .1 0 1
A s e t Tetap 4 6 .3 3 8 .2 1 4 .3 6 0 4 4 .9 2 0 .7 6 1 .5 5 4 4 3 .3 0 9 .1 7 7 .0 2 2 4 1 .6 8 2 .4 8 3 .1 8 5 8 7 .6 0 2 .1 7 2 .9 6 1 8 4 .4 8 9 .9 1 0 .1 5 6
Jumlah aset tidak lancar 46.519.917.461 45.102.464.656 43.490380.123 41.864.186386 87.783.876.062 84.671.613.258
JUMLAHASET 98.582.913.721 98.766.797337 99328.787.077 101.122386363 102375.191.191 106.673.897.808
LIABILITAS DAN EKUITAS
LIABILITAS
L ia b ilita s Jangka Pendek
U ta n g Usaha - - - - - -
U ta n g L a in -la in - P ihak Ketiga - - - - - -
U ta n g Pajak 4 .4 3 9 .7 0 9 3 9 2 .4 7 9 .3 6 5 6 2 8 .3 8 7 .0 5 8 7 9 7 .2 7 3 .3 3 8 4 .4 3 9 .7 0 9 4 .4 3 9 .7 0 9
Biaya Yang M asih H arus D ibayar 2 4 6 .5 1 6 .5 6 8 2 4 6 .5 1 6 .5 6 8 2 4 6 .5 1 6 .5 6 8 2 4 6 .5 1 6 .5 6 8 2 4 6 .5 1 6 .5 6 8 2 4 6 .5 1 6 .5 6 8
U ta n g Bank - Jatu h Te m p o d a la m 2 .7 0 0 .0 0 0 .0 0 0 2 .7 0 0 .0 0 0 .0 0 0 2 .7 0 0 .0 0 0 .0 0 0 2 .7 0 0 .0 0 0 .0 0 0 2 .7 0 0 .0 0 0 .0 0 0 2 .7 0 0 .0 0 0 .0 0 0
U ta n g pem ega ng sah am 1 6 .5 0 0 .0 0 0 .0 0 0 1 6 .5 0 0 .0 0 0 .0 0 0 1 6 .5 0 0 .0 0 0 .0 0 0 1 6 .5 0 0 .0 0 0 .0 0 0 1 6 .5 0 0 .0 0 0 .0 0 0 1 6 .5 0 0 .0 0 0 .0 0 0
Jumlah Liabilitas Jangka Pendek 19.450.956377 19338395333 20.074303.626 20343.789306 19.450356377 19.450.956.277
L ia b ilita s Jangka P anjan g
U ta n g Bank 6 .1 0 3 .1 0 0 .0 0 0 6 .1 0 3 .1 0 0 .0 0 0 6 .1 0 3 .1 0 0 .0 0 0 6 .1 0 3 .1 0 0 .0 0 0 6 .1 0 3 .1 0 0 .0 0 0 6 .1 0 3 .1 0 0 .0 0 0
Im b alan pa sc a kerja 9 1 5 .9 3 9 .9 7 2 1 .0 1 4 .3 7 6 .8 4 5 1 .1 2 1 .7 6 8 .9 3 6 1 3 3 9 .5 3 2 .3 7 2 1 .3 7 1 .9 9 3 .7 6 9 1 .3 7 1 .9 9 3 .7 6 9
Jumlah Liabilitas Jangka Panjang 7.019.039372 7.117376345 7324368336 7.342.632372 7475.093.769 7.475.093.769
JUMLAH LIABILITAS 26369396349 26356372.778 27399.772362 27.586.422378 26326.050.046 26326.050.046
EKUITAS
M o d a l saham 1 3 0 .4 2 7 .2 0 5 .1 0 0 1 3 0 .4 2 7 3 0 5 .1 0 0 1 3 0 .4 2 7 3 0 5 .1 0 0 1 3 0 .4 2 7 .2 0 5 .1 0 0 1 3 0 .4 2 7 3 0 5 .1 0 0 1 3 0 .4 2 7 .2 0 5 .1 0 0
T a m ba han m o d a ld is e to r 2 .3 7 0 .2 3 7 .6 0 0 2 .3 7 0 .2 3 7 .6 0 0 2 .3 7 0 .2 3 7 .6 0 0 2 .3 7 0 3 3 7 .6 0 0 2 .3 7 0 3 3 7 .6 0 0 2 .3 7 0 .2 3 7 .6 0 0
S a ld o D e fis it (5 5 .2 7 9 .6 0 7 .2 7 9 ) (6 0 .7 0 4 .7 2 5 .8 2 4 ) (6 1 .0 0 7 .3 1 8 .5 3 7 ) (6 0 .5 8 8 .6 2 8 .7 8 0 ) (5 9 .2 8 1 .6 7 9 .1 1 0 ) (5 6 .7 6 8 .5 0 2 .1 5 0 )
Laba (R ugi) T a hun B erjalan (5 .4 2 5 .0 8 2 .6 0 1 ) (3 0 2 .5 6 3 .9 9 1 ) 4 1 8 .6 6 2 .3 4 6 1 .3 0 6 .9 7 5 .4 6 5 2 .5 1 3 .0 2 3 .0 2 2 3 .6 9 8 .2 6 6 .1 4 6
Jum lah E ku ita s Yang D apa t D ia trib u s ik a n
K epada P e m ilik E n tita s In d u k 7 2 .0 9 2 .7 5 2 .8 2 0 7 1 .7 9 0 .1 5 2 .8 8 5 7 2 .2 0 8 .7 8 6 .5 0 9 7 3 .5 1 5 .7 8 9 .3 8 5 7 6 .0 2 8 .7 8 6 .6 1 2 7 9 .7 2 7 .2 0 6 .6 9 5
K e p e n tin g a n N on -P e n g e n d a li 2 0 .1 6 4 .6 5 2 2 0 .1 7 1 .8 7 4 2 0 .2 2 8 .0 0 6 2 0 .1 7 4 .8 0 1 2 0 .3 5 4 .5 3 4 2 0 .6 4 1 .0 6 7
JUMLAH EKUITAS 72.112317371 71310324.759 72329.014315 73335364.185 76.049.141.145 79.747.847.762
JUMLAH LIABILITAS DAN EKUITAS 98382313.721 98.766.797337 99328.787.077 101.122386463 102375.191.191 106.673.897.808
P T H o te l F itr a In te r n a t io n a l T b k
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T H / N T / F 1C A P P R A I S A L
O
KJPP Edi Andesta dan Rekan
P r o y e k s i L a p o r a n P o s is i K e u a n g a n S e te la h T r a n s a k s i
B e rd a s a rk a n a su m si ya n g m e n d a s a ri p e n y u s u n a n a ta s review p ro y e k s i L a p o ra n P osisi
K e u a n g a n , p ro s p e k tif L a p o ra n P osisi K e u a n g a n p e rio d e O k to b e r 2 0 2 5 - 2 0 3 0 a d a la h s e b a g ai
berikut:
(dalam Rupiah)
2025 2026 2027 2028 2029 2030
Keterangan 1 Ok! • 31 Dee 1 Jan- 31 Des lJan-31Des lJan-31Des 1 Jan - 31 Des 1 Jan- 31 Des
Forecast Forecast Forecast Forecast Forecast Forecast
ASET
Aset Lanear
Kasdan SetaraKas 69 487 944.968 24432423424 54078.707 540 62 649 785 213 71.366 757.952 80.216 558 502
Deposito 50 000 000.000 50.000 000.000 50 000 000 000 50 000 000 000 50 000 000.000 50.000 000.000
Pi utang Usaha 11.928 928.177 10844.975342 10.815 344 262 10844 975.342 10 844 975.342
Pajak Dibayar Dimuka 53 625 5 3 625 5 3 625 53625 53 625 53 625
Jumlah aset lancar 119.487.998.593 86.361.405.226 114.923.736.507 123.465.183.101 132.211.786.919 141.061.587.470
Aset Tidak lancar
Aset pajaktangguhan 111 294.962 111-294 962 111 294 962 111 294 962 111.294.962 111 294 962
Aset Tetap 193750 000 000 181.250.000.000 168 750 000 000 156.250 000.000 143 750 000 000
Jumlah aset tidak lancar 111.294.962 193.861.294.962 181361.294 962 168.861.294.962 156.361.294.962 143 861.294.962
JUMLAH ASET 119.599.293.556 288.222.708.188 296.285.031,469 292 326.478 063 288.573.081.882 284.922.882.432
LLABILITAS DAN EKUfTAS
LIABILITAS
LiabilitasJangka Pendek
Utang Usaha - 9212910497 7 3 59,8 9260 3 7 448 896 721 7 581 690 904 7 6 9 7 380438
Utang Pajak 4 449 459 4449459 4 44 9459 4 4 4 9459 4 449 459 4449459
Biaya Yang Masih Harus Dibayar 42038975 42038975 42038.975 42 038 975 42038.975 42.038975
Utang Bank Jatuh Tempo dalam 1Tahun - 21.428.571.429 21 428.571 429 21 428.571.429 21 428 571.429
Jumlah Liabilitas Jangka Pendek 46 488.434 9 259 398 931 28.834.952.465 28.923.956.584 29.056.750.767 29.172.440.301
Uabilitas Jangka Panjang
Utang Bank - 150.000 000.000 128.571.428.571 107 142857 143 85 714 285 714 64.285 714286
Imbalan pasea kerja 505 886 193 505 886 193 505.886 193 505 886 193 505 886.193 505.886 193
Jumlah Liabilitas Jangka Panjang 505 886.193 150.505.886 193 129.077.314.764 107.648.743.335 86.220.171.907 64.791.600 478
JUMLAH LIABILITAS 552.374.627 15S.766JtaS.124 157.912JI67.229 136.572.899.919 115J176.922.673 93.964.040.779
EKUfTAS
Modal saham 130 427.205.100 130427.205.100 130427.205 100 130427 205 100 130 427.205.100 130 427.205.100
Tambahan modal disetor 2 370.237.600 2370.237.600 2 370737 600 2.370.237 600 2370.237.600 2.370.237.600
Saldo Defisit (10 621 455.107) (49 750.523.771) (48.340.027.636) (30 424 678 460) (13 043 664.556) 4.498 716.508
Laba (Rugi) Tahun Berjatan (39 129 068 664) 1.410.496 1 35 17.915.349.176 17 381 013 904 17 542 381.065 1 7 6 6 2 6 8 2 445
