It means "up to".
In this job, you can earn as much as £100,000 a year.
In this job, you can earn up to £100,000 a year.
You might earn less. £100,000 is the maximum you can earn. So the crocodile is able to eat any amount of food up to the same as half his own body weight. As you have already been told, we need to know some kind of time period in which it can eat that much.
Let's assume we're talking about just one meal. If the crocodile weighs 200 kilos, it is able to eat up 100 kilos of food at one meal.