Emaar Development has paid shareholders a $283m (AED1.04bn) cash dividend, a sum representing more than a quarter of the Dubai developer's stock market valuation.

The cash dividend was approved at the general meeting of Emaar Development, the property building arm of Emaar Properties, following what it described as a year of successful listing on the Dubai bourse.

Emaar recorded net profit of $496m (AED1.8bn) during the first six months of 2018 despite some challenges in the wider property market. Its revenue for the period hit $1.9bn (AED6.9bn) led by the “on-schedule progress” of its construction schemes, and “timely” delivery of major residential and hospitality projects in the emirate.

READ: Emaar Development names Bader Saeed Hareb new CEO

The company now boasts a total sales backlog worth $10.4bn (AED38.5bn), the majority of which is likely to boost the developer's revenue stream over the next three to four years.

In H1 2018, Emaar Development launched more than 3,600 residential units across its developments in Dubai, such as Downtown, Arabian Ranches, and Dubai Marina. 

The business has a development pipeline comprising more than 60 residential projects in the UAE, featuring more than 28,000 units.

READ: Emaar appoints director for Expo 2020 Dubai projects

Construction of waterfront homes at Dubai Creek Harbour, a key Emaar project, is said to be moving forward as expected, with handover of the first high-end properties slated for 2019.

Important milestones for Emaar-backed construction projects in Dubai Hills Estate, Emaar South, Emaar Beachfront and Downtown Dubai have also been achieved.

The developer appointed Bader Saeed Hareb as chief executive officer (CEO) of Emaar Development in September. He followed Chris O’Donnell, who was appointed as CEO in November 2017.