Jumlah Ekuitas Yang Dapat Oiatribusikan
Kepada PemilikEntitasInduk 83 046 918.929 84.457.415.064 102.372.764.240 119 753 778 144 137 296 159.208 154.958 841.653
Kepentingan Non Pengendali 36 000 000.000 36.000 000.000 36.000.000.000 36.000 000 000 36.000.000.000 36.000.000.000
JUMLAH EKUITAS 119 046.918.929 120.457.415.064 138.372.764.240 156.753.778.144 173.296.159.208 190.968.841.653
JUMLAH LIABILITAS DAN EKUITAS 119.599.293.556 280.222.700.188 296.285.031.469 252.328.478.063 288.573.081.802 204.922.882.432
P T H o te l F itr a In te r n a t io n a l T b k
Studi Kelayakan Bisnis Terkai Penambahan KBLI 91
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H C I E N T I F I C
P r o y e k s i L a p o ra n L a b a R u g i K o m p r e h e n s if S e b e lu m T r a n s a k s i
A P
KJPP Edi Andesta dan Rekan
P R A I S A L
o
B e rd a s a rk a n a su m si y a n g m e n d a s a ri p e n y u s u n a n a ta s re v ie w p ro y e k s i L a p o ra n L a b a R ugi
K o m p re h e n s if, p ro s p e k tif L a p o ra n L a b a R ugi K o m p re h e n s if p e rio d e O k to b e r 2 0 2 5 - 2 03 0
a da la h s e b a g a i b erikut:
(dalam Rupiah)
2025 2026 2027 2028 2029 2030
L a p o ra n La ba Rugi 1 0 k t-3 1 D e s lJ a n - 3 1 D e s lJ a n - 3 1 D e s lJ a n - 3 1 D e s lJ a n - 3 1 D e s lJ a n - 3 1 D e s
F o re c a s t F o re c a s t F o re c a s t F o re c a s t F o re c a s t F o re c a s t
P e n d apatan 3 .6 5 2 .0 9 0 .3 8 4 1 2 .9 7 6 .8 1 8 2 3 9 1 4 .6 5 1 .7 3 9 .6 8 7 1 6 .4 6 1 .0 4 6 .0 0 5 2 5 .1 7 1 .5 8 7 .4 7 8 3 3 .9 2 7 .7 6 1 .9 5 8
Beban p o k o k p e n d a p a ta n ( 1 .7 2 8 .3 8 2 .1 7 9 ) (6 .1 0 9 .3 8 1 .4 1 3 ) ( 6 .7 9 1 .9 7 7 .3 2 8 ) ( 7 .4 2 4 .0 7 8 .7 7 8 ) ( 1 0 .9 4 7 .7 2 3 .8 7 9 ) ( 1 4 .8 5 5 .2 4 8 .7 0 6 )
Laba (ru g i) k o to r 1 5 2 3 .7 0 8 2 0 5 6567436526 7 5 5 9 .7 6 2 5 5 9 9 .0 3 6 5 6 7 2 2 7 1 4 2 2 3 5 6 3 .5 9 8 1 9 . 0 7 2 .5 1 3 2 5 2
Beban U saha (1 .3 7 0 .6 1 6 .4 6 5 ) (5 .5 7 2 .0 6 9 .0 3 9 ) ( 5 .8 5 5 .4 3 8 .1 2 4 ) ( 6 .1 6 1 .3 7 1 .2 7 2 ) (9 .9 5 3 .0 6 9 .1 0 2 ) (1 3 .4 3 5 .6 7 4 .1 7 2 )
P e n d apatan (B eb an) L a in -la in
P e n d a p a ta n (B e b a n ) Giro 2 .8 2 3 .3 9 6 1 4 2 .3 2 6 .0 2 3 1 5 8 .7 4 2 .8 2 7 1 8 1 .0 6 8 .3 2 6 7 5 .9 1 8 .1 7 9 1 0 2 .8 8 1 .1 8 1
P e n d a p a ta n L a in -la in
B u n g a P in ja m a n B a n k (3 2 3 .5 2 4 .6 8 8 ) (1 2 9 4 .0 9 8 .7 5 0 ) (1 .2 9 4 .0 9 8 .7 5 0 ) ( 1 .2 9 4 .0 9 8 .7 5 0 ) ( 1 .2 9 4 .0 9 8 .7 5 0 ) (1 .2 9 4 .0 9 8 .7 5 0 )
B ung a Sew a P em biayaan
P ajak Bunga ( 5 6 4 .6 7 9 ) ( 2 8 .4 6 5 .2 0 1 ) ( 3 1 .7 4 8 .5 6 2 ) ( 3 6 .2 1 3 .6 6 2 ) ( 1 5 .1 8 3 .6 3 6 ) (2 0 .5 7 6 .2 3 6 )
A d m in is tra s i B ank (1 .7 6 0 .5 4 9 ) (7 .3 0 5 .8 8 5 ) (8 .1 1 3 .3 0 7 ) (8 .9 8 5 .5 1 3 ) (8 .5 6 0 .3 0 1 ) (9 .2 0 7 .2 8 8 )
B ung a P in ja m a n Pem egang S aha m - ( 4 1 0 .4 1 6 .6 8 7 ) ( 4 1 0 .4 1 6 .6 8 7 ) ( 4 1 0 .4 1 6 .6 8 7 ) (4 1 0 .4 1 6 .6 8 7 ) ( 4 1 0 .4 1 6 .6 8 7 )
La ba (R ug i) s e b e lu m p a ja k 2 3 0 .0 6 5 2 2 1 ( 3 0 2 5 9 2 .7 1 2 ) 4 1 8 .6 8 9 .7 5 6 1 .3 0 6 5 4 9 .6 7 0 2 .6 1 8 4 5 3 5 0 1 4 .0 0 5 .4 2 1 2 9 9
P r o y e k s i L a p o r a n L a b a R u g i K o m p r e h e n s if S e te la h T r a n s a k s i
B e rd a s a rk a n a su m si ya ng m e n d a s a ri p e n y u s u n a n a ta s re v ie w p ro y e k s i L a p o ra n L a b a R ugi
K o m p re h e n s if, p ro s p e k tif L a p o ra n L a b a R ugi K o m p re h e n s if p e rio d e O k to b e r 2 0 2 5 - 2 03 0
a da la h s e b a g a i b erikut:
(dalam Rupiah)
2025 202* 2027 202* 2029 2030
kattranfan lOkt* 31 Des lla n -31 Des lJan-31Das 1 Jan-31 Des lian-31Des llan-31Des
Forecast Forecast Forecast Forecast Forecast Forecast
Pendapatan 71.971200 000 131.947.200 000 131.947200.000 131.947200.000 131.947.200.000
Beban pokok pendapatan - (55 584 560 000) (89 545 360 000) (90 876 540 000) (92 243 906.000) (93 651462.000)
Laba (nigi) kotor - 1SJ66.M0.000 42401440 000 41.070.U0.OOO 39703294000 36296.736.000
Beban Usaha (1.177 690 847) (6 617 972 785) (7 255199144) (7 501.645 922) (7.760.158.338) (8.029.852.875)
Pendapatan (Beban) Lain lain
Pendapatan (Beban) Giro 1 215491 1 620 655 1 620 655 1.620 655 1.620.655 1.620.655
Pendapatan (Beban) Lain lam 7 399417 1 568 745.017 849 033 017 849.033.017 849.033.017 849033.017
Bunga Pinjaman Bank - (9 756 000 000) (13 008 000 000) (12 311.142.857) (10 452.857.143) (8.594.571 429)
Bunga Sewa Pembiayaan - -
Pajak Bunga (243 098) (243 098) (243 098) (243098) (243098) (243.098)
Administrasi Bank (666 200) (666200) (666 200) (666 200) (666.200) (666.200)
Keuntungan (Kerugian) Petepasan Investasi Sah (37 973 870 000) -
Bunga Pinjaman Pemegang Saham - -
Laba (Rugi) sebelum pajak (39143*55.237) 1.5*2.123.589 22.9U3S5.229 22.107915596 22.340.022.393 22-521.05*.071
Manfaat (beban) pajak
Paiakkini - (171 627 453) (5 073 036 053) (4 726 601 691) (4 797 641.829) (4 858 375.626)
Pajaktangguhan 14 786.572
Laba (Rugi) tohun berjalan (3912S.0U.U4) 1410498.135 17.915.349.17* 17.331.013.904 17.542.3*1.066 17.662.6*2.445
P T H o te l F itr a In te r n a t io n a l T b k
Studi Kelayakan Bisnis Terkai Penambahan KBLI 92
Page 97
T in g k a t D is k o n to
/ N I F I C
KJPP Edi Andesta dan Rekan
R A / S A L
o
T in g k a t d is k o n to m e ru p a k a n tin g k a t p e n g e m b a lia n yang d ih a ra p k a n ya ng re le van ya ng
d ig u n a k a n u n tu k m e n g h itu n g nilai s e k a ra n g d a ri alira n ka s di m a sa depan. P en ilai
m e m p e rtim b a n g k a n p e n e n tu a n tin g k a t d is k o n to b e rd a s a rk a n fa k to r-fa k to r s e p e rti in d u s try bisnis,
risiko e k o n o m i d a n p o litik di In d o n e s ia (country risk) u n tu k m e n c a p a i a ru s kas p ro ye ksi. D a la m
m e n e n tu k a n discount factor (D F ) d ip e rh itu n g k a n s e b e s a r 8 ,5 9 % , d im a n a a n g k a ini m e ru p a ka n
tin g k a t d is k o n to W A C C (W eighted Average Cost o f Capital) d e n g a n k o m p o s is i in d u stri a n ta ra
tin g k a t d is k o n to e k u ita s d e n g a n tin g k a t b u n g a p in ja m a n s e te la h pajak.
