Saudi Aramco obtained the fifth-highest investment grade rating at both Moody’s Investors Service and Fitch Ratings as the world’s largest oil producer prepares for its debut dollar bond offering.

The first official glimpse of Saudi Aramco’s financial performance confirms the state-run oil giant can generate profit like no other company on Earth: net income last year was $111.1 billion, easily outstripping U.S. behemoths including Apple Inc. and Exxon Mobil Corp.

It was always suspected, and now it’s official. Saudi Aramco is the world’s most profitable company.

State-owned Saudi Aramco makes profits of £84.7bn last year, beating Apple and Exxon

Saudi Aramco is so profitable that it won’t have any trouble paying for a $69 billion acquisition.

Saudi Aramco can pump oil at a fraction of the cost of rivals and extracts more from beneath the Arabian Peninsula’s deserts and seas than the output of the five biggest international producers combined, helping clinch its spot as the world’s most profitable company.