Economic performance and financial feasibility of pearl lobster (P. ornatus) grow-out aquaculture in South Sulawesi, Indonesia

Muhammad Hairul Haj; Aris Baso; Sri Suro Adhawati

doi:10.3153/AR26024

EN

Economic performance and financial feasibility of pearl lobster (P. ornatus) grow-out aquaculture in South Sulawesi, Indonesia

Abstract

Aquaculture has quickly grown, with increasing interest in high-value products that contribute to the economic and social development of coastal communities. One example is the pearl lobster (Panulirus ornatus), which is in high demand and commands a high price. While production and research have improved, there is still little information on whether commercial grow-out systems are financially viable in Indonesia. This study examines the economic performance and investment potential of pearl lobster farming in South Sulawesi, Indonesia. Researchers gathered primary data from 94 farmers in three main production areas using a stratified sampling method. They measured economic performance by looking at profitability and analyzed investment feasibility using Net Present Value (NPV), Internal Rate of Return (IRR), Net Benefit-Cost Ratio (Net B/C), Payback Period (PP), and sensitivity analysis. The results show that pearl lobster farming yields a net profit of USD 1,584 per production cycle, indicating strong operations. Financial indicators also show that investing in this sector is attractive, with an NPV of USD 5,623, an IRR of 367%, a Net B/C of 13.25, and a PP of 0.35 years. Sensitivity analysis shows that the business remains financially sound in all tested scenarios. Even though investment results are most affected by changes in annual revenue, the project still produces positive returns when revenue drops, costs rise, or survival rates fall. This shows that the business is financially resilient. Besides confirming that pearl lobster farming is profitable, this study fills a gap by combining profitability assessment, discounted cash flow analysis, and investment risk evaluation into a single framework. The findings offer real-world evidence to help guide investment decisions and policy for tropical lobster aquaculture. In summary, the results suggest that pearl lobster grow-out farming is a strong, resilient business and deserves serious consideration for future development.

Keywords

Ethical Statement

The authors declare that this study does not involve experiments with human or animal subjects, and therefore, ethics committee approval is not required.

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Details

Primary Language

English

Subjects

Aquaculture and Fisheries (Other)

Journal Section

Research Article

Authors

Muhammad Hairul Haj ^*
0009-0006-6429-2999
Indonesia

Aris Baso
0000-0002-5005-0861
Indonesia

Sri Suro Adhawati
0000-0002-9457-3963
Indonesia

Early Pub Date

September 11, 2026

Publication Date

-

Submission Date

July 14, 2026

Acceptance Date

August 23, 2026

Published in Issue

Year 2026 Number: Advanced Online Publication

DOI

https://doi.org/10.3153/AR26024

IZ

https://izlik.org/JA72RY85ST

Cite

RIS / Bibtex

APA

Haj, M. H., Baso, A., & Adhawati, S. S. (2026). Economic performance and financial feasibility of pearl lobster (P. ornatus) grow-out aquaculture in South Sulawesi, Indonesia. Aquatic Research, Advanced Online Publication, 303-315. https://doi.org/10.3153/AR26024

AMA

1.Haj MH, Baso A, Adhawati SS. Economic performance and financial feasibility of pearl lobster (P. ornatus) grow-out aquaculture in South Sulawesi, Indonesia. Aquat Res. 2026;(Advanced Online Publication):303-315. doi:10.3153/AR26024

Chicago

Haj, Muhammad Hairul, Aris Baso, and Sri Suro Adhawati. 2026. “Economic Performance and Financial Feasibility of Pearl Lobster (P. Ornatus) Grow-Out Aquaculture in South Sulawesi, Indonesia”. Aquatic Research, no. Advanced Online Publication: 303-15. https://doi.org/10.3153/AR26024.

EndNote

Haj MH, Baso A, Adhawati SS (September 1, 2026) Economic performance and financial feasibility of pearl lobster (P. ornatus) grow-out aquaculture in South Sulawesi, Indonesia. Aquatic Research Advanced Online Publication 303–315.

IEEE

[1]M. H. Haj, A. Baso, and S. S. Adhawati, “Economic performance and financial feasibility of pearl lobster (P. ornatus) grow-out aquaculture in South Sulawesi, Indonesia”, Aquat Res, no. Advanced Online Publication, pp. 303–315, Sept. 2026, doi: 10.3153/AR26024.

ISNAD

Haj, Muhammad Hairul - Baso, Aris - Adhawati, Sri Suro. “Economic Performance and Financial Feasibility of Pearl Lobster (P. Ornatus) Grow-Out Aquaculture in South Sulawesi, Indonesia”. Aquatic Research. Advanced Online Publication (September 1, 2026): 303-315. https://doi.org/10.3153/AR26024.

JAMA

1.Haj MH, Baso A, Adhawati SS. Economic performance and financial feasibility of pearl lobster (P. ornatus) grow-out aquaculture in South Sulawesi, Indonesia. Aquat Res. 2026;:303–315.

MLA

Haj, Muhammad Hairul, et al. “Economic Performance and Financial Feasibility of Pearl Lobster (P. Ornatus) Grow-Out Aquaculture in South Sulawesi, Indonesia”. Aquatic Research, no. Advanced Online Publication, Sept. 2026, pp. 303-15, doi:10.3153/AR26024.

Vancouver

1.Muhammad Hairul Haj, Aris Baso, Sri Suro Adhawati. Economic performance and financial feasibility of pearl lobster (P. ornatus) grow-out aquaculture in South Sulawesi, Indonesia. Aquat Res. 2026 Sep. 1;(Advanced Online Publication):303-15. doi:10.3153/AR26024