WACC
C ost o f E q uity
R isk free rate 6,88%
M arket risk pre m iu m 7,03%
L eve re d Beta 0,83
Specific R isk 0,00%
(-) D efau lt Spread 1,87%
C ost o f E q uity 10,85%
C ost o f D ebt
In vestm e nt Credit 8,67%
Tax 22,00%
C ost o f D ebt 6,76%
C apital S tm cture
D eb t to Total capitalization 55,28%
E q u ity to Total capitalization 44,72%
WACC 8,59%
K e te ra n g a n (s u m b e r d ip e ro le h s e s u a i d e n g a n T a n q q a l P e n ila ia n ):
a. T in g k a t B e b a s R isiko (Rf) m e n g g u n a k a n Indonesia G overm ent Securities Yield Curve p e r
ta n g g a l p isah b a ta s ( cut o ff date).
b. Beta ((3) m e ru p a k a n ra ta -ra ta Beta p e ru s a h a a n p e m b a n d in g p a d a in d u stri se je n is d an
b e rs u m b e r d a ri dam odaran se s u a i ta n g g a l p isa h b a ta s ( cut o ff date).
c. Risk Prem ium (R p m ) b e rs u m b e r d ari dam odaran u n tu k n e g a ra In d o n e s ia s e s u a i ta n g g a l
p isah b a ta s ( cut o ff date).
d. Cost o f debt b e rs u m b e r d a ri tin g k a t b u n g a b a n k P e rs e ro p e r 3 0 S e p te m b e r 2 0 2 5 d an
d ik u ra n g k a n oleh p a ja k b a d a n P e rs e ro a n s e b e s a r 22% .
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3 .6 .4 A n a l i s i s T i t i k I m p a s (B r e a k E v e n P o in t A n a ly s is )
T itik im p a s a ta u break even point (B E P ) a d a la h ke a d a a n s u a tu u s a h a ya n g tid a k m e m p e ro le h
la ba d a n tid a k m e n d e rita rugi ata u d e n g a n ka ta lain s u a tu u s a h a d ik a ta k a n im p a s jik a ju m la h
p e n d a p a ta n ( revenue ) s a m a d e n g a n ju m la h b iaya, ata u a p a b ila la ba k o n trib u s i h a n y a d a p a t
d ig u n a k a n u n tu k m e n u tu p b ia ya te ta p sa ja. B E P d a p a t d ifo rm u la s ik a n s e b a g a i b erikut:
T o ta l Biaya T e ta p
BFP = ------------------------ ------------ ----------
T o ta l Biaya V a ria b e l
^ ^ P en ju alan ' '
N ilai B E P m e n c e rm in k a n p e n d a p a ta n m in im a l ya ng d ip e rlu k a n a g a r te rja d i B E P P e rh itu n g a n
B E P p a d a p ro y e k s i a ta s a d a la h s e b a g a i b erikut:
A n a lis is b re a k even p o in t s e b e l u m t r a n s a k s i
2025
2026 2027 2028 2029 2030
Okt - Des
1 2 3 4 5 6
BEP 2.766.723.687 10.706.687.020 11.313.196.013 11.865.238.997 18.107.649.018 24.595.119.209
BEP Rp
R ata-rata 82,51% 77,21% 72,08% 71,94% 72,49%
B E P k e g ia ta n u s a h a a k tv ita s p e ru s a h a a n h o ld in g s e b e lu m tra n s a k s i s e la m a p e rio d e p ro ye ksi
akan d ic a p a i ra ta -ra ta p a d a p e n d a p a ta n s e b e s a r R p 13,23 m iliar, ata u ra ta -ra ta se b e s a r
7 5 ,2 5 % d ari p e n d a p a ta n d ilu a r p e rh itu n g a n p aja k, b u n g a d an d e p re s ia s i.
A n a l i s i s b re a k even p o in t s e t e l a h t r a n s a k s i
2025
2026 2027 2028 2029 2030
Okt - Des
1 2 3 4 5 6
BEP 29.066.571.482 2 2.576.926.203 2 4.100.444.812 2 5.789.577.162 27.666.697.615
BEP Rp
R ata-rata____________________________40,39% __________ 17,11%__________ 18,27%__________ 19,55%__________ 20,97%
B E P k e g ia ta n u sa h a a k tv ita s p e ru s a h a a n h o ld in g s e te la h tra n s a k s i s e la m a p e rio d e p ro ye ksi
akan d ic a p a i ra ta -ra ta p a d a p e n d a p a ta n s e b e s a r R p 4 0 ,0 6 m iliar, a ta u ra ta -ra ta s e b e s a r
2 3 ,6 6 % d ari p e n d a p a ta n d ilu a r p e rh itu n g a n p aja k, b u n g a d a n d e p re s ia s i.
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o
3 .6 .5 A n a l i s i s P r o f i t a b i l i t a s (O v e r a ll P ro fita b ility )
A n a lis is p ro fita b ilita s a ta s p e n a m b a h a n k e g ia ta n u s a h a p e n u n ja n g d ita m p ilk a n p a d a ta b e l
b e rik u t ini:
A n a lis is p r o fita b ilita s (o v e ra ll p ro fitab ility) s e b e l u m t r a n s a k s i
Keterangan 2025
2026 2027 2028 2029 2030
Okt - Des
1 2 3 4 5 6
G ross Profit M argin (GPM) 52,67% 52,92% 53,64% 54,90% 56,51% 56,22%
EBIT Margin 15,16% 10,80% 14,49% 18,29% 17,17% 16,83%
Net P rofit M argin (NPM ) 6,30% -2,33% 2,86% 7,94% 9,98% 10,90%
Return On Assets (ROA) 0,23% -0,31% 0,42% 1,29% 2,44% 3,47%
A n a lis is p ro fita b ilitia s ini b e rtu ju a n u n tu k kem am puan yang d im ilik i P e ru s a h a a n u n tu k
m e n g h a s ilk a n se b u a h laba.
B e rd a s a rk a n p ro y e k s i k e u a n g a n p e n a m b a h a n k e g ia ta n u s a h a a k tv ita s p e ru s a h a a n h old ing
se b e lu m tra n s a k s i, s e la m a p e rio d e p ro y e k s i ra ta -ra ta m a rg in la ba b e rs ih p e rio d e b e rja lan
a da la h sebesar 5 ,9 4 % . S edangkan ra ta -ra ta p e n g e m b a lia n aset (R O A ) d a ri re n c a n a
p e n a m b a h a n k e g ia ta n u sa h a b a ru ya ng d ila k u k a n o le h P e rs e ro a n a da la h s e b e s a r 1,26% .
A n a lis is p r o fita b ilita s (o v e ra ll pro fitab ility) s e t e l a h t r a n s a k s i
Keterangan 2025
2026 2027 2028 2029 2030
Okt - Des
1 2 3 4 5 6
G ross P rofit M argin (G PM ) 0,00% 22,77% 32,14% 31,13% 30,09% 29,02%
EBIT Margin 0,00% 2,20% 17,42% 16,75% 16,93% 17,07%
N et Profit Margin (NPM ) 0,00% 1,96% 13,58% 13,17% 13,30% 13,39%
Return On A ssets (RO A) -32,72% 0,50% 6,05% 5,95% 6,08% 6,20%
B e rd a s a rk a n p ro y e k s i k e u a n g a n p e n a m b a h a n k e g ia ta n u s a h a a k tv ita s p e ru s a h a a n h old ing
se te la h tra n s a k s i, s e la m a p e rio d e p ro y e k s i ra ta -ra ta m a rg in la b a b e rsih p e rio d e b e rja la n a d a la h
s e b e s a r 9 ,2 3 % . S e d a n g k a n ra ta -ra ta p e n g e m b a lia n a s e t (R O A ) d a ri re n c a n a p e n a m b a h a n
ke g ia ta n u s a h a b aru ya ng d ila k u k a n o le h P e rs e ro a n a d a la h s e b e s a r -1 ,3 2 % .
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3 .6 .6 T i n g k a t Im b a l B a l i k I n v e s t a s i ( O v e ra ll R e tu rn O n In v e s m e n t)
D e n g a n R O I, P e rs e ro a n d a p a t m e n g e ta h u i s e b e ra p a e fis ie n p e ru s a h a a n g u n a m e m a n fa a tk a n
a k tiva u n tu k k e g ia ta n o p e ra s io n a l d an d a p a t m e m b e rik a n in fo rm a s i u ku ra n p ro fita b ilita s
P e rse ro a n . F o rm u la d a la m p e rh itu n g a n R O I a da la h:
N e t R etu rn on In v e s tm e n t
ROI = ----------------- —------------------------^ 1 0 0 %
Cost o f In v e s m e n t
Net Return on Investm ent d im a k s u d a d a la h ke u n tu n g a n b e rsih ya ng d ip e ro le h s e la m a p e rio d e
p ro ye ksi. Cost o f Investm ent d im a k s u d a d a la h in v e s ta s i (C A P E X ) y a n g d ik e lu a rk a n s e la m a
p e rio d e p ro ye ksi.
B e rd a s a rk a n p e rh itu n g a n tota l k e u n tu n g a n b e rsih te rh a d a p to ta l C A P E X s e la m a p e rio d e
p ro ye ksi, m a ka d ih a s ilk a n ra ta -ra ta RO I se b e lu m tra n s a k s i d a ri re n c a n a p e n a m b a h a n ke giatan
u s a h a a k tv ita s p e ru s a h a a n h o ld in g ya ng d ila k u k a n o le h P e rs e ro a n s e b e s a r 14,1% . S e d a n g ka n
ra ta -ra ta RO I s e te la h tra n s a k s i d a ri re n c a n a p e n a m b a h a n ke g ia ta n u s a h a a k tv ita s p e ru s a h a a n
h o ld in g ya ng d ila k u k a n o le h P e rs e ro a n s e b e s a r 2 5 8 0 ,1 % .
