MANILA–SM Prime Holdings Inc. (SMPH.PH) said Monday net profit in 2014 rose 13% on year to 18.4 billion pesos ($416 million), helped by its transformation into a full property-development group.

Revenue rose 11% to 66.2 billion pesos.

“We expect this performance to be surpassed this year as the company pursues 2015 expansion plans,” said company President Hans Sy in a statement.

The company–which previously had a focus on shopping-mall operations–will complete four new shopping malls, an office building and launch five residential projects as part of expansion plans this year, Mr. Sy said.