Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Samsung Heavy Industries Co., Ltd.    A010140   KR7010140002

SAMSUNG HEAVY INDUSTRIES CO., LTD.

(A010140)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Samsung Heavy Industries : How Samsung's Welding Centre Is Empowering New Generation of Nigerians

06/18/2020 | 05:07am EST

Nigeria is rapidly advancing on its path towards an industrial economy. This will position the country as a manufacturing hub for the West African region. This growth is supported by a young population that is rapidly acquiring skills in order to meet the demands of industrialisation.

As growing demand for workers in the manufacturing industries increases, certain skills are commonly sought after by employers.

Samsung Heavy Industries Nigeria (SHIN), the local subsidiary of leading Korean shipbuilder, Samsung Heavy Industries, has consistently been providing these skills to a young generation of Nigerians.

SHIN operates the Lagos-based SHI-MCI yard, Africa's leading integration and fabrication shipyard. The yard has constructed vessels for the oil and gas industry, including the Egina FPSO, the world's largest floating production storage and offloading vessel now active in the Egina oil field. In order to produce high-quality work to international specifications, SHIN recognised the need to invest in the training of its employees in valuable skills such as welding which are key to economies based on manufacturing.

Welding in Nigeria

Despite the high demand for welding skills by Nigerian companies, there are few local training schools. Nigeria's need for welders is also driven by the ever increasing demand for energy.

Nigeria is a currently a major energy producer and will continue to increase its production in the coming years. This is also attracting increased investment in local infrastructure for the local oil and gas industry. It is strategically important for Nigeria to match the skills of its population to the future needs of the Nigerian economy.

The oil and gas industry is a significant user of steel and other metals and will be increasingly supplied by local providers. Only by training welders now will there be enough welders for industries such as shipbuilding, construction and manufacturing.

SHIN's Welding Qualification Centre

Demographically, Nigeria has one of the world's youngest populations. This is a competitive advantage, but a young country also needs education to drive economic growth. Recognising the human potential of Nigeria, SHIN established a Welding Qualification Centre (WQC) in Tarkwa Bay, Lagos. As the provider of Nigeria's only international welding certification, SHIN believes in nurturing home-grown talent in order to power Africa's industrial future. Accredited by the International Institute of Welding (IIW) as an "Approved Training Body", the WQC offers certified courses in international fillet, plate and tubular welding. Since it was established 530 students have graduated from the WQC as qualified welders.

Established in order to support SHIN's shipbuilding projects, the WQC is now an ongoing asset to Nigeria's vocational training system. The centre has facilitated the transfer of Korean knowledge and skills to Nigerian students. Korea has been a leading shipbuilder for decades and has achieved economic success by harnessing manufacturing as a platform to support the growth of more developed industries. With the help of Korean and Nigerian trainers, the WQC strives to deliver international welding qualifications to students to they can work on projects for international clients.

Success stories

As part of this training initiative, many success stories have appeared. One such journey is the story of Godwin Oghenegueke, who has inspired many young Nigerians. Godwin was one of the first participants in SHIN's free welding training courses. He initially started his career working at the SHI-MCI yard as a cleaner but went on to become a certified welder. Godwin was complimentary of the open-minded nature of the programme saying, "some people came in as helpers and now they are assistant managers, scaffolders, welders, operators or riggers."

The cost of education can be a barrier to many as Godwin noted, "I would not have been able to afford this training without Samsung's help. I know of many lives which improved thanks to the project. Samsung has equipped my life with so many skills [... ] Everything about me has changed."

Besides Godwin, Chinonye Okonkwo has also been an inspiration as one of the first certified female international welding specialists from Samsung Heavy Industries Nigeria's training program. She is now a welding training coordinator at SHI MCI yard, Samsung Heavy Industries Nigeria.

Modern Nigeria for tomorrow's youth

The international culture of SHIN is composed of many different nationalities. Nigerian WQC welding trainer, Hadisa Olayinka shared his experience of working alongside Korean colleagues. The Korean WQC supervisors are different he says, because in a shipyard work must be closely monitored - not just for efficiency but also for safety reasons. For this reason it's important to ensure people are motivated to do their best and bring the right "attitude towards the job". Olayinka continued by saying that, "they don't want to simply use you, they want to know about your personal life and how they can help make an impact." SHIN's WQC is a concrete example of how educational investment can create success stories like Godwin's and Chinonye's as more young people benefit from Nigeria's evolution into a truly sophisticated regional manufacturing hub.

Copyright This Day. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

All news about SAMSUNG HEAVY INDUSTRIES CO., LTD.
01/19Seoul Stocks Gain Over 2% as Higher Earnings Expectations Boost Auto Stocks
MT
01/18Seoul Stocks Decline as Investors Book Profit; KOSPI Slips Over 2%
MT
01/06SAMSUNG HEAVY INDUSTRIES : AET takes delivery of DP2 shuttle tanker
AQ
01/05MARKET CHATTER : Samsung Heavy Industries Clinches $183 Million Shipbuilding Dea..
MT
2020SAMSUNG HEAVY INDUSTRIES : No Tax On Foreign Companies If No
AQ
2020SAMSUNG HEAVY INDUSTRIES : receives Detailed Design Approval for X-Reli, LNG re-..
PU
2020MARKET CHATTER : Samsung Heavy Bags Order Worth $734 Million for Four LNG Carrie..
MT
2020MARKET CHATTER : Samsung Heavy Secures LNG Carrier Orders Worth $365 Million
MT
2020MARKET CHATTER : Samsung Heavy Industries Bags $370 Million LNG Ship Order
MT
2020MARKET CHATTER : Samsung Heavy Industries Bags $241 Million Orders for LNG Carri..
MT
More news
Financials
Sales 2020 7 127 B 6,48 B 6,48 B
Net income 2020 -915 B -0,83 B -0,83 B
Net Debt 2020 3 515 B 3,20 B 3,20 B
P/E ratio 2020 -4,86x
Yield 2020 -
Capitalization 4 150 B 3 763 M 3 773 M
EV / Sales 2020 583x
EV / Sales 2021 565x
Nbr of Employees -
Free-Float 75,3%
Chart SAMSUNG HEAVY INDUSTRIES CO., LTD.
Duration : Period :
Samsung Heavy Industries Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SAMSUNG HEAVY INDUSTRIES CO., LTD.
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Average target price 5 391,30 KRW
Last Close Price 6 850,00 KRW
Spread / Highest target 21,2%
Spread / Average Target -21,3%
Spread / Lowest Target -50,4%
EPS Revisions
Managers and Directors
NameTitle
Joon-Wu Nam Chief Executive Officer & Director
Dong-Seol Kim Managing Director & Head-Finance
Jin-Taek Jeong Managing Director & Head-Technology
Jong-Gye Shin Independent Director
Jae-Han Yoo Independent Director