3 .6 .7 A n a lis is K e la y a k a n K e u a n g a n P r o y e k
B e rd a s a rk a n p ro y e k s i L a p o ra n P o sisi K e u a n g a n d a n L a p o ra n Lab a R ugi K o m p re h e n s if u ntuk
p e rio d e O k to b e r - D e s e m b e r 2 0 2 5 - 203 0 , d ih a s ilk a n A ru s K as B e b a s (Free Cash Flow) p ro ye k
ke g ia ta n u s a h a baru ya ng s e la n ju tn y a d e n g a n m e n g g u n a k a n tin g k a t d is k o n to b e rd a s a rka n
p e rh itu n g a n W A C C d ita m b a h d e n g a n Term inal Value (N ilai K e ka l) d e n g a n m e n g g u n a k a n
p e rtu m b u h a n s e b e s a r 3 ,3 0 % m a k a d ip e ro le h h asil p e rh itu n g a n IR R di a ta s W A C C d an PI di
a ta s 1 s e b a g a im a n a d itu n ju k a n p a d a ta b e l berikut:
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1 •
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A n a lis is K e la y a k a n K e u a n g a n P r o y e k S e b e lu m T ra n s a k s i
2025
2026 2027 2028
O k t-D e s
0 1 2 3 4
EBT 230.065.221 (302.592.712) 418.689.756 1.306.949.670
( - ) Pajak - - - -
( + ) Bunga(1-T) 22% 252.349.256 1.329.522.041 1.329.522.041 1.329.522.041
( + ) Penyusutan & Amortisasi 305.507.409 1.417.452.806 1.611.584.533 1.626.693.837
-
( - ) Capex - -
( - ) Perubahan Modal Kerja 51.568.511 47.784.234 (39.150.516)
Nilai Investasi (105.229.800.000)
Arus kas Bersih (105.229.800.000) 787.921.886 2.495.950.645 3.407.580.563 4.224.015.032
WACC 8,59%
Perpetuity Growth 3,30%
Cap. Rate (Of Terminal Value) 5,29%
Terminal Value
Discount Period
_ 0,25 1,25 2,25 3,25
Discount Factor 1,0000 0,9796 0,9021 0,8307 0,7650
Nilai Kini Arus Kas Bersih (105.229.800.000) 771.851.694 2.251.590.878 2.830.755.822 3.231.353.876
2029 2030
0 5 6
EBT 2.618.453.301 4.005.421.299
( - ) Pajak (105.276.341) (306.714.682)
( + ) Bunga (1-T) 22% 1.329.522.041 1.329.522.041
( + ) Penyusutan & Amortisasi 1.626.693.837 3.112.262.805
( - ) Capex
( - ) Perubahan Modal Kerja 8.045.997 (96.471.656)
Nilai Investasi (105.229.800.000)
Arus kas Bersih (105.229.800.000) 5.477.438.835 8.044.019.807
WACC 8,59%
Perpetuity Growth 3,30%
Cap. Rate (Of Terminal Value) 5,29%
Terminal Value 157.024.121.413
Discount Period - 4,25 5,25
Discount Factor 1,0000 0,7045 0,6487
Nilai Kini Arus Kas Bersih (105.229.800.000) 3.858.685.588 107.084.818.990 J
Net Present Value 14.799.256.848
IRR 9,92%
Profitability Index (PI) 1,14
Payback Period 15Tahun 3 Bulan
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D e ng a n m e n g g u n a k a n a su m si p ro y e k s i k e u a n g a n ja n g k a p a n ja n g ya n g te la h d ila k u k a n e v a lu a si
d an p e n y e s u a ia n , m e n u n ju k k a n b a h w a s e b e lu m re n c a n a tra n s a k s i d ip e ro le h g a m b a ra n v a ria b e l
yang p o s itif a n ta ra lain:
a. In te rn a l R ate o f R etu rn ( I R R ) > T i n g k a t D i s k o n t o
IRR ya ng d ih a s ilk a n a d a la h s e b e s a r 9 ,9 2 % y a n g b e ra rti di a ta s tin g k a t discount rate ya ng
s e b e s a r 8 ,5 9 % .
b. N e t P re s en t Value ( N P V ) > 0
N P V ya n g d ih a s ilk a n m e n u n ju k k a n a n g k a ya ng p o s itif ya itu s e b e s a r R p 1 4 .7 9 9 .2 5 6 .8 4 8 .
c. P ro fitab ility In d e x ( P I) > 1
PI ya ng d ip e ro le h a d a la h s e b e s a r 1,14 ya ng b e ra rti lebih b e s a rd a ri 1.
d. P a yb ack P e rio d ( P P )
P P y a n g d ih a s ilk a n s e b e s a r 15,2 8 y a n g b e ra rti d ip e ro le h d a la m w a k tu 15 ta h u n 3 bulan.
A n a lis is K e la y a k a n K e u a n g a n P r o y e k S e te la h T r a n s a k s i
2025
2026 2027
Okt - Des
0 1 2 3
EBT (39.143.855.237) 1.582.123.589 22.988.385.230
( - ) Pajak - (171.627.453) (5.073.036.053)
( + ) Bunga (1-T) 22% - 7.609.680.000 10.146.240.000
( + ) Penyusutan &
- 6 .250.000.000 12.500.000.000
Am ortisasi
( - ) Capex - (200.000.000.000) -
( - ) Perubahan Modal
(2.716.017.680) (769.065.060)
Kerja
Nilai Investasi (14.000.000.000)
Arus kas Bersih (14.000.000.000) (39.143.855.237) (187.445.841.544) 39.792.524.116
W ACC 8,59%
Perpetuity G rowth 3,30%
Cap. Rate (O f T erm inal
Value) 5,29%
Terminal Value
D iscount Period 0,25 1,25 2,25
D iscount Factor 1,0000 0,9796 0,9021 0,8307
Nilai Kini Arus Kas Bersih (14.000.000.000) (38.345.490.200) (169.094.428.118) 33.056.568.212
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2028 2029 2030
0 4 5 6
22.107.615.595 2 2.340.022.893 22.521.058.071
EBT
( - ) Pajak (4.726.601.691) (4.797.641.829) (4.858.375.626)
( + ) Bunga (1-T) 22% 9.602.691.429 8.153.228.571 6.703.765.714
( + ) Penyusutan & 12.500.000.000 12.500.000.000
12.500.000.000
Am ortisasi
( - ) C apex
( - ) Perubahan M odal Kerja 118.635.199 103.163.103 115.689.534
Nilai Investasi (14.000.000.000)
Arus kas Bersih (14.000.000.000) 39.602.340.531 38.298.772.739 36.982.137.694
W ACC 8,59%
P erpetuity G rowth 3,30%
Cap. Rate (O f Term inal
Value) 5,29%
Terminal Value 721.913.647.526
D iscount Period 3,25 4,25 5,25
D iscount Factor 1,0000 0,7650 0,7045 0,6487
Nilai Kini Arus Kas Bersih (14.000.000.000) 30.295.625.280 26.980.296.237 492.319.215.517
Net Present Value 361.211.786.928
IRR 38,70%
Profitability Index (PI) 26,80
Payback Period 8,00
D e n g a n m e n g g u n a k a n a su m si p ro y e k s i k e u a n g a n ja n g k a p a n ja n g y a n g te la h d ila k u k a n e v a lu a si
d an p e n y e s u a ia n , m e n u n ju k k a n b a h w a s e te la h re n c a n a tra n s a k s i d ip e ro le h g a m b a ra n v a ria b e l
ya ng p o s itif a n ta ra lain:
a. In te rn a l R ate o f Return ( I R R ) > T i n g k a t D i s k o n t o
IRR y a n g d ih a s ilk a n a d a la h s e b e s a r 3 8 ,7 0 % y a n g b e ra rti di a ta s tin g k a t discount rate yang
s e b e s a r 8 ,5 9 % .
b. N e t P re s en t Value ( N P V ) > 0
N P V ya n g d ih a s ilk a n m e n u n ju k k a n a n g k a ya ng p o s itif ya itu s e b e s a r R p 3 6 1 .2 1 1 .7 8 6 .9 2 8.
c. P ro fitab ility In d e x ( P I ) > 1
PI ya ng d ip e ro le h a da la h s e b e s a r 2 6 ,8 0 ya ng b e ra rti lebih b e s a r d a ri 1.
d. P a y b ac k P e rio d ( ? P )
P P y a n g d ih a s ilk a n s e b e s a r 8 ,7 5 ya ng b e ra rti d ip e ro le h d a la m w a ktu 8 ta h u n 9 bulan.
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P e r b a n d in g a n P a r a m e t e r K e la y a k a n S e b e lu m d a n S e te la h T r a n s a k s i
Hasil Perhitungan
Parameter Hasil Perbandingan
No. Satuan Sebelum
Kelayakan Setelah Transaksi
Transaksi
1 NPV Rp 14.799.256.848 361.211.786.928 NPV setelah T ransaksi > NPV Sebelum
Transaksi
2 IRR % 9,92% 38,70% IRR setelah Transaksi > IRR Sebelum
Transaksi
3 PI X 1,14 26,80 PI setelah T ransaksi > PI Sebelum
Transaksi
4 PP W aktu 15 Tahun, 3 Bulan 8 Tahun, 9 Bulan PP Setelah Transaksi < PP Sebelum
Transaksi
B e rd a s a rk a n h asil p a ra m e te r ke la y a k a n in v e s ta s i s e b e lu m d an s e te la h tra n s a k s i m a k a R e n c a n a
T ra n sa ksi a d a la h " L a y a k " d ik a re n a k a n s e lu ru h p a ra m e te r K e la y a k a n K e u a n g a n a ta s m e n u n ju k a n h asil
ya ng lebih b a ik s a a t tra n s a k s i d ila ku ka n .
IV . K e s im p u la n
4 .1 A n a lis is K e la y a k a n A s p e k P a s a r
a. W ila y a h p e ra ira n ya n g lu a s m e n d o ro n g in d u stri p e la y a ra n di In d o n e s ia m e m ilik i peran yang
s a n g a t p e n tin g u n tu k sis te m lo g is tik n a s io n a l d a la m m e n d is trib u s ik a n b a ra n g d an ja sa .
