KELAYAKAN FINANSIAL DIVERSIFIKASI PRODUK BERBASIS TULANG IKAN BANDENG PADA UMKM PERIKANAN DI PINRANG

The utilization of fish-processing by-products to create value-added products is important for improving resource efficiency and expanding income sources for micro, small, and medium enterprises (MSMEs). However, the economic potential of milkfish bone-based diversification needs to be assessed through business income and financial feasibility indicators. This study aimed to analyze the economic performance and financial feasibility of product diversification based on milkfish bones among fish-processing MSMEs in Pinrang Regency. A descriptive quantitative approach with a case study method was employed involving three purposively selected MSMEs: Marijo, Damusa, and Maccakka Baleta. Data were collected through structured questionnaires, observation, and documentation in May 2026. The analysis covered net income, Revenue-Cost Ratio (R/C Ratio), Benefit-Cost Ratio (B/C Ratio), and Payback Period (PP). The results showed monthly net incomes of IDR 33,175,000, IDR 18,100,000, and IDR 13,105,000, respectively. The R/C Ratios ranged from 3.40 to 4.55, the B/C Ratios ranged from 2.40 to 3.55, and the PP ranged from 1.51 to 1.66 months. These findings indicate positive financial performance across the three MSMEs. Therefore, milkfish bone-based diversification has the potential to generate additional income, although the findings are limited to the businesses examined. ABSTRAK Pemanfaatan hasil samping pengolahan ikan menjadi produk bernilai tambah penting untuk meningkatkan efisiensi sumber daya dan memperluas sumber pendapatan usaha mikro, kecil, dan menengah (UMKM). Namun, potensi ekonomi diversifikasi berbasis tulang ikan bandeng perlu dinilai berdasarkan kinerja pendapatan dan kelayakan finansial usaha. Penelitian ini bertujuan menganalisis kinerja ekonomi dan kelayakan finansial diversifikasi produk berbasis tulang ikan bandeng pada UMKM pengolahan ikan di Kabupaten Pinrang. Penelitian menggunakan pendekatan deskriptif kuantitatif dengan metode studi kasus pada tiga UMKM, yaitu Marijo, Damusa, dan Maccakka Baleta, yang dipilih secara purposive. Data dikumpulkan melalui kuesioner terstruktur, observasi, dan dokumentasi pada Mei 2026. Analisis dilakukan menggunakan pendapatan bersih, Revenue-Cost Ratio (R/C Ratio), Benefit-Cost Ratio (B/C Ratio), dan Payback Period (PP). Hasil penelitian menunjukkan bahwa pendapatan bersih bulanan masing-masing UMKM mencapai Rp33.175.000, Rp18.100.000, dan Rp13.105.000. Nilai R/C Ratio sebesar 3,40–4,55, B/C Ratio sebesar 2,40–3,55, dan PP selama 1,51–1,66 bulan. Hasil ini menunjukkan kinerja finansial positif pada ketiga UMKM. Dengan demikian, diversifikasi berbasis tulang ikan bandeng berpotensi menjadi strategi penciptaan pendapatan tambahan, meskipun temuan terbatas pada unit usaha yang diteliti.