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All Journal International Journal on Advanced Technology, Engineering, and Information System (IJATEIS) International Journal of Social Science and Community Service
Novalia, Kiki Devita
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Arts Humanities Automotive Engineering Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Electrical & Electronics Engineering Environmental Science Industrial & Manufacturing Engineering

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FINANCIAL FEASIBILITY ANALYSIS OF TRANSJATIM CORRIDOR I LUXURY SIDOARJO-SURABAYA-GRESIK ROUTE Novalia, Kiki Devita; Muhammadun, Haris; Marleno, Risma
INTERNATIONAL JOURNAL ON ADVANCED TECHNOLOGY, ENGINEERING, AND INFORMATION SYSTEM Vol. 3 No. 4 (2024): NOVEMBER
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/ijateis.v3i4.1272

Abstract

Transjatim Corridor I, which runs the Sidoarjo-Surabaya-Gresik route, serves as a crucial road-based mass transportation system in East Java Province, particularly within the Gerbangkertasusila Agglomeration Area. In 2023, the average load factor for Transjatim Corridor I was 120%, with an average of 5-6 thousand passengers per day. This high demand necessitated the addition of a fleet with luxury services. This study aims to analyze the financial feasibility of investing in Transjatim Luxury Corridor I buses. The investment feasibility is assessed by comparing income and expenditure variables. The analysis employs the NPV, Benefit-Cost Ratio (BCR), IRR, and Payback Period (PP) methods. The initial investment expenditure is Rp. 8,207,989,625. Assuming a load factor of 70%, the revenue for different fare alternatives is as follows: Alternative 1 (Rp. 17,500 fare) generates Rp. 5,723,200,000; Alternative 2 (Rp. 16,000 fare) generates Rp. 5,232,640,000; and Alternative 3 (Rp. 15,000 fare) generates Rp. 4,905,600,000. Based on a 6% discount rate, the NPV for all alternatives is greater than 0: Alternative 1 yields Rp. 5,204,972,631; Alternative 2 yields Rp. 2,466,479,592; and Alternative 3 yields Rp. 640,817,566. The IRR values exceed the discount rate, with Alternative 1 at 19.42%, Alternative 2 at 12.54%, and Alternative 3 at 7.74%. The BCR values are all greater than 1: Alternative 1 is 1.30, Alternative 2 is 1.19, and Alternative 3 is 1.11. The PP values are 4 years for Alternative 1, 5 years for Alternative 2, and 6 years for Alternative 3. Thus, all three alternatives are deemed financially feasible.
Investment Sensitivity Analysis of Transjatim Corridor I Luxury Sidoarjo-Surabaya-Gresik Route Novalia, Kiki Devita; Muhammadun, Haris; Marleno, Risma
International Journal of Social Science and Community Service Vol. 2 No. 2 (2024): APRIL
Publisher : CV. Proaksara Global Transeduka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70865/ijsscs.v2i2.21

Abstract

Based on the recapitulation of Transjatim Corridor I passengers in 2023, the average load factor is 120%, with an average of 5-6 thousand passengers per day, leading to the addition of a fleet with luxury services. This study aims to analyze the financial feasibility of investment in the Transjatim Luxury Bus Corridor I by comparing income and expenditure variables using the Net Present Value (NPV), Benefit-Cost Ratio (BCR), Internal Rate of Return (IRR), and Payback Period (PP) methods. With a 6% discount rate, the analysis yielded NPV values > 0 (Rp. 5,204,972,631 for alternative 1, Rp. 2,466,479,592 for alternative 2, and Rp. 640,817,566 for alternative 3), IRR values > 6% (19.42% for alternative 1, 12.54% for alternative 2, and 7.74% for alternative 3), and BCR values > 1 (1.30 for alternative 1, 1.19 for alternative 2, and 1.11 for alternative 3). The PP values were 4 years for alternative 1, 5 years for alternative 2, and 6 years for alternative 3, indicating that all three alternatives are financially feasible. Sensitivity analysis confirmed the financial feasibility of all three alternatives, considering the effect of the discount rate on NPV.
Co-Authors Marleno, Risma Muhammadun, Haris