S iste m p e n g a n g k u ta n d e n g a n m o d a tra n s p o rta s i la u t ya ng d ik e lo la d e n g a n b a ik d an e fisie n
a kan m e n in g k a tk a n d a y a sa in g e k o n o m i d a n k o n e k tiv ita s di se lu ru h w ila y a h in d o n e sia
s e b a g a i n e g a ra k e p u la u a n . B o n g k a r m u a t b a ra n g m e ru p a k a n ke g ia ta n ya n g m e m p u n ya i
a n d il te rh a d a p p e re k o n o m ia n b a ik d a ri se gi a k tiv ita s p e rh u b u n g a n la u t h in g g a p e n g a ru h n y a
te rh a d a p p e n g e m b a n g a n e k o n o m i d a e ra h . B o n g k a r m u a t b ara n g p e la y a ra n d a la m n e g e ri
d a p a t b e ru p a B ah a n P oko k, B a h a n S tra te g is, M igas, N o n m ig a s d a n B a ra n g L ain n ya . Je n is
ja s a p e la y a ra n m e m ilik i c a k u p a n y a n g o p e ra s io n a l y a n g lu as u n tu k a n g k u ta n b a ra n g,
a n g k u ta n p e n u m p a n g , a n g k u ta n ca ira n d a n g as, a n g k u ta n kh u su s, in d u stri p e rik a n a n , ja s a
la in n y a te rk a it a n g k u ta n a ir d a n la ya n a n pendukung m a ritim . B o n g k a r m u a t b a ran g
m e ru p a k a n k e g ia ta n ja s a a n g k u ta a n a ir ya ng m e m p u n y a i a n d il te rh a d a p p e re k o n o m ia n baik
d a ri se gi a k tiv ita s p e rh u b u n g a n la u t h in g g a p e n g a ru h n y a te rh a d a p p e n g e m b a n g a n e k o n o m i
d a e ra h . B o n g k a r m u a t b a ra n g p e la y a ra n d a la m n eg e ri d a p a t b e ru p a B ahan P okok, B ahan
S tra te g is, M igas, N o n m ig a s d a n B aran g L a in n ya . B e rd a s a rk a n re n c a n a p e ru s a h a a n ,
la y a n a n y a n g a kan d is e d ia k a n o le h PSI ya itu p e n g a n g k u ta n k o m o d ita s u ta m a b e ru p a bijih
n ike l d a n b a tu k a p u r d e n g a n ru te o p e ra s io n a l u ta m a b e ra d a di p e ra ira n S u la w e s i, ya itu rute
K e n d a ri - L a n g a ra d a n rute R a h a - B au b a u . D e n g a n s e b a ra n c a d a n g a n bijih n ikel s e b a g ian
b e s a rs e k ita r 9 0 % te rs e b a rd i S u la w e s i T e n g a h , S u la w e si S e la ta n , S u la w e s i T e n g g a ra dan
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M a lu k u U ta ra s e h in g g a d e n g a n p e lu a n g s u m b e r d a y a d a n c a d a n g a n n ikel ya ng b esar,
m a k a p e rm in ta a n a kan a n g k u ta n tra n s p o rta s i la u t d ib u tu h k a n u n tu k k e g ia ta n p e n g irim a n
ka rg o di w ila y a h S u la w e s i. H al te rs e b u t ju g a te rlih a t d a ri g a m b a ra n in du stri s e p e rti di
g a m b a rk a n p a d a s u b b a b 2 .1 6 ya ng m e n u n ju k k a n p a n g s a p a s a r in d u s tri p e n g irim a n bahan
ta m b a n g ya ng a ka n te ru s b e rk e m b a n g . D engan b e b e ra p a p e rtim b a n g a n te rus
m e n in g k a tn y a p ro d u k s i p e rta m b a n g a n te ru ta m a k o m o d ita s bijih n ike l di S u la w e s i yang
d ip re d ik s i a kan te ru s m e n in g k a t s e irin g d e n g a n k e b u tu h a n b e rb a g a i in d u stri di In d o n e sia
m e n ja d ik a n P e rs e ro a n d a p a t m e la k u k a n ke g ia ta n u sa h a ja s a p e la y a ra n d o m e s tik yang
b e rk e s in a m b u n g a n di rute o p e rs io n a l S u la w e si.
b. PSI m e m ilik i s a s a ra n p e la n g g a n p rio rita s ya itu p e ru s a h a a n p e rta m b a n g a n , ya ng fo ku s
la y a n a n a n n y a b e ru p a a n g k u ta n k o n ta in e ris a s i bijih n ikel d an b atu kapur. P rio rita s te rs e b u t
se ja la n d e n g a n a d a n y a p o te n si p a s a r ja s a a n g k u ta n la u t u n tu k k o m o d ita s bijih n ike l dan
batu k a p u r di In d o n e sia , k h u s u s n y a di w ila y a h S u la w e s i s e irin g d e n g a n k e b ija k a n u ntu k
m e n d o ro n g h iliris a s i in d u stri p e rta m b a n g a n . D im a n a te rja d i lo n ja k a n p ro d u k s i bijih nikel
p a d a ta h u n 2 0 2 1 , 2 0 2 2 , d a n 2 0 2 3 m a s in g -m a s in g te rc a ta t s e b e s a r 65,51 ju ta ton, 9 8,1 9
ju ta ton d a n 1 37 ,80 ju ta ton. L o n ja k a n p ro d u k s i m e ru p a k a n sa lah sa tu d a m p a k d a ri la ra n g a n
e k s p o r bijih n ike l m e n ta h ya n g m e n d o ro n g p e rc e p a ta n in v e s ta s i di s e k to r h iliris a s i d e n g a n
m e m b a n g u n fa s ilita s p e n g o la h a n di In d o n e s ia s e c a ra m asif. B e rd a s a rk a n B o o k le t T a m b a n g
N ike l 2 02 0 , p ro y e k s m e lte r n ike l m a sih d ip e rlu k a n se ja la n d e n g a n p ro ye ksi p e rm in ta a n nikel
p a d a ta h u n 2 0 4 0 s e b e s a r ± 1,7 ju ta ton Ni. D itin ja u d ari w ila y a h d e n g a n s u m b e r d a ya dan
c a d a n g a n n ike l p aling b e s a r m a k a S u la w e s i m e ru p a k a n p ro v in s i d e n g a n p o te n s i in d u stri
n ike l te rb e s a r di Ind o n e sia . S e b a ra n c a d a n g a n bijih n ike l se b a g ia n b e s a r s e k ita r 9 0%
te rs e b a r di S u la w e s i T e n g a h , S u la w e s i S e la ta n , S u la w e s i T e n g g a ra d an M a lu ku U tara
s e h in g g a PSI m e m iliki p o te n si a n g k u ta n p a d a b ijih n ikel c u k u p b e s a r d e n g a n fo k u s rute
o p e ra s io n a l di S u la w e s i.. B e rd a s a rk a n in fo rm a s i d a ri m a n a je m e n u n tu k s a a t ini p e ru s a h a a n
s e je n is di In d o n e s ia ya ng d a p a t d ija d ik a n re fe re n s i s e c a ra u m u m b e rg e ra k di in d u stri yang
s a m a d a n m e m ilik i ke g ia ta n u s a h a ya n g s e b a n d in g , d ia n ta ra n y a
No N a m a P e ru s a h a a n
1. PT. M e ra tu s L ine
2. PT. T a n to Intim Line
3. S a m u d e ra S h ip p in g Line
4. M IS C B erha d
5. C O S C O S h ip p in g B u lk
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c. F IT T b e re n c a n a m e la k u k a n in v e s ta s i p a d a p e ru s a h a a n ya n g m e n a w a rk a n p e lu a n g atau
p o te n s i u n tu k m e n c ip ta k a n nilai ta m b a h . S e k to r in d u stri ya n g s a a t ini m e m ilik i p o te nsi
b e rtu m b u h se ja la n d e n g a n pem bangunan p e re k o n o m ia n Ind o n e si y a itu s e k to r ja s a
p e n g a n g k u ta n b ara n g m e la lu i ja lu r p e la y a ra n d o m e s tik . In v e s ta s i te rs e b u t d ip ro y e k s ik a n
a kan m e n c a ta tk a n la b a b e rsih ta h u n 2 0 3 0 s e b e s a r R p 1 4 ,5 8 m ilia r (P ro y e k s i). H al te rs e b u t
m e n ja d i p o te n si p e n a m b a h a n n ilai p a s a r bag i FITT.
4 .2 A n a lis is K e la y a k a n A s p e k T e k n is
a. K e p e m ilik a n s a h a m s e c a ra la n g s u n g p a d a B M P d an F A W m e n u n ju k k a n F IT T su dah
m e m ilik i p e n g a la m a n d a la m k e g ia ta n in v e s ta s i pada p e ru s a h a a n b e rb a g a i s e kto r.
K e m u d ia n , F IT T b e re n c a n a m e la k u k a n d iv e s ta s i e n tita s a n a k ya ng d im iliki s e c a ra la ng su ng
y a itu (i) B M P , d a n (ii) FA W . D iv e s ta s i p a d a B M P u n tu k ke p e m ilik a n s a h a m s e b e s a r
9 9 ,9 9 9 8 % ata u 5 4 9 .9 9 9 le m b a r s a h a m m ilik F IT T . D iv e s ta s i p a d a F A W u n tu k ke p e m ilika n
s a h a m s e b e s a r 9 9 ,9 6 % ata u 5 0 2 .2 9 9 le m b a r sa h a m . F IT T ju g a b e re n c a n a m e la ku ka n
in v e s ta s i p a d a PSI ya itu p e ru s a h a a n y a n g b e rg e ra k d ib id a n g ja s a p e n g a n g k u ta n b arang
ja lu r p e la y a ra n d o m e s tik m a u p u n in te rn a s io n a l s e h in g g a p e ru s a h a a n a kan p e n a m b a h a n
K B LI a k tifita s p e ru s a h a a n h o ld in g p a d a ke g ia ta n u s a h a n y a .
b. PSI b e lu m m e m iliki a rm a d a u n tu k ke g ia ta n o p e ra s io n a l s a m p a i d e n g a n ta n g g a l s tu d y
k e la y a k a n . S e s u a i d e n g a n b u s in e s s plan ya ng d ib u a t o le h m a n a je m e n , te rd a p a t in v e sta si
b e ru p a 6 u n it ka pa l to n g k a n g d an 1 u n it tug b o a t d e n g a n s p e s ifik a s i se s u a i d e n g a n pada
su b b ab 3 .2 .1 . P e m b e lia n ka pa l d ire n c a n a k a n se le s a i s e b e lu m J u n i 2 0 2 6 s e ja la n d e n g a n
ta rg e t PSI u n tu k d a p a t b e ro p e ra s i p a d a Ju n i 2 0 2 6 . S a m p a i d e n g a n ta h u n 2 0 3 0 tid a k ada
re n c a n a p e n a m b a h a n k a p a l ata u re n c a n a p e m b a ru a n a rm a d a s e la in p e m b e lia n 6 u n it kapa l
to n g k a n g d a n 1 u n it tug boat. PSI a kan m e n y e w a 5 u n it tu g b o a t u n tu k m e n u n ja n g k e g ia ta n
o p e ra s io n a l p e ru s a h a a n s e h in g g a ju m la h kapal m iliki s e n d iri y a itu 6 u n it k a p a l to n g k a n g
d a n 1 u n it tug b o a t d a n kapal s e w a s e ju m la h 5 u n it tu g b o a t.
c. R a ta -ra ta k a p a s ita s d a y a a n g k u t ka pa l ya itu s e b e s a r 9 .8 0 0 M T p e r p e la y a ra n .
d. PSI s a a t ini b elu m re sm i b e ro p e ra s i s e c a ra k o m e rs ia l d a n k e te rs e d ia a n s u m b e r d a ya
m a n u s ia h a n ya te rd a p a t p a d a p o s is i inti ya n g d itu g a s k a n pem egang sa ha m . T im
m a n a je m e n inti y a itu D ireksi d a n K o m is a ris P S I. R e n c a n a p e re k ru ta n k a ry a w a n a kan
d im u la i p a d a F e b ru a ri 2 0 2 6 u n tu k m e n g is i b e rb a g a i p osisi. S e la in re k ru tm e n y a n g d ila k u k a n
o le h p ih a k P SI, te n a g a a hli u n tu k k e g ia ta n o p e ra s io n a l ka pa l a ka n d iisi o le h c re w kapal
b e rp e n g a la m a n d a ri p e ru s a h a a n p e m ilik ka pa l s e b e lu m n y a . H al te rs e b u t se s u a i d e n g a n
k e s e p a k a ta n a n ta ra PSI d e n g a n p e m ilik ka pa l d a la m p e m b e lia n u n it ka pa l b a h w a p e m ilik
k a p a l a kan tu ru t m e n y e rta k a n A n a k B uah K a p a l (A B K ) ke p a d a PSI s e la m a 1 ta h u n p e rta m a
p e m b e lia n .
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4 .3 A n a lis is K e la y a k a n A s p e k P o la B is n is
a. P S I a kan m e n y e d ia k a n la y a n a n p e n g a n g k u ta n d e n g a n a rm a d a k a p a l d e n g a n ru te yang
d ija la n k a n se s u a i d e n g a n s ta n d a r in d u s try u n tu k m e m e n u h i k e b u tu h a n p e n g irim a n te p a t
w a ktu ke te m p a t tu ju a n . K e ce p a ta n d a n ke te p a ta n w a ktu la ya n a n m e ru p a k a n nilai ta m b a h
b ag i p e ru s a h a a n p e n g a n g k u ta n b a ra n g bag i p e m ilik kargo. D a la m p e n y e d ia a n la y a n a n rute,
p e ru s a h a a n te ru s b e ru p a y a u n tu k m e n in g k a tk a n p e n g g u n a a n sis te m n a v ig a s i m o d e rn dan
m e la k u k a n p e n ja d w a la n y a n g e fis ie n u n tu k p e m ilik ka rg o . R u te u ta m a p e la y a ra n PSI
m e ru p a k a n rute ya ng su d a h m a ta n g d e n g a n e fis ie n s i o p e ra s io n a l ya n g stabil.
b. PSI ke d e p a n a kan m e m b a n g u n lo y a lita s d e n g a n p e la n g g a n m e la lu i k o n tra k ja n g k a p a n ja ng
se rta b e k e rja s a m a d e n g a n klien b e sa r. M e s k ip u n s a a t ini PSI b e lu m m e m ilik i k o n tra k re sm i
d e n g a n p e m ilik ka rg o d ik a re n a k a n b e lu m m e m iliki a rm a d a kapal s e rta b e lu m b e ro p e ra si
s e c a ra resm i.
c. R u te o p e ra s io n a l u ta m a P e ru s a h a a n a ka n b e rfo k u s di W ila y a h S u la w e s i y a itu R u te K e n d ari
- L a n g a ra d an R u te R a h a - B a u b a u . R u te 1 m e ru p a k a n rute d e n g a n p e la b u h a n m u a t di
K e n d a ri d a n p e la b u h a n b o n g k a r di L a n g a ra d e n g a n a su m si to ta l ja ra k te m p u h p ula n g pergi
ka pa l s e ja u h 6 0 m ile, k e c e p a ta n ka pa l 4 knot, d a n to ta l w a ktu p e r trip 8 ,6 3 hari. R u te 2
m e ru p a k a n rute d e n g a n p e la b u h a n m u a t di R a h a d a n p e la b u h a n b o n g k a r di B au -b a u
d e n g a n a su m si to ta l ja ra k te m p u h p u la n g p e rg i ka pa l s e ja u h 84 m ile, k e c e p a ta n k a p a l 4
kn ot, d an to ta l w a ktu p e r trip 8 ,8 8 hari.
d. D a la m u p a y a p e n a m b a h a n k e g ia ta n u s a h a a k tifita s p e ru s a h a a n h o ld in g , k e u n g g u la n
k o m p e titif F IT T d a la m m e n ja la n k a n usahanya ya itu m e m ilik i tra c k re co rd sebagai
p e ru s a h a a n in d u k d e n g a n k e p e m ilik a n s a h a m la n g s u n g p a d a B M P d a n F A W s e h in g g a FIT T
d a p a t d ia n g g a p p e ru s a h a a n in v e s ta s i ya ng b e rp e n g a la m a n . S e ja la n d e n g a n p e n a m b a h a n
k e g ia ta n u s a h a a k tifita s p e ru s a h a a n h o ld in g m a ka p e ru s a h a a n b e re n c a n a m e la ku ka n
in v e s ta s i p a d a PSI ata u s e k to r la in n y a d e n g a n m e m p e rtim b a n g k a n p o te n s i p a s a r g un a
m e n in g k a tk a n d a y a sa ing FITT.
4 .4 A n a lis is K e la y a k a n A s p e k M o d e l M a n a je m e n
a. P S I s a a t ini b e lu m re sm i b e ro p e ra s i s e c a ra k o m e rs ia l d a n ke te rs e d ia a n s u m b e r d a ya
m a n u s ia h a n y a te rd a p a t p a d a p o sisi inti y a n g d itu g a s k a n p e m e g a n g s a h a m . T im m a n a je m e n
inti ya itu D ire ksi d a n K o m is a ris P S I. R e n c a n a p e re k ru ta n ka ry a w a n a kan d im u la i p ada
F e b ru a ri 2 0 2 6 u n tu k m e n g isi b e rb a g a i posisi.
b. S elain re k ru tm e n y a n g d ila k u k a n oleh p ih a k PSI, te n a g a ahli u n tu k k e g ia ta n o p e ra s io n a l
ka pa l a ka n d iisi o le h c re w k a p a l b e rp e n g a la m a n d a ri p e ru s a h a a n p e m ilik k a p a l s e b e lu m n ya .
H al te rs e b u t se s u a i d e n g a n k e s e p a k a ta n a n ta ra PSI d e n g a n p e m ilik k a p a l d a la m p e m b e lia n
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u n it ka pa l b a h w a p e m ilik k a p a l a kan tu ru t m e n y e rta k a n A n a k B uah K a p a l (A B K ) ke p a d a PSI
s e la m a 1 ta h u n p e rta m a p e m b e lia n .
c. P e rs e ro a n tid a k m e m e rlu k a n p e ru b a h a n a ta s s tru k tu r yang d im ilik i, nam un p erlu
penam bahan ju m la h p e rs o n e l yaitu pada b a g ia n b a g ia n a d m in is tra s i um um s e pe rti
O p e ra tio n a l M a n a g e r, O p e ra tio n a l S ta ff, M a rk e tin g M a n a g e r, M a rk e tin g S taff, F in a n cin g
m a n a g e r d a n F in a n c in g s ta ff u n tu k m e n d u k u n g o p e ra s io n a l p e n a m b a h a n k e g ia ta n u saha.
S e s u a i re n c a n a k e b u tu h a n s u m b e r d a y a m a n u s ia P SI, k e g ia ta n o p e ra s io n a l m e m e rlu ka n
p e rso n il ata u c re w ka pa l d e n g a n to ta l 6 0 o ra n g u n tu k m e n g o p e ra s ik a n ka pa l, m e m b e rika n
p e la y a n a n , d e n g a n ta n g g u n g ja w a b s p e s ifik se s u a i d e n g a n tu g a s fu n g s i p e r b a g ia n u ntu k
m e m a s tik a n ka pa l b e rla y a r a m a n d a n e fis ie n se s u a i p e ra tu ra n .
d. P e rs e ro a n m enyusun p ro gra m p e la tih a n P e rs o n e l ya n g d ite ra p k a n sebagai u p a ya
m e n in g k a tk a n k a p a s ita s d a n k e a h lia n se s u a i b id a n g n y a . S e la in itu p e rs e ro a n m e m iliki
m a n a je m e n ris ik o y a n g te ru k u r d e n g a n m e la k u k a n p e m e ta a n ris ik o d a n k e n d a li a ta s s e tia p
risiko se rta u p a y a d a la m m e la k u k a n e lim in a s i ris ik o u n tu k in d u s tri p e la y a ra n . R isiko d a p a t
d ik e lo la se s u a i d e n g a n buku m a n u a l m a n a je m e n k e s e la ta n kapal b e rd a s a rk a n K o n v e n si
in te rn a s io n a l b e s e rta a m a n d e m e n te rb a ru n y a , p e ra tu ra n k h u s u s In d o n e s ia d an n e g a ra
p e la b u h a n , te rm a s u k a ra h a n d a ri o to rita s m a ritim s e te m p a t S e rta p a n d u a n p ra k tik te rb a ik
in d u stri, s e p e rti s ta n d a r te rk a it y a n g d ite rb itk a n o le h International C ham ber o f Shipping (IC S )
d a n IMO.
4 .5 A n a lis is K e la y a k a n A s p e k K e u a n g a n
D e n g a n m e n g g u n a k a n a su m si p ro y e k s i k e u a n g a n ja n g k a p a n ja n g ya ng te la h d ila k u k a n e v a lu a si
dan p e n y e s u a ia n , m e n u n ju k k a n b a h w a p e n a m b a h a n k e g ia ta n u s a h a P e rs e ro a n b e ru p a ja s a
p e n g a n g k u ta n b ara n g m e la lu i ja lu r p e la y a ra n d o m e s tik d ip e ro le h g a m b a ra n v a ria b e l ya ng p o s itif
a n ta ra lain:
a. In te rn a l R ate o f R eturn ( I R R ) > T i n g k a t D i s k o n t o
IR R y a n g d ih a s ilk a n a d a la h s e b e s a r 2 7 ,0 1 % y a n g b e ra rti di a ta s tin g k a t discount rate yang
s e b e s a r 9 ,7 9 % .
b. N e t P re s en t Value ( N P V ) > 0
A /P V y a n g d ih a s ilk a n m e n u n ju k k a n a n g k a ya ng p o s itif ya itu s e b e s a r R p 2 7 4 .6 7 9 .6 4 3 .1 7 7 .
c. P ro fitab ility In d e x ( P I) > 1
PI ya ng d ip e ro le h a d a la h s e b e s a r 2 ,3 7 ya ng b e ra rti lebih b e s a r d a ri 1.
d. P a yb ack P e rio d ( P P )
PP ya ng d ih a s ilk a n s e b e s a r 6 ,0 5 ya ng b e ra rti d ip e ro le h d a la m w a k tu 6 ta h u n 1 bulan.
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S tud i k e la y a k a n ju g a m e la k u k a n a n a lis is a ta s re n c a n a in v e s ta s i p a d a PSI s e b e lu m d a n s e te la h
tra n s a k s i. D engan m enggunakan a s u m s i p ro y e k s i k e u a n g a n ja n g k a p a n ja n g yang telah
d ila k u k a n e v a lu a s i d an p e n y e s u a ia n , m e n u n ju k k a n bahw a penam bahan k e g ia ta n u sah a
P ers e ro a n b e ru p a a k tiv ita s p e ru s a h a a n h o ld in g d ip e ro le h g a m b a ra n v a ria b e l ya ng p o s itif a n ta ra
lain:
a. H a sil p a ra m e te r ke la y a k a n in v e s ta s i se b e lu m tra n s a k s i:
1) In te rn a l R ate o f Return ( I R R ) > T i n g k a t D i s k o n t o
IRR ya n g d ih a s ilk a n a d a la h s e b e s a r 9 ,9 2 % ya ng b e ra rti di a ta s tin g k a t discount rate
y a n g s e b e s a r 8 ,5 9 % .
2) N et P re s en t Value ( N P V ) > 0
N PV ya ng d ih a s ilk a n m e n u n ju k k a n angka ya ng p o s itif ya itu sebesar
R p 1 4 .7 9 9 .2 5 6 .8 4 8 .
3) P ro fitab ility In d e x ( P I) > 1
PI ya ng d ip e ro le h a d a la h s e b e s a r 1,14 ya ng b e ra rti le bih b e s a r d a ri 1.
4) P ayb ack P e rio d (PP)
PP ya ng d ih a s ilk a n s e b e s a r 1 5 ,2 8 ya ng b e ra rti d ip e ro le h d a la m w a ktu 15 ta h u n 3
b ulan.
b. H a sil p a ra m e te r k e la y a k a n in v e s ta s i s e te la h tra n s a k s i:
1) In te rn a l R ate o f R eturn ( I R R ) > T i n g k a t D i s k o n t o
IRR y a n g d ih a s ilk a n a d a la h s e b e s a r 3 8 ,7 0 % yang b e ra rti di a ta s tin g k a t discount rate
ya ng s e b e s a r 8 ,5 9 % .
2) N et P re s en t V alue ( N P V ) > 0
NPV ya ng d ih a s ilk a n m e n u n ju k k a n angka yang p o s itif y a itu sebesar
R p 3 6 1 .2 1 1 .7 8 6 .9 2 8 .
3) P ro fitab ility In d e x ( P I) > 1
PI y a n g d ip e ro le h a d a la h s e b e s a r 2 6 ,8 0 y a n g b e ra rti lebih b e s a r d a ri 1.
4) P a y b ac k P e rio d ( P P )
PP y a n g d ih a s ilk a n s e b e s a r 8 ,7 5 y a n g b erarti d ip e ro le h d a la m w a ktu 8 ta h u n 9 b ulan.
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KJPP Edi Andesta dan Rekan
P e r b a n d in g a n P a r a m e t e r K e la y a k a n S e b e lu m d a n S e te la h T r a n s a k s i
Hasil Perhitungan
Parameter Hasil Perbandingan
No. Satuan Sebelum
Kelayakan Setelah Transaksi
Transaksi
1 NPV Rp 14.799.256.848 361.211.786.928 N PV setelah Transaksi > N PV Sebelum
Transaksi
2 IRR % 9,92% 38,70% IRR setelah Transaksi > IRR Sebelum
Transaksi
3 PI X 1,14 26,80 PI setelah Transaksi > PI Sebelum
T ransaksi
4 PP W aktu 15 Tahun, 3 Bulan 8 Tahun, 9 Bulan PP Setelah T ransaksi < PP Sebelum
Transaksi
B e rd a sa rk a n h asil p a ra m e te r ke la y a k a n in v e s ta s i s e b e lu m d an s e te la h tra n s a k s i m a ka R e n ca n a
T ra n s a k s i a d a la h " L a y a k " d ik a re n a k a n s e lu ru h p a ra m e te r K e la y a k a n K e u a n g a n a ta s m e n u n ju k a n hasil
ya ng lebih b a ik s a a t tra n s a k s i d ila k u k a n .
4 .6 K e s im p u la n S tu d i K e la y a k a n B is n is
B e rd a s a rk a n a n a lis is a s p e k ke la y a k a n p asa r, k e la y a k a n te k n is , ke la y a k a n p o la bisnis, k e la ya ka n
m o d e l m a n a je m e n , d an k e la y a k a n k e u a n g a n d a p a t d is im p u lk a n b a h w a p e n a m b a h a n ke giatan
u sa h a ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r p e la y a ra n d o m e s tik ya ng m e ru p a k a n b a g ia n dari
K B LI 50131 (A n g k u ta n L a u t D a la m N e g e ri u n tu k B a ra n g U m u m ), K B LI 5 0 1 3 3 (A n g k u ta n Lau t
D a la m N e g e ri u n tu k B aran g K h u su s, K BLI 50141 (A n g k u ta n L a u t L u a r N e ge ri u n tu k B arang
U m u m ), K B LI 5 0 1 4 2 (A n g k u ta n L a u t L u a r N e g e ri u n tu k B a ran g K h u s u s ) d a n A k tifita s P e ru s a h a a n
H o ld in g (K B LI 6 4 2 0 0 ) a d a la h layak.
P T H o te l F itr a In t e r n a t io n a l T b k
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H E S C I E N T I F I C A P P R A I S A L
KJPP Edi Andesta dan Rekan
4 .7 D is t r ib u s i L a p o r a n S tu d i K e la y a k a n B is n is
S tu d i K e la y a k a n B isn is ini d is u s u n b e rd a s a rk a n k o n d is i e k o n o m i d a n p e ra tu ra n ya ng a da pada
sa a t ini. K am i tid a k b e rta n g g u n g ja w a b u n tu k m e m u ta k h irk a n a tau m e le n g k a p i S tud i K e la y a ka n
B isn is K am i ka re n a p e ris tiw a -p e ris tiw a ya ng te rja d i s e te la h ta n g g a l S tud i K e la y a k a n B isn is ini.
S tu d i K e la y a k a n B isn is ini tid a k sa h a p a b ila tid a k d ib u b u h i ta n d a ta n g a n p ih a k ya ng b e rw e n a ng
d ari K J P P A n d e s t a .
K am i m e n y a ta k a n d e n g a n s e s u n g g u h n y a b a h w a K am i tid a k m e m p u n y a i ke p e n tin g a n , b aik
se c a ra la n g su n g m a u p u n tid a k la n g s u n g a ta s o p in i P e n d a p a t S tu d i K e la y a k a n B isn is ya ng telah
K am i la k s a n a k a n , d an S tu d i K e la y a k a n B isn is ini te la h d ila k s a n a k a n se s u a i d e n g a n S ta n d a r
P e n ila ia n In d o n e s ia d an K o d e E tik P e n ila i In d o n e s ia y a n g berlaku .
H o rm a t Kam i,
K J P P E d i A n d e s ta d a n R e k a n
lr. E d i A n d e s t a . M A P P I ( C e r t )
Pimpinan Rekan
MAPPI 94-S-0411
Klasifikasi: Penilai Properti dan Bisnis
Register RMK-2017.00091
Izin Penilai Publik PB-1.09.00095
Registrasi OJK-Pasar Modal No. STTD.PPB-01/PJ-1/PM.02/2023
Registrasi OJK-IKNB No. 114/N B . 122/STTD -P/2016
Lisensi BPN No : 340/SK-600.PT.01.01A/II/2019
P T H o te l F itr a In t e r n a t io n a l T b k
Studi Kelayakan Bisnis Terkai Penambahan KBLI 107
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E N T I F I C A P P R A I S A L
o
KJPP Edi Andesta dan Rekan
P e r n y a ta a n P e n ila i
D a la m b a ta s k e m a m p u a n d a n ke y a k in a n s e b a g a i P en ila i, K am i ya n g b e rta n d a ta n g a n d ib a w a h ini
m e n ya ta k a n b a h w a :
1. P e rn y a ta a n d a la m la p o ra n ini, ya ng m e n ja d i d a s a r a n a lis is , p e n d a p a t d a n ke s im p u la n yang
d iu ra ik a n d id a la m n y a a d a la h b e n a r se s u a i d e n g a n fa k ta d a n pem aham an te rb a ik P enilai.
S e la n ju tn y a la p o ra n ini m e n je la s k a n s e m u a s y a ra t-s y a ra t p e m b a ta s ya ng m e m p e n g a ru h i a na lisis,
p e n d a p a t d a n k e s im p u la n y a n g te rte ra d a la m la p o ra n ini.
2. Lap o ra n ini te la h d is u s u n se s u a i dengan k e te n tu a n -k e te n tu a n d id a la m P e ra tu ra n
N o . 3 5 / P O J K . 0 4 / 2 0 2 0 , S ta n d a r P e n ila i In d o n e s ia ( S P I) , d an K o d e E tik P e n ila i ( K E P I ) , te n ta n g
P e d o m a n P e n ila ia n d an P e n y a jia n L a p o ra n P e n ila ia n U s a h a di P a s a r M o d al se rta tu n d u k pad a
k e te n tu a n -k e te n tu a n ya ng b erlaku .
3. K am i s e b a g a i P e n ila i tid a k m e m p u n y a i k e p e n tin g a n b aik s e c a ra la n g s u n g m a u p u n tid a k se ca ra
la n g s u n g te rh a d a p o b je k S tu d i K e la y a k a n B isnis.
4. P e n u g a s a n p e n ila ia n p ro fe s s io n a l te la h d ila k u k a n te rh a d a p o b je k S tu d i K e la y a k a n B isn is pad a
ta n g g a l S tu d i K e la y a k a n B isn is [cut o ff date).
5. A n a lis is te la h d ila k u k a n u n tu k m a k s u d d an tu ju a n s e b a g a im a n a te la h d iu n g k a p d a la m la poran
S tud i K e la y a k a n B isnis.
6. O pini S tu d i K e la y a k a n B isn is ya n g d ih a s ilk a n d a la m penugasan S tu d i K e la y a k a n B isnis
p ro fe s s io n a l te la h d is a jik a n s e b a g a i k e s im p u la n akhir.
7. L in g k u p p e n u g a s a n d an d a ta ya ng d ia n a lis is telah d iu n g k a p k a n d a la m la p o ra n S tu d i K e la y a ka n
B isnis.
8. K e sim p u la n S tud i K e la y a k a n B isn is te la h se s u a i d e n g a n a s u m s i-a s u m s i d an ko nd isi p e m b a ta s.
9. D ata e k o n o m i d a n in d u stri d a la m la p o ra n S tu d i K e la y a k a n B isn is d ip e ro le h d a ri b e rb a g a i s u m b e r
yang d iy a k in i o le h P e n ila i d a n d a p a t d ip e rta n g g u n g ja w a b k a n .
10. T id a k s e o ra n g p u n , ke cu a li y a n g d is e b u tk a n d a la m la p o ra n S tud i K e la y a k a n B isn is, telah
m e n y e d ia k a n b a n tu a n p ro fe s io n a l d a la m m e n y ia p k a n la p o ra n S tu d i K e la y a k a n B isnis.
P e n ila i:
Ir . E d i A n d e s t a , M A P P I (C ert)
Penanggung Jawab
MAPPI 94-S-0411
Register : RMK-2017.00091
A h m a d F i r d a u s S .P d
Pengendali Mutu
MAPPI 04-T-01814
Register : RMK-2017.00718
Iq r o H a i k a l S u l a i m a n S E
Penilai
MAPPI 11-T-03175
Register : RMK-2017.00719
P T H o te l F itr a In t e r n a t io n a l T b k
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KJPP Edi Andesta dan Rekan
A s u m s i d a n S y a r a t P e m b a ta s
S tud i K e la y a k a n B isn is ini b e rd a s a rk a n a ta s a s u m s i-a s u m s i d a n s y a ra t-s y a ra t p e m b a ta s a n s e b a g ai
berikut:
1. B a h w a s e m u a p e rn y a ta a n d a n k e te ra n g a n ya n g te rc a n tu m d a la m la p o ra n ini a d a la h b e n a r dan
se s u a i d e n g a n p e n g e ta h u a n s e rta itika d b a ik d a ri P en ila i.
2. B a h w a d e n g a n d ila n d a s i itika d b aik, s e m u a d o k u m e n y a n g d ib e rik a n atau d ip e rlih a tk a n oleh
P e m b e ri T u g a s d an p ih a k k e tig a k e p a d a K am i d a la m ra n g k a S tu d i K e la y a k a n B isn is ini a da la h
sah, b en a r, le n g k a p d an se s u a i d e n g a n ke n y a ta a n s e b e n a rn y a d a n b a h w a d o k u m e n -d o k u m e n
yang d ib e rik a n ke p a d a K a m i d a la m b e n tu k fo to copy, tu ru n a n d a n /a ta u s a lin a n a d a la h se sua i
d e n g a n a s lin y a d an d o k u m e n te rs e b u t a d a la h s a h , benar, le n g k a p se rta s e s u a i d e n g a n k e n ya taa n
s e b e n a rn y a d an K am i te la h m e la k u k a n p e n e la a h a n a ta s d o k u m e n -d o k u m e n y a n g d ig u n a ka n
d a la m p ro s e s S tu d i K e la y a k a n B isnis.
3. D ata e k o n o m i d a n in d u stri d a la m la p o ra n S tu d i K e la y a k a n B isn is, d ip e ro le h d a ri b e rb a g a i s u m b e r
yang d iy a k in i o le h P en ila i d an d a p a t d ip e rta n g g u n g ja w a b k a n .
4. K am i m e n g g u n a k a n p ro ye ksi k e u a n g a n y a n g te la h d is e s u a ik a n y a n g m e n c e rm in k a n k e w ajaran
p ro y e k s i ke u a n g a n ya ng d ib u a t o le h m a n a je m e n d e n g a n ke m a m p u a n p e n c a p a ia n n y a (fiduciary
duty).
5. K am i b e rta n g g u n g ja w a b a ta s p e la k s a n a a n S tud i K e la y a k a n B isn is d an k e w a ja ra n p ro ye ksi
keuangan.
6. K am i b e rta n g g u n g ja w a b a ta s la p o ra n S tu d i K e la y a k a n B isn is d an k e s im p u la n nilai akhir.
7. L ap o ra n S tu d i K e la y a k a n ini b e rs ifa t te rb u k a u n tu k p u b lik ke c u a li te rd a p a t in fo rm a s i ya ng b e rsifa t
ra h a s ia ya ng d a p a t m e m p e n g a ru h i o p e ra s io n a l P e r s e r o a n .
8. K am i te la h m e m p e ro le h in fo rm a s i a ta s s ta tu s h u ku m o b je k S tu d i K e la y a k a n B isn is d a ri P em be ri
T uga s.
9. K e c u a li d in y a ta k a n s e c a ra te g a s d id a la m p e n u g a s a n S tu d i K e la y a k a n B isn is ini, tid a k d a p a t
d ia s u m s ik a n b a h w a K a m i b e rk e w a jib a n d a n telah m e la k u k a n p e m e rik s a a n le g a lita s a ta s bisnis
o b je k S tu d i K e la y a k a n B isnis.
10. B uka n m e ru p a k a n ta n g g u n g ja w a b K am i a ta s s e g a la tu n tu ta n d an k e w a jib a n y a n g b e rkaita n
d e n g a n p e n g g u n a a n la p o ra n ya ng tid a k se s u a i d e n g a n m a k s u d d an tu ju a n d a ri la p o ra n ini.
11. D a la m P e n u g a s a n ini, P e m b e ri tu g a s te la h m e m p e la ja ri, m e n g e ta h u i d a n m e n y a d a ri s e p e n u h n y a
m e n g e n a i k e b e ra d a a n K J P P A n d e s t a .
12. B aik K J P P A n d e s t a , m a u p u n p a ra p e n ila i d a n k a ry a w a n la in n ya , s a m a se ka li tid a k m e m p u n ya i
ke p e n tin g a n fin a n s ia l te rh a d a p o b je k S tu d i K e la y a k a n B isnis.
13. K e c u a li d in y a ta k a n lain, N ilai d ic a n tu m k a n d a la m m a ta u a n g R u p ia h , d e m ik ia n ju g a a n a lis is dan
p e rh itu n g a n y a n g d ig u n a k a n s e b a g a i d a s a r p e n ila ia n b e rd a s a rk a n m a ta uan g R u piah .
14. B aik K J P P A n d e s t a , m a u p u n p ara P en ila i d a n k a ry a w a n n y a , o le h ka re n a S tu d i K e la y a k a n B isnis
ini tid a k la h d iw a jib k a n m e m b e rik a n k e s a k s ia n a ta u k e h a d ira n n y a d a la m p e n g a d ila n /D e w a n
A rb itra s i atau in s ta n s i P e m e rin ta h la in n ya , ke c u a li a d a p e rja n jia n s e b e lu m n y a .
15. L a p o ra n ini d ia n g g a p sa h a p a b ila te rte ra c a p [seal) d a n ta n d a ta n g a n P im p in a n R e kan .
P T H o te l F itra In te r n a t io n a l T b k
Studi Kelayakan Bisnis Terkai Penambahan KBU 109
Names mentioned 11 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT. Fitra Amanah Wisata
p.16
unresolved
org
Pusat Statistik P
p.33
unresolved
org
Bank Indonesia
p.35
unresolved
org
L KJPP Edi Andesta dan Rekan
p.69 ×3
unresolved
org
KJPP Edi Andesta
p.69 ×14
unresolved
org
A KJPP Edi Andesta dan Rekan
p.72
unresolved
org
I C KJPP Edi Andesta dan Rekan
p.73
unresolved
org
I S A L KJPP Edi Andesta dan Rekan
p.77 ×4
unresolved
org
I S A KJPP Edi Andesta dan Rekan
p.78 ×2
unresolved
org
S A L KJPP Edi Andesta dan Rekan
p.80
unresolved
org
R KJPP Edi Andesta dan Rekan
p.82
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
Rule parser
Needs review
confidence 0.091
55965 ms
12 Sep 2026 22:32
Raw output
{'appraiser_exempt': None,
'appraiser_name': '',
'assets': [],
'currency': None,
'fact_type': '',
'issuer_name': '',
'kind': 'MATERIAL_FACT',
'kjpp_name': '',
'letter_number': '',
'object_text': '',
'object_truncated': False,
'parties': [],
'pct_of_equity': None,
'reference_period': '',
'requires_rups': None,
'rups_date': None,
'ticker': '',
'transaction_date': None,
'valuation_date': None,
'